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(Marketwatch)   Former Barclay's CEO uses the "I do not recall" defense, but then immediately explains why they had to LIeBOR to investors to prevent the bank from being nationalized   (marketwatch.com) divider line 16
    More: Dumbass, CEO, nationalizations  
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1347 clicks; posted to Business » on 05 Jul 2012 at 11:30 AM (2 years ago)   |  Favorite    |   share:  Share on Twitter share via Email Share on Facebook   more»



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2012-07-05 12:00:32 PM
What should happen pitchforks, angry mobs, pulling CEOs and those directly from their houses and lynching them for fluctuating interest rates and making us pay 1000s of dollars more every year, effectively stealing from us to line their bonuses.

What will happen a sacrificial lamb will be offered, a low level flunky and he'll be ruined in the public arena and people will forget there was even a banking conspiracy and we'll get paid our fines that we levy upon these banks by our own money we gave them in the first place. In any banking dispute that uses taxpayer money, the taxpayers get nothing.
 
2012-07-05 12:04:07 PM
What? No picture of Sgt Schultz yet?
 
2012-07-05 12:19:42 PM
This should be a big deal.
 
2012-07-05 12:58:23 PM
CEOs:
Simultaneously worth being paid 400 times the average worker for the work they do at the company and yet at the same time not a single one of them knows what anyone, including themselves, are doing at the company so they can't be held responsible for anything that happens.
 
2012-07-05 01:06:25 PM

Mawson of the Antarctic: What should happen pitchforks, angry mobs, pulling CEOs and those directly from their houses and lynching them for fluctuating interest rates and making us pay 1000s of dollars more every year, effectively stealing from us to line their bonuses.

What will happen a sacrificial lamb will be offered, a low level flunky and he'll be ruined in the public arena and people will forget there was even a banking conspiracy and we'll get paid our fines that we levy upon these banks by our own money we gave them in the first place. In any banking dispute that uses taxpayer money, the taxpayers get nothing.




All because the politicians are all on the payroll of the banks and the people are so easily dazzled with bullshiat- oh hey, look, American Idol is on.
 
2012-07-05 01:28:39 PM

Satanic_Hamster: CEOs:
Simultaneously worth being paid 400 times the average worker for the work they do at the company and yet at the same time not a single one of them knows what anyone, including themselves, are doing at the company so they can't be held responsible for anything that happens.


This makes me so sad it's so true. Who are these people then that can sincerely assume ultimate reward without ultimate risk?

The saddest thing is anyone, given those powers, would cheat and take advantage of a system. "hate the game not the player" taken to an extreme degree.

The American/world public haven't hated enough to take action yet.
 
2012-07-05 02:29:19 PM
www.blogcdn.com
Time to get out the mind probe.
 
2012-07-05 02:49:38 PM

Mawson of the Antarctic: What will happen a sacrificial lamb will be offered, a low level flunky and he'll be ruined in the public arena and people will forget there was even a banking conspiracy and we'll get paid our fines that we levy upon these banks by our own money we gave them in the first place. In any banking dispute that uses taxpayer money, the taxpayers get nothing.


"How do you sleep at night?"

"On top of a pile of money with many beautiful ladies."
 
2012-07-05 02:52:15 PM
i love that they're arguing that they were pressured by government and market to lower their LIBOR survey answers because of the financial crisis while completely ignoring the evidence that the manipulation was going on prior to the financial crisis...
 
2012-07-05 04:33:45 PM
3.bp.blogspot.com

Mawson of the Antarctic: What should happen pitchforks, angry mobs, pulling CEOs and those directly from their houses and lynching them for fluctuating interest rates and making us pay 1000s of dollars more every year, effectively stealing from us to line their bonuses.


Unless they're a diplomat or a guy named Joe Vigilante, then we have to let them be.

Listen to your heart folks, preferably by not cutting it out of your chest....

