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Related: Editorials & Other Articles, Issue Forums, Alliance Forums, Region Forums"DAVID KOTOK: LIBOR-Gate Will Take Down Many More Bankers, ..." at Business Insider
DAVID KOTOK: LIBOR-Gate Will Take Down Many More Bankers, And The Claims Will Spiral Into The Trillionsat Business Insider
Read more: http://www.businessinsider.com/david-kotok-what-a-crazy-week-2012-7#ixzz1zzhNYo17
"SNIP...........................................
Steve, this scandal is going to take down many more than just Barclays leaders. The claims are likely to be in the trillions.
Imagine the board meeting at Barclays. The general counsel says, I have a settlement proposal. We can pay 1/2 billion in fines to the US and UK authorities now; and you, Mr. Chairman, and you, Mr. CEO, and you, Mr. COO, will resign at once. Others will also resign or be dismissed. Gentlemen, I can make this deal right now and settle it or we can have a prolonged investigation. In my opinion, paying the half billion now and taking the resignations early is the cheapest way out of this mess. The board votes yes.
Steve, the insiders on that board know the facts. Watch out for what is coming. It may dwarf allegations about Chinese corruption.
The US and UK systems were once the models for the world. They are now sick and corrupt. We are five years into a financial crisis and nothing has changed. Who are we to throw stones at others?
Read more: http://www.businessinsider.com/david-kotok-what-a-crazy-week-2012-7#ixzz1zzhxV1uN
..............................................SNIP"
drm604
(16,230 posts)So huge that every effort will be made by the PTB to quash it out of fear that the legitimate claims could bring down the entire system.
dkf
(37,305 posts)I've been seeing bits and pieces on this but not a piece that puts it together for me.
drm604
(16,230 posts)Amonester
(11,541 posts)"We R too big 2 fail," 'emember?
lovuian
(19,362 posts)what is obvious is that America won't ...and thats because its CORRUPT
Its appalling at how the system is so broken
Kablooie
(18,571 posts)Bringing them down into the 99% would probably be worse for them than going to prison.
msongs
(67,193 posts)Festivito
(13,452 posts)But, I guess, one step at a time.
FarCenter
(19,429 posts)If suits are successful, the hedge funds and sovereign wealth funds, etc. will wind up with the money.
HiPointDem
(20,729 posts)FarCenter
(19,429 posts)Sovereign funds, hedge funds, pension funds, insurance companies, mutual funds, money market funds, endowment funds, equity funds, corporate treasuries, family corporations, and other entities set up to manage pools of capital for investment purposes outside of the banking system.
Banking is the smaller part of the financial system, and it is generally less frothy and shady than the rest.
HiPointDem
(20,729 posts)bankers qua bankers only.
Festivito
(13,452 posts)645-trillion dollars in derivatives. I'd like a percent or two of that, even a percent of a percent.
malaise
(267,785 posts)The US and UK systems were once the models for the world. They are now sick and corrupt. We are five years into a financial crisis and nothing has changed. Who are we to throw stones at others?
100% correct
Rec
alterfurz
(2,467 posts)...I call them 'French Revolution re-enactors.'" -- Andy Borowitz