The Ticker reports the story:
A Barclays banker responsible for reporting borrowing rates was told to make the bank look healthier by not revealing that borrowing costs had risen. An e-mail he wrote to a supervisor confirms that he complied: “I will reluctantly, gradually and artificially get my libors in line with the rest of the contributors as requested,” he wrote. “I will be contributing rates which are nowhere near the clearing rates for unsecured cash and therefore will not be posting honest prices,” he continued, referring to rates in the overnight money market.
Remember when all the Big Sophisticated Banks switched from "prime rate" as a measure of interest charged to "LIBOR"?
And you suckers actually bought their story?
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3 comments:
Most ARM variable rate mortgages, the popular "future debacle tool" of the 90s, were based on LIBOR.
Those ARMs still base the once-per-year adjustment on LIBOR.
Home purchasers had no choice if they wanted a loan...except to pay all cash for the property.
This is just a continuance of the heinous and engineered "financial crisis"...another one world order grab.
I know many LIBOR based ARM holders. All mortgage checks-and-balances mechanics are only in place post-LIBOR reporting once per year, i.e., the mortgage can only be adjusted so much so high in any one year based on LIBOR, etc.
There is NEVER indication nor documentation provided for pre-LIBOR reporting, i.e., how/why the LIBOR rate is set where it is for the annual adjustment, etc.
We're just supposed to assume and trust the bankers are dealing us the straight scoop relative to LIBOR.
Banksters.
How are they any different from MS-13 or the cartels again?
Now where did I put that 9mm? Damnit, it's around here somewheres...
Making threats I see. How ironic. Advocate snuffing out lives--their families be damned--on a day in which our country is celebrating our freedom.
Regardless, you can only dream to be like Timmy, St. Revolution. And we all know what happened to him. Justice ultimately prevailed!
TO: AnnCliche 7/04/2012 11:31 AM:
Take your bleeding heart, you lemming robot, and serve it up with a soured chianti.
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