 
2012-07-05 06:02:29 PM
I have no recollection, Senator

www.wearysloth.com
 
2012-07-05 11:03:44 PM

thomps: i love that they're arguing that they were pressured by government and market to lower their LIBOR survey answers because of the financial crisis while completely ignoring the evidence that the manipulation was going on prior to the financial crisis...


Came here to say this.

Also.

Government colluding with Banks to fark over a sovereign country for profits. This is Zombie Butlers complete lack of surprise.
 
2012-07-05 11:12:05 PM
The bank, which is 82 per cent owned by the taxpayer, is preparing for a political firestorm over the affair because it believes that it has no power to claw back bonuses from the traders responsible. Instead, the expected fines would be borne by the shareholders - largely the Government.

Libor manipulation is a crime that already robs the public to create bonuses for bankers. By artificially lowering interest rates, the banks caused cities, towns, countries, and other public entities to receive smaller returns on their variable-rate investment holdings. If it turns out that taxpayers end up paying the fine for RBS's crime of robbing taxpayers, how perfect would that be? - Matt Taibbi 6/29/2012

Rolling Stone - Matt Taibbi

What's the answer? A interesting statement from Yves Smith:

Banks, more than any other business, more than military contractors, live off the government. They depend on government backstopping. They exist only by way of government issued licenses, which if you had open entry you'd see much lower fees. And they get some confidence from the public from the fact that they are regulated. Oh, and the most important thing is they have access to--

Matt Taibbi: The Federal Reserve.

Yves Smith: --the Federal Reserve.

Matt Taibbi: They're getting huge amounts of free money.

Yves Smith: Well, not just the free money. The Federal Reserve basically guarantees the payment system. You know, that's the really critical architecture that banks control is that, you know, we write checks to each other. We have credit cards. They clear through banks.

But the fact that banks can exchange money with each other confidently is because the Fed stands behind that. So there's a much-- there's another layer of Fed backstopping beyond what we think of the way they step in in a crisis or the way they're now intervening to help the banks. So the fact that these institution really depend in a very fundamental way on government support means they don't have any right to the upside.

I mean, they should really be paid like public servants. I mean, I'm not kidding. I mean, and if they had been, if the pay had been ratcheted down after the crisis, I would have had a lot more sympathy for them, even if they just behaved for a couple of years. You know, they were bailed out. And then in 2009 the industry went and paid itself record bonuses, higher than 2007 instead of rebuilding their balance sheets. I mean, this was just a slap in the face for the public.

Bill Moyers w/ Yves Smith & Matt Taibbi
 
2012-07-06 01:36:15 AM

kanesays: Libor manipulation is a crime that already robs the public to create bonuses for bankers. By artificially lowering interest rates, the banks caused cities, towns, countries, and other public entities to receive smaller returns on their variable-rate investment holdings. If it turns out that taxpayers end up paying the fine for RBS's crime of robbing taxpayers, how perfect would that be? - Matt Taibbi 6/29/2012




So not only do the bankers go rob and steal from the taxpayers that were nice enough to bail them out, save their jobs, and pay them a big fat bonus, but when the taxpayers want these bankers to pay for their crimes, these same bankers push the cost of that fine right back to the taxpayers.

Talk about the perfect crime. Heads they win, tails we lose.

If you are a banker, there's no way to lose.
 
2012-07-06 06:52:26 AM

thomps: i love that they're arguing that they were pressured by government and market to lower their LIBOR survey answers because of the financial crisis while completely ignoring the evidence that the manipulation was going on prior to the financial crisis...


No, the CEO didn't know anything about the existence of the earlier manipulation until last week, despite having ordered an Internal investigation into it months ago.

Makes sense to me.
 
2012-07-06 07:42:30 AM
I feel just awful about it now. I didn't know about it until the official investigation started. The government made me do it. Everyone was doing it. It was, uh ...very...advantageous for us? Wait, that one's true. Is...is that a defense?
 
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