As a supplement to my Blog LIEBORGATE COINCIDENCES please find an update from another blogger, The Slog who also has a passion for the truth and transparency. Well done, you beat me to it.
In addition to the crooked banks who have reported Libor falsely, other UK based "dramatis personae" in this global scam include the following:
"Michael FallonisDeputy Chairman of the Tory Party, a senior member of the The Treasury Select Committee ("TSC"), and a senior Boardmember at Tullet Prebon – a company described to me last night by a
City insider as “dominating the Libor sector”. At least three of the major
institutions reporting on Libor rates are known to be Tullet clients. Fallon may
thus have been questioning one of his clients when he interrogated Bob Diamond
of Barclays last Wednesday.
Knightwas until recently the CEO of the BBA, an
organisation on behalf of which she gave misleading Libor evidence on at least
one occasion. She is a non-Exec director of Tullet Prebon, and sheused
to be a Conservative MP.
Spencer is the founder and CEO of ICAP, the
largest Libor-sector money brokerage in Europe,
to be the Tory Party’s Treasurer, and he (and his company) last year donated
£1.3m to the Conservative Party. In 2010, Spencer was censured by
the City for selling £45m of ICAP shares three weeks before issuing a profit
the CEO of Tullet Prebon. Derek Tullett, founder of inter-dealer broker Tullett
Prebon, was listed as‘a
Party election funding during 2010. On his Board he has collected
both Fallon and Knight, and although Fallon says Tullet’s “helped to nail the
banks” that must in turn have put Angela Knight into an awkward position, she
being the UK’s greatest defender of both the
Banks and Libor. Smith spent the first five years of his life working on the
investment side at Barclays, and is an Associate at the Chartered Institute of
In the UK the Serious Fraud Office is FINALLY initiating an inquiry. It is a very revealing that when the SFO advised 2 years ago that they had no funding to make an investigation, specifically into the Libor matter , they were subsequently underfunded even more, by government cuts.
Perhaps this time there will be such an avalanche of public outrage, that the sleazy greedy incestuous elite running the UK at the moment, will finally be held accountable for their acts.
The only historical parallel to today's situation, which comes to mind, is Oliver Cromwell's speech when he dismissed the Long Parliament in 1653. His words echo so true today
"It is high time for me to put an end to
your sitting in this place, which you have dishonored by your contempt of all
virtue, and defiled by your practice of every vice; ye are a factious crew, and
enemies to all good government; ye are a pack of mercenary wretches, and would
like Esau sell your country for a mess of pottage, and like Judas betray your God for a few
pieces of money.
Is there a
single virtue now remaining amongst you? Is there one vice you do not possess?
Ye have no more religion than my horse; gold is
your God; which of you have not barter'd your conscience for bribes? Is there a
man amongst you that has the least care for the good of the
Ye sordid prostitutes have you not defil'd this sacred
place, and turn'd the Lord's temple into a den of thieves, by your immoral
principles and wicked practices? Ye are grown intolerably odious to the whole
nation; you were deputed here by the people to get grievances redress'd, are
yourselves gone! So! Take away that shining bauble there, and lock up the
In the name of God..Go"
And for those who think in their arrogance, that they are untouchable and above the law, never forget that in deepest crisis, the greatness of Britain has always been to produce a man equal to the task Nelson, Wellington, Churchill to name but a few.
This time will be no different, but to those presently in power and opposition, I can only echo Cromwell's words:
acquitted himself admirably yesterday, in front of the inquiry. Having been
subjected to hostile cross examination in court in a previous life, I
remembered the techniques I was taught to use by my lawyer, to deflect and frustrate
the questionner. Diamond followed these to the letter, being the grey man,
submissive, evasive, unclear, forgetful … the list goes on. I was most bemused
by Mr Mann having said “you are either a liar or incompetent”, or words to that
effect, to which Diamond replied “is that a question”? Anyway well done Bob,
you outclassed them all easily, as one would expect from one of the smartest
and ruthless international bankers on the block.
viewed the woeful "question time" performances of the would be investigators,
David Cameron made the correct investment banking decision, of leaving the
losing team in place to pursue the inquiry. No professional judge, just
amateurs, quick and dirty to “satisfy” the public.
As for the
other ex victim Marcus Agius, the reinstated Chairman of Barclays, it may
interest you to know he is also Chairman of … The British
Banking Association, (“BBA”), which of course “fixes” the LIBOR rates daily.
They even have a direct link to the LIBOR
charts on their home page. Much to my surprise however, Mr Agius has just
given up the Chairmanship of the BBA, but who knows he may be back next week.
not worry too much for his welfare because even if he ends up in the dole queue,
his wife Katherine, the daughter of multibillionaire banker Edmond de
Rothschild, should be able to keep him in pocket money.
And what of
Angela Knight the Chief Executive of the BBA, who resigned a few short weeks
ago. She also has directorship positions with Tullett Prebon, where she is a
member of the audit committee. Tullett Prebon, per their website, operates as
an intermediary in wholesale financial markets facilitating the trading
activities of its clients, in particular commercial and investment banks…. No
potential of conflicts of interests here of course.
This is the
biggest financial scandal that has ever existed and the implications for
politicians and bankers alike, in the US
in particular will be colossal.
simplistically, banks finance themselves on a daily basis, by borrowing from
other banks. Some sixteen Global Too Big to Fail banks provide information
about their cost of borrowing from other banks daily, to the British Bank
Association,(“BBA”). The BBA then “fixes “ independently the rate, which is
known as LIBOR (London Interbank Offered Rate).
This rate is the foundation for virtually all international financial
rates are used on USD 10 Trillions of LIBOR based bank loans, and on some USD
350 Trillions of derivatives contracts. Thus if the rate is suppressed by even
0.1% (10 Bips), this has an impact of transferring USD 350 Billion per annum
from the lender to the borrower.
can be pension funds, insurance companies, private savers, and the borrowers
and beneficiaries frequently the banks, who use
these rates to calculate the cost
of financing their own high risk bets in the derivatives markets etc.
fixing a much lower rate, the banks favor their own books to the detriment of
every saver on the planet. Think of the possible implications for J P Morgan
with a derivatives book exceeding USD 70 Trillion.
It is not
possible for a bank to fix anomalous rates in isolation, as they all are in constant
touch, and there is a clear paper trail of actual rates, and only the all too familiar wilful blindness
of the banks concerned, the BBA and the regulators can make this possible.
gun in this matter has been in existence at least since 2008 and despite many
appeals from aggrieved parties no investigation has been made.
the departure of Mr Diamond at Barclays, and his lamentably unconvincing performance on TV, we have the tip of a gigantic iceberg
appearing. It will very soon engulf the Global banks, The Bank of England, the
Federal Reserve, the Treasury and of course the politicians who went along with
or encouraged this global economic rape.
all running for cover and trying to line up scapegoats. but it is hard to
imagine that they will escape the wrath of the general public. They may understand
little about financial matters, but can
all understand that the banks robbed their savings account by cheating on the
interest rate paid.
I attach a
link to a very powerful interview on the subject: