Posted on April 1, 2013 7:47 am by zandocomm
Posted on March 20, 2013 9:17 pm by zandocomm
Freddie Mac Sues Multiple Banks
Over Libor Manipulation
Freddie Mac (Photo credit: Wikipedia)
By Tom Schoenberg and Andrew Zajac
Freddie Mac (FMCC) sued Bank of America Corp. (BAC), UBS AG (UBSN), JPMorgan Chase & Co. (JPM) and a dozen other banks over alleged manipulation of the London interbank offered rate, saying the mortgage financier suffered substantial losses as a result of the companies’ conduct.
Government-owned Freddie Mac accuses the banks of acting collectively to hold down the U.S. dollar Libor to “hide their institutions’ financial problems and boost their profits,” according to a complaint filed in federal court in Alexandria, Virginia.
Filed under: news | Tagged: Bank of America, citigroup, Credit Suisse, Fannie Mae, Federal Housing Finance Agency, Freddie Mac, Freddie Mac Sues Multiple Banks Over Libor Manipulation, JPMorgan Chase, Libor, royal bank of scotland, UBS | Leave a Comment »
Posted on January 31, 2013 3:33 am by zandocomm
Who Runs The World?
Solid Proof That A Core Group Of Wealthy Elitists Is Pulling The Strings
JP Morgan Chase Tower (Photo credit: Wikipedia)
Does a shadowy group of obscenely wealthy elitists control the world? Do men and women with enormous amounts of money really run the world from behind the scenes? The answer might surprise you. Most of us tend to think of money as a convenient way to conduct transactions, but the truth is that it also represents power and control. And today we live in a neo-fuedalist system in which the super rich pull all the strings. When I am talking about the ultra-wealthy, I am not just talking about people that have a few million dollars. As you will see later in this article, the ultra-wealthy have enough money sitting in offshore banks to buy all of the goods and services produced in the United States during the course of an entire year and still be able to pay off the entire U.S. national debt. That is an amount of money so large that it is almost incomprehensible. Under this ne0-feudalist system, all the rest of us are debt slaves, including our own governments. Just look around – everyone is drowning in debt, and all of that debt is making the ultra-wealthy even wealthier. But the ultra-wealthy don’t just sit on all of that wealth. They use some of it to dominate the affairs of the nations. The ultra-wealthy own virtually every major bank and every major corporation on the planet. They use a vast network of secret societies, think tanks and charitable organizations to advance their agendas and to keep their members in line. They control how we view the world through their ownership of the media and their dominance over our education system. They fund the campaigns of most of our politicians and they exert a tremendous amount of influence over international organizations such as the United Nations, the IMF, the World Bank and the WTO. When you step back and take a look at the big picture, there is little doubt about who runs the world. It is just that most people don’t want to admit the truth.
Filed under: news | Tagged: Barclays, ETH Zurich, Goldman Sachs, Goldman Sachs Group, JPMorgan Chase, Legal & General, McKinsey & Company, Merrill Lynch, Mitsubishi UFJ Financial Group, Tax Justice Network, united states, Who Runs The World? Solid Proof That A Core Group Of Wealthy Elitists Is Pulling The Strings, world bank | Leave a Comment »
Posted on January 3, 2013 4:12 am by zandocomm
The Men Who Crashed The World
The first of a four-part investigation into a world of greed and recklessness that led to financial collapse.
In the first episode of Meltdown, we hear about four men who brought down the global economy: a billionaire mortgage-seller who fooled millions; a high-rolling banker with a fatal weakness; a ferocious Wall Street predator; and the power behind the throne.
The crash of September 2008 brought the largest bankruptcies in world history, pushing more than 30 million people into unemployment and bringing many countries to the edge of insolvency. Wall Street turned back the clock to 1929.
But how did it all go so wrong?
Lack of government regulation; easy lending in the US housing market meant anyone could qualify for a home loan with no government regulations in place.
Also, London was competing with New York as the banking capital of the world. Gordon Brown, the British finance minister at the time, introduced ‘light touch regulation’ – giving bankers a free hand in the marketplace.
All this, and with key players making the wrong financial decisions, saw the world’s biggest financial collapse.
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Filed under: news | Tagged: Bank, bankers exposed, exposing the banks, Gordon Brown, JPMorgan Chase, London, MF Global, mortgage scandal, new york, stock market crash, The Men Who Crashed The World, United State, Wall Street | Leave a Comment »
Posted on October 16, 2012 9:30 am by zandocomm
Banks Sued by U.S. Homeowners
Over Rigging of Libor Benchmark
Barclays Bank PLC world headquarters (Photo credit: Wikipedia)
U.S. homeowners filed a lawsuit against 12 banks, including Barclays Bank Plc and JPMorgan Chase & Co. (JPM), claiming that manipulation of the benchmark Libor lending rate made their mortgage repayments more expensive.
Traders at banks in Europe and North America such as UBS AG (UBSN), Bank of America Corp. (BAC) and Royal Bank of Scotland Group Plc (RBS), “unjustly enriched themselves” by manipulating the rate, according to the complaint. That allowed them to increase the payments by homeowners on adjustable rate loans, boosting profit, according to the lawsuit.
Libor, or the London interbank offered rate, is the benchmark for more than $300 trillion of securities and loans. The rate is calculated from a daily poll carried out by Thomson Reuters Corp. on behalf of the British Bankers’ Association, a London-based lobby group. Lenders are asked to estimate how much it would cost to borrow from each other for different periods and in different currencies.
Tupperware It Works
Filed under: news | Tagged: Bank of America, Banks Sued by U.S. Homeowners Over Rigging of Libor Benchmark, Barclays, Deutsche Bank, JPMorgan Chase, London, London Interbank Offered Rate, new york, UBS | 1 Comment »