Whoa... 'Crime of the Century' - Robert Scheer/TruthDig

[WillyT]

Crime of the Century
By Robert Scheer - TruthDig
Posted on Jul 6, 2012


Robert E. Diamond Jr., newly resigned as the CEO of Barclays.
AP/Mark Lennihan

<snip>

Forget Bernie Madoff and Enron’s Ken Lay—they were mere amateurs in financial crime. The current Libor interest rate scandal, involving hundreds of trillions in international derivatives trade, shows how the really big boys play. And these guys will most likely not do the time because their kind rewrites the law before committing the crime.

Modern international bankers form a class of thieves the likes of which the world has never before seen. Or, indeed, imagined. The scandal over Libor—short for London interbank offered rate—has resulted in a huge fine for Barclays Bank and threatens to ensnare some of the world’s top financers. It reveals that behind the world’s financial edifice lies a reeking cesspool of unprecedented corruption. The modern-day robber barons pillage with a destructive abandon totally unfettered by law or conscience and on a scale that is almost impossible to comprehend.

More: http://www.truthdig.com/report/item/crime_of_the_century_20120706/

[Journeyman]

1. Crime of the Century? Nah. It's only 2012 and there are 88 years left . . .

[HereSince1628]

10. Would you believe 'Crime of the past 100 years'?

cuz I think that's actually the meaning in context.

[Journeyman]

11. Yes. I see. So much worse than any piddling crimes of the 20th Century. . .

[HereSince1628]

12. Well, piddling or not, true or not, I think that was what was meant.

I do appreciate your point that their is a great majority of this century left in which even more heinous acts could (an perhaps will) be carried out.

[xtraxritical]

13. Thank you WillyT for typing out what LIBOR stands for, your the first poster to bother.

It is a practice in writing to spell out any abbreviations to be used in an article on the first usage. I looked at numerous LIBOR posts here and you're the first one to tell me what it stands for. I should not have to use Wikipedia to make up for lazy posters.

[WillyT]

15. Thank You, But I Didn't Type It Out... The Author Of The Article Did... BUT... Here's More !!!

Link: http://www.democraticunderground.com/1002912877

[dmosh42]

2. Won't be any resistance from US officials.-All bought and paid for.

[Motown_Johnny]

3. So THIS is why the Koch Brothers are willing to spend $400 million on an election!

They must have a couple loopholes they want passed.

[dtom67]

4. are we really free???

I'm sure the Barclays " rising tide " will lift all boats....

Or perhaps our whole global system is unsustainable...


Or maybe We, The People still have a few more bail-outs left in us...

[Zoftig1]

6. underwater

Someone mentioned that "rising tide" thing only applies to boat owners.
If you don't have a boat, that leaves you underwater.
As for bailouts, 7 trillion dollars (or 7 thousand billion) is right around 21 thousand dollars for every man, woman and child in America. And that's just the tip of the iceberg.
As a wise man once said : do the math!

[renate]

21. I love that "only applies to boat owners" response

It should be blindingly obvious to anybody with rudimentary reasoning powers that that statement is true, but "A rising tide raises all boats" is such an appealing, Reaganesque soundbite that I can see why so many people don't think it through to its logical meaning. Great response!

And welcome to DU!

[abelenkpe]

20. Not if we're in debt

Which means no

[Gregorian]

5. I think the Bush gang hold that record.

But even several years ago Max Keiser was calling for bankers to stand before the Hague. People died over this.

[pansypoo53219]

7. can we PLEASE take their ill-gotten gains from them.

i am sure they could send the people a cut of it.

[Amonester]

16. Of course not...

Diamonds are forever...

Lawyers (not all, thankfully) are for sale.

[citizen blues]

8. the British government is also implicated.

Which could lead to a vote of no confidence and spark a national election.

http://www.rollingstone.com/politics/blogs/taibblog/libor-banking-scandal-deepens-barclays-releases-damning-email-implicates-british-government-20120704
[link:http://www.rollingstone.com/politics/blogs/taibblog/libor-banking-scandal-deepens-barclays-releases-damning-email-implicates-british-government-20120704|

A scandal that can potentially bring down Her Majesty's government and is going to be deeply felt here in the U.S. could very well escalate to the Crime of the Century.

[Snarkoleptic]

9. They kicked this around on UP with Chris Hayes this morning.

They discussed pending litigation and excerpted emails where traders requested (and evidence shows received) received favors for up/down ticks in the rate. Those who requested these favors indicated their financial bets would crush them unless the favors were granted. Economics Professor Karl Smith took the odd position that it was a no-harm-no-foul tweak and should be considered no big deal.

One point that nobody brought up is that handing out these favors picked winners and losers by tipping a bet in favor of their friends.
By nature this created a loss on the other side of the bet.
Crony capitalism and corruption to the core!

[TomClash]

14. This article and the responses are funny nt

[blkmusclmachine]

17. Go read about Operation Northwoods:

You'll never think about 9/11 the same way ever again.

http://abcnews.go.com/US/story?id=92662&page=1

[just1voice]

18. One good thing is that this corruption is becoming well-known

Just a few months ago, very few people even believed how totally corrupt "the markets" are. People are starting to get the idea now.

[The Wizard]

19. If someone supplies the cigarettes

I'll supply the blindfolds.

[coalition_unwilling]

22. K&R - I'm shocked, SHOCKED, I tell you! (My homage to

fans of Bogart and Casablanca).

[Dustlawyer]

23. "Huge fine" to Barlkeys? A huge fine to Barkleys would be 50 billion, this $400 + million

is nothing. CAMPAIGN FINANCE REFORM!