July 14th, 2012
(HigginsBlog) – A disgusting NY Fed transcript reveals the Federal Reserve was helping the global banking cartel run a key interest rate manipulation scam.
A transcript from the NY Federal Reserve reveals that the Federal Reserve know that global banking cartel was manipulating the most important interest rate in the world – The London Inter-Bank Overnight Rate (LIBOR) and they knew the rates they were posting were not honest numbers.
The scam’s the monetary damages caused by the global banking cartel’s manipulation of LIBOR easily makes it one of the largest scams ever, if not the LARGEST.
While in the US the media barely mentions it is a huge deal in the UK were the parliament is fulling investigating the criminal activities of the world’s largest banks in manipulating the rate.
Unfortunately for our corrupt regulators and politicians the truth is this scam is just to large to ignore as the UK media has revealed the findings of the investigation into the scam so far haven’t even scratched the tip of the iceberg in revealing the extent and involvement of the world’s largest banks and top financial regulators around the globe.
Via the The Bail:
NY Fed Transcript: ‘We Know That We Are NOT Posting An Honest Libor’
“We [Barclays] just fit in with the rest of the crowd if you like. We know that we’re not posting um, an honest Libor.”
The New York Fed representative expresses sympathy and understanding:
“You have to accept it,” she says. “I understand. Despite it’s against what you would like to do. I understand completely.”
“The Barclays employee explained that Barclays was underreporting its rate to avoid the stigma associated with being an outlier with respect to its Libor submissions, relative to other participating banks,” the New York Fed statement said.
More detail can be found here:
Source: The Daily Bail
CrossTalk: Libor or Lie-more?
RT has more on the LIBOR scandal that is being all but ignored by the US media in the video below.
What will be the implications of the Libor scandal? Will anybody get into prison for the wrongdoing? What message does it send to the authorities? Should there be more regulation, or can banks regulate themselves? CrossTalking with Richard Wellings and William Black.
Follow Peter Lavelle on Twitter http://twitter.com/PLCROSSTALK
Watch all CrossTalk shows here:
http://blog.alexanderhiggins.com/tv/p/1F38BDDE9861D9A6.aspx (Season 2010-2011)
http://blog.alexanderhiggins.com/tv/p/F5410DB7CFDE2246.aspx (Season 2011-2012)
RT LIVE http://blog.alexanderhiggins.com/tv/rt.aspx
Source: Alexander Higgins