One of Romney's Top Ten Donors Quits Amid Scandal Involving Rate-Fixing at Barclays (not PN) by Kwicko

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One of Romney's Top Ten Donors Quits Amid Scandal Involving Rate-Fixing at Barclays (not PN)

POSTED BY: KWICKO
UPDATED: Friday, July 6, 2012 17:16
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Tuesday, July 3, 2012 5:21 PM

"We'll know our disinformation program is complete when everything the American public believes is false." -- William Casey, Reagan's presidential campaign manager & CIA Director (from first staff meeting in 1981)

http://www.politico.com/blogs/burns-haberman/2012/07/barclays-bank-hea
d-out-as-romney-london-host-127917.html

Just business as usual at Barclays, and for Mitt Romney, who counts the CEO - er, *former* CEO, as of today - among his top campaign donors.

"I supported Bush in 2000 and 2004 and intellegence [sic] had very little to do with that decision." - Hero

"I've not watched the video either, or am incapable of intellectually dealing with the substance of this thread, so I'll instead act like a juvenile and claim victory..." - Rappy

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Tuesday, July 3, 2012 6:28 PM

SIGNYM

I believe in solving problems, not sharing them.

Yeah, because being a success isn't about having connections and rigging the game, it's all about hard work in a true meritocracy. (snicker!)

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Friday, July 6, 2012 8:25 AM

KWICKO

It's bigger and worse than you could even imagine...

Quote:
British bank Barclays (LSE: BARC.L - news) is dead centre of a storm involving the manipulation of inter-bank lending rates, particularly Libor (the London Inter Bank Offered Rate).

What is truly breath-taking is the sheer scale of this fraud.

According to one estimate, around $350 trillion (£223 trillion) of lending and derivatives is priced off Libor. That’s enough to pay for the whole of UK Government spending for around three centuries at current levels. Thus, if misconduct by banks caused Libor to increase by a mere one tenth of one basis point (0.001%), this amounts to $35 billion (£22 billion) a year in extra interest – that’s roughly the UK’s annual budget for transport and close to as much as council tax brought in last year.

Full article:

http://uk.finance.yahoo.com/news/biggest-banking-scam-ever-141604082.h
tml

"I supported Bush in 2000 and 2004 and intellegence [sic] had very little to do with that decision." - Hero

"I've not watched the video either, or am incapable of intellectually dealing with the substance of this thread, so I'll instead act like a juvenile and claim victory..." - Rappy

NOTIFY: Y | REPLY | REPLY WITH QUOTE | TOP | HOME

Friday, July 6, 2012 8:39 AM