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Thread: Everything Is Rigged: The Biggest Price Fixing Scandal Ever

  1. -1
    rob19's Avatar
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    Everything Is Rigged: The Biggest Price Fixing Scandal Ever

    Matt Taibbi:

    Conspiracy theorists of the world, believers in the hidden hands of the Rothschilds and the Masons and the Illuminati, we skeptics owe you an apology. You were right. The players may be a little different, but your basic premise is correct: The world is a rigged game. We found this out in recent months, when a series of related corruption stories spilled out of the financial sector, suggesting the world's largest banks may be fixing the prices of, well, just about everything.

    You may have heard of the Libor scandal, in which at least three and perhaps as many as 16 of the name-brand too-big-to-fail banks have been manipulating global interest rates, in the process messing around with the prices of upward of $500 trillion (that's trillion, with a "t") worth of financial instruments. When that sprawling con burst into public view last year, it was easily the biggest financial scandal in history MIT professor Andrew Lo even said it "dwarfs by orders of magnitude any financial scam in the history of markets."

    That was bad enough, but now Libor may have a twin brother. Word has leaked out that the London-based firm ICAP, the world's largest broker of interest-rate swaps, is being investigated by American authorities for behavior that sounds eerily reminiscent of the Libor mess. Regulators are looking into whether or not a small group of brokers at ICAP may have worked with up to 15 of the world's largest banks to manipulate ISDAfix, a benchmark number used around the world to calculate the prices of interest-rate swaps.

    Interest-rate swaps are a tool used by big cities, major corporations and sovereign governments to manage their debt, and the scale of their use is almost unimaginably massive. It's about a $379 trillion market, meaning that any manipulation would affect a pile of assets about 100 times the size of the United States federal budget.

    It should surprise no one that among the players implicated in this scheme to fix the prices of interest-rate swaps are the same megabanks including Barclays, UBS, Bank of America, JPMorgan Chase and the Royal Bank of Scotland that serve on the Libor panel that sets global interest rates. In fact, in recent years many of these banks have already paid multimillion-dollar settlements for anti-competitive manipulation of one form or another (in addition to Libor, some were caught up in an anti-competitive scheme, detailed in Rolling Stone last year, to rig municipal-debt service auctions). Though the jumble of financial acronyms sounds like gibberish to the layperson, the fact that there may now be price-fixing scandals involving both Libor and ISDAfix suggests a single, giant mushrooming conspiracy of collusion and price-fixing hovering under the ostensibly competitive veneer of Wall Street culture.
    http://www.rollingstone.com/politics...l-yet-20130425
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    NY8123's Avatar
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    See this is one of those you ****ed me so I'm going to **** you. These greedy ****ers lowered the US credit rating so this is the politicians way of twisting the knife back. As to those who think this **** wasn't real, sorry for your understanding of the workings of the world.
    "I am free of all prejudice. I hate everyone equally" ~ W.C. Fields

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    GoFins!'s Avatar
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    If so, what can/should "we" do about it?

    Ideal world - seize 100% of all current and future gross assets of the people responsible?

    Real world - they likely own enough people in government to get away with a fine that sounds huge to us but is the equivalent of one of us being fined $.05.
    Im somewhat disappointed that more African Americans dont think for themselves and just go with whatever theyre supposed to say and think."


    - Dr. Benjamin Carson
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    finomenal's Avatar
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    Quote Originally Posted by NY8123 View Post
    See this is one of those you ****ed me so I'm going to **** you. These greedy ****ers lowered the US credit rating so this is the politicians way of twisting the knife back. As to those who think this **** wasn't real, sorry for your understanding of the workings of the world.
    One of the annoying things about the naysayers is that most could tell you a lot more about the Kardashians & Jersey Shore than current events or even major world history events. Just go watch TV your opinion is irrelevant.
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    JamesBW43's Avatar
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    Sounds like the author has a very broad definition of conspiracy.
    Not every human is a manipulative, opportunistic, letch... or at least that's what I'm told.
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    Valandui's Avatar
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    Anyone who understands international banking should not be surprised by this in the slightest.

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    DeafAngelboy23's Avatar
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    Quote Originally Posted by finomenal View Post
    One of the annoying things about the naysayers is that most could tell you a lot more about the Kardashians & Jersey Shore than current events or even major world history events. Just go watch TV your opinion is irrelevant.
    I hate the reality TV and it is not very enlightening to watch it.
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    Quote Originally Posted by GoFins! View Post
    If so, what can/should "we" do about it?

    Ideal world - seize 100% of all current and future gross assets of the people responsible?

    Real world - they likely own enough people in government to get away with a fine that sounds huge to us but is the equivalent of one of us being fined $.05.
    Well Go the only feasible way to bring them down is a financial revolution. We can't unseat them, you can't remove them and they are hardwired into everything. The only thing you could do is organize enough of the populous to say "you know what **** you guys, we aren't paying. We aren't paying anything, no tax, no salaries, no money period". You'd have to go back to a barter society but in order to do that so many things would have to change that I think it is nearly impossible to think that it actually could happen.

    Or a huge asteroid could smash us back to the 1700's lol. The world could use some weeding out and that would do it too.
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    Quote Originally Posted by DeafAngelboy23 View Post
    I hate the reality TV and it is not very enlightening to watch it.
    So do I. It's revolting.

    Here's a perfect example of our dumbed down country. Fresh out of martial law, guns aimed at their heads and their children's heads, forced out of their houses and treated like criminals, this is what they do...Singing in unison, "O'er the land of the free and the home of the brave":



    They should have been marching down the streets in protest, red hot about their rights being violated. Look at these morons chanting, "USA! USA! USA!":



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