Exposure of Banker Corruption

Thursday, July 5, 2012
By Paul Martin

By: Jim Willie CB
GoldSeek.com
Thursday, 5 July 2012

Few observers make the connection, but the current LIBOR scandal is a middle inning of two important events. The first is the demise of the Western banker leadership crew. The executives from the most powerful banks will be last to be deposed, all sharing an ethnic strain. The second is the open fracture of the Western financial system. Over the past few years, to be sure a great many people have grown tired of Jackass descriptions of corruption within the banking sector and financial system in general. Well, hear this: TOLD YA SO! The London Interbank Offered Rate scandal will erupt into an uncontrollable firestorm, hitting one chamber and then the next, with rapid contagion. The Bank of England and the US Federal Reserve are both implicated, but they will skate until the end game. They control the prosecutors and the news networks. Few yet connect the LIBOR rigged prices to the important parts of the financial kingdom run by the harried banker elite. The supposedly informed experts point to the rigged low rates for adjustable rate mortgages, for credit cards, and for student loans. Only the ARM rate is important among these, since it kept and housing bubble going. If truth be told, the LIBOR anomalies have persisted since late 2008. The intrepid first class forensic bond analyst Rob Kirby linked the sordid trails and mismatched discrepancies of the LIBOR to the JPMorgan monster, the US Federal Reserve syndicate ring leader, and the USDept Treasury (haven for Goldman Sachs lieutenants). See his 2008 article on Financial Sense (CLICK HERE). Regulators have done nothing for four years. It was not fully appreciated at the time, like it might be today. The LIBOR should match the settled EuroDollar contract, but it has not for years. The evidence for price rig has been glaring for years. The big banks have skimmed the difference for profit for years. Imagine selling milk or concrete with a variation in price at the wholesale level, enabling vast profits from skimming. It has been permitted for the big banks, a grand blemish on an already scarred sector.

The Rest…HERE

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