Revi wrote:What are lead and copper used to make?
Exploring Hydrocarbon Depletion
NEW! Members Only Forums!
Access more articles, news & discussion by becoming a PeakOil.com Member.
QUOTE O’ THE DAY
"It is not possible to continue infinite consumption and infinite population growth on a finite planet.”
-- Michael Ruppert, WSJ, 4/11/09
Words to live by JB, to be sure.jbrovont wrote:Philosophy and knowledge make a man wise and his law just. Copper and lead make him free.Revi wrote:What are lead and copper used to make? Are you talking about old plumbing?
The market is down again. It's below 11,000. Looks like the bottom is falling out of the economy again.
Greenspan’s Libor Barometer Shows Markets Stay Frozen (Update2) by Gavin Finch and Liz Capo McCormick, 23 Feb 2009:
Feb. 23 (Bloomberg) -- For all the $9.7 trillion pledged by the U.S. to combat the financial crisis, money markets show the world’s biggest banks see no recovery before 2010.
The premium banks charge each other for short-term loans, the so-called Libor-OIS spread, rose above 1 percentage point last week for the first time since Jan. 9. Contracts traded in the forward market indicate the gauge, which measures banks reluctance to lend, will remain higher for the rest of the year than before Sept. 15, when the bankruptcy of Lehman Brothers Holdings Inc. froze credit markets. …
The stress is all reflected in the Libor-OIS spread, which measures the gap between the London interbank offered rate in dollars for three months and the overnight index-swap rate, or what traders expect the Fed’s target rate for overnight loans between banks to average over the term of the contract. …
WSJLONDON (Dow Jones)--The cost of borrowing longer-term U.S. dollars in the London interbank market continued to fall in holiday-thinned trading Friday, with the key three-month rate again setting a new record low. Market activity was subdued, with U.S. markets closed for the Independence Day holiday.
Data from the British Bankers' Association showed three-month dollar Libor, seen as a key gauge of the effectiveness of the Federal Reserve's monetary policy, dropped to 0.55875% from Thursday's 0.5775%, marking its lowest rate since the advent of BBA Libors back in 1986.
The three-month rate peaked at 4.81875% on Oct. 10. ...
Euro Libor rates headed lower after European Central Bank President Jean-Claude Trichet reinforced market expectations that ECB official interest rates were set to remain low for a prolonged period.
Speaking at the ECB's monthly press conference Thursday, Trichet said he was pleased with recent developments in liquidity, specifically the outcome of last week's 12-month long-term refinancing operation, which injected EUR442 billion into the system.
As far as interest rates are concerned, analysts at BNP Paribas said there is no scope for any move at upcoming ECB policy meetings. "The status quo will prevail for a long period," they added. …
More than a dozen traders and brokers in London and Asia have been fired, suspended or put on leave by their employers as a multinational probe into alleged manipulation of crucial global lending rates accelerates.
Regulators have been investigating US and European banks that help set interbank lending rates in London and Tokyo since late 2010, in an intensive profile inquiry that spans three continents and involves at least nine separate enforcement agencies.
According to people familiar with the probe, traders have also been suspended, fired or placed on leave in recent months at Deutsche Bank, JPMorgan Chase, Royal Bank of Scotland and Citigroup. All four banks declined to comment.
Regulators are seeking to determine whether banks colluded to set the overnight lending rates known as Libor, Tibor and Euribor, and whether traders within the banks and their clients improperly used information on what future rates would be to place profitable trades. The rates, which serve as a benchmark for $350tn worth of financial products worldwide, are set by a daily poll of a panel of banks in each region.
LinkU.S. and British authorities fined Barclays $453 million (288 million pounds) on Wednesday for manipulating LIBOR, which underpins some $360 trillion of loans and financial contracts around the world - and analysts forecast more banks would soon be named for collusion.
"Reading the statements by the authorities we expect to get settlements by others in the course of time which could be more punitive," analysts at Credit Suisse said.
Others predicted Barclays and other banks could face billions in costs from litigation, especially in the United States, in much the same way that oil major BP ran into drawn-out legal rows over its oil spill.
"Given the long-tailed nature of investigations we expect this to be a long-term overhang," said Morgan Stanley analyst Chris Manners.
