Thursday, February 7, 2013

LIBOR Scandal - Where's the Anger?

Where is the outrage regarding the LIBOR scandal?

Why are we all not out in the streets with pitchforks and torches like the angry peasants of old? These arrogant traders have robbed you of your money buy manipulating worldwide interest rates.

And all we can see are the tumble-weeds blowing through the quiet streets.

It appears the only retribution we have managed is for the banks themselves to 'punish' the guilty. Punishing them with less bonuses and firing a few. No one goes to prison for defrauding your grandmother out of funds that were hers or stealing your future wealth through your retirement funds.

Oh dear, what have we all become.

Read this from the Telegraph today and weep:

"Emails published by the Department of Justice, Commodity Futures Trading Commission, and the Financial Services Authority showed traders boasting about their ability to profit from rigging interest rates.
“Its [sic] just amazing how libor fixing can make you that much money,” wrote a senior yen trader, who described the market as a “cartel”.
According to the investigators, RBS traders used so-called “wash trades” to pay £211,000 to friendly brokers to reward them for persuading other banks to change their Libor submissions to the benefit of their trading positions.
“Right listen we’ve had a couple of words with them. You want them lower, right?” wrote a broker to one unnamed RBS yen trader. “Yeah,” replied the trader.
In another instant message a trader apologised to a Libor submitter for his repeated requests to raise and lower rates, saying he was acting “like a whores drawers”.
So far 15 employees have been sacked as a result of the scandal and a further six are being put through a disciplinary process by the bank." ...more

Gold in New Zealand dollars: $2007.18 per oz
Previous all-time high: $2311.02 per oz (15 Nov, 2011)

Silver in New Zealand dollars: $38.01 per oz
Previous all-time high: $59.19 per oz (30 Apr, 2011)

The Anglo-Far East Company
AFE is the gold bullion custodial provider of choice for the sophisticated investor,
families, and institutions that require the highest level of discretion, competence,
safety, and service. Your reference when you order: an-001

Go More Raw Seven Day Raw Food Program

Raw food can be interesting, satisfying and taste fantastic. The big bonus is the
optimum nutrition in raw food. For seven days you can put raw food to the test
and you could be pleasantly surprised.

No comments:

Post a Comment