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lovuian

(19,362 posts)
Wed Jul 4, 2012, 10:22 AM Jul 2012

Barclays bank didn’t just scam other financial giants [View all]



Barclays, the British bank, forced out its chairman and paid $450 million in connection with a fraud investigation. This is a very big deal because, in all likelihood, you were a victim.

While financial scams have taken a toll on the economy, they have often been sharks-ate-sharks affairs. When a Goldman Sachs rigs up trading in mortgage securities, one rich guy gets richer and one gets poorer. When a J.P. Morgan loses, oh, $9 billion in trading, shareholders take the hit.

Barclays helped nick virtually everyone who has a credit card, mortgage or student loan. That’s because interest rates on these loans are pegged to the London Interbank Offered Rate, or LIBOR.


http://www.nydailynews.com/opinion/barclays-bank-scam-financial-giants-article-1.1106700#ixzz1zfD8u59v
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K&R. nt OnyxCollie Jul 2012 #1
There is going to a huge number of law$uit$ over this with Barclays being on the wrong end. n/t PoliticAverse Jul 2012 #2
LIFE IMPRISONMENT for the ALL the bankster scum, not just civil suits, nail their arse to the wall stockholmer Jul 2012 #3
Not only do they create the virus. They profit from the cure. raouldukelives Jul 2012 #12
knr Coexist Jul 2012 #4
That Chairman was going to host a bg LONDON fundraiser for MitWit elehhhhna Jul 2012 #5
The CEO Bob Diamond malaise Jul 2012 #6
Is that legal arikara Jul 2012 #13
Diamond is a US citizen. Location doesn't matter as long as donations are from US persons FarCenter Jul 2012 #17
He's US/British citizen, but I think it is still OK. I'm pretty sure US/Israeli citizens contribute FarCenter Jul 2012 #20
I think that they conspired to make the LIBOR lower creeksneakers2 Jul 2012 #7
I'd misread what you said dipsydoodle Jul 2012 #8
Just like the Fed, the Bank of England wanted lower rates to lessen the impact of the crisis FarCenter Jul 2012 #10
Yes - what you said. nt Lucky Luciano Jul 2012 #15
But if they were colluding to lower their rates, didn't that lower the rates of consumers JDPriestly Jul 2012 #9
It had happened in both directions dipsydoodle Jul 2012 #11
no more virgins, we need to toss the top rung of the banksters into a volcano caldera. pansypoo53219 Jul 2012 #14
Maybe the Barclay's Premier League will go back to its original title of... Crowman1979 Jul 2012 #16
State and Local Gov't got hit ,too dtom67 Jul 2012 #18
Barclays also received TARP money from AIG suffragette Jul 2012 #19
Were the funds from AIG into Barclays dipsydoodle Jul 2012 #22
What I've read is "securities lending" suffragette Jul 2012 #23
"Victims" needs defining dipsydoodle Jul 2012 #21
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