Pete
Bagley / Salt Lake
Tribune
To the global banking elite it’s always heads they win and tails
you lose but the recent LIBOR scandal moves that rigged financial game to a
global scale which could and should result in multibillion dollar fines ~
unless Obama continues to protect Wall Street abuse: Allen L Roland
Anyone
who has worked on Wall Street, as I have, knows that the game has always been
rigged but never to the extent that it is now with high frequency trading and
trillions of dollars being traded in virtually unregulated derivatives.
Before
Glass–Steagall was
dismantled by the Clinton administration, the Wall Street Casino was fairly benign but that soon changed when
the Banksters took advantage of the lack of regulations and it was only a
matter of time before everything from sub-prime mortgages
to commodities to the current LIBOR interest rate conspiracy offered direct evidence of the rigged global financial
game.
Here’s your choice ~ you can see and hear Dennis
Kucinich explain the LIBOR scandal / 3