Barclays was the first bank to settle in an investigation which is looking at other large financial institutions in Europe, Japan and North America, including Citigroup, HSBC and UBS. No criminal charges have been filed.
The Times said RBS faced a likely fine of 150 million poundsfor participating in market manipulation offences similar to those engaged in by Barclays. The bank said no fine or settlement had been decided upon.
The UK government is in full covering mode for the banks they are trying to introduce the minimal scrutiny of the crisis they can sell the public.The claim cites analysts at defendant Citigroup writing in a note dated April 10, 2008: "Because all Libor postings are publicly disclosed, any bank posting a high Libor level runs the risk of being perceived as needing funding. With markets in such a fragile state, this kind of perception could have dangerous consequences."
The second motivation, the suit claims, is that "by artificially suppressing Libor, defendants paid lower interest rates on Libor-based financial instruments they sold to investors".
VIDEO:"Viewpoint" host Eliot Spitzer, Matt Taibbi, Rolling Stone contributing editor, and Dennis Kelleher, president and CEO of Better Markets, analyze the Libor interest rate--rigging scandal engulfing the banking industry.
Barclays CEO Bob Diamond recently resigned after the bank was fined $453 million for its part in the scandal, which involved manipulating the London Interbank Offered Rate (Libor), a key global benchmark for interest rates, by essentially "faking their credit scores," according to Taibbi. And as Taibbi explains, Barclays couldn't have acted alone.
"It can't just be Barclays and the Royal Bank of Scotland. In fact, it can't even be four banks or even five banks," he says. "Really, in the end it's probably going to come out that it's going to be all of them ... involved in this. And that's what's critical for people to understand: that this is a cartel-style corruption."
Kelleher argues that the Libor scandal is proof that the financial industry "is corrupt and rotten to its core." "The same executives [using] the same business model that crashed the entire financial system in '08 are still running these banks," he says.
'The mob learned from Wall Street': Eliot Spitzer on the 'cartel-style corruption' behind Libor scam
July 3, 2012
Other banks that have disclosed that they are under investigation for LIBOR manipulation include big U.S. banks, such as Citigroup and JPMorgan Chase, and also HSBC, Deutsche Bank and the Royal Bank of Scotland. …
Keith_McClary wrote:It's over for the banking cabal (Youtube - 9 minutes)
American prosecutors and European regulators are close to arresting individual traders over the Libor scandal and charging them with colluding to manipulate global benchmark interest rates, according to sources familiar with the investigation.
Federal prosecutors in Washington DC have recently contacted lawyers representing some of the individuals under suspicion to notify them that criminal charges and arrests could be imminent, said two sources speaking anonymously.
Defence lawyers representing individuals under suspicion said prosecutors have indicated they will begin making arrests and filing charges in the next few weeks. In long-running financial investigations it is not uncommon for prosecutors to contact defence lawyers for individuals before filing charges to offer them a chance to co-operate or take a plea, the lawyers said.
Alongside the investigation into how traders allegedly sought to influence the London Interbank Offered Rate, or Libor, and other global rates there in an effort by regulators to punish major banks with fines.
“See if the law takes from some persons what belongs to them and gives it to other persons to whom it does not belong. See if the law benefits one citizen at the expense of another by doing what the citizen himself cannot do without committing a crime.” -Bastiat
Late last week, the Federal Deposit Insurance Corporation initiated legal action against 16 of the world’s largest banks for their roles in manipulating benchmark LIBOR rates. The FDIC filed the lawsuit on behalf of 38 banks which went bankrupt at the peak of the downturn in 2008, as a considerable part of the losses for these banks were incurred on interest-rate derivative products sold to them by the bigger banks. As the bigger banks were in a position to influence the benchmark rates in a manner suitable to them when the crisis hit, the losses on these products were exaggerated for the failed banks, including Washington Mutual and IndyMac. The lawsuit names U.S.-based banks Bank of America, JPMorgan Chase and Citigroup, as well as other globally diversified banking groups as well as the British Bankers’ Association which oversaw the LIBOR fixing process at the time.
Probes into currency market manipulation are gathering pace, and the findings are expected to be every bit as damaging as those relating to Libor rigging. But they may come with an even bigger price tag.
Users browsing this forum: No registered users and 8 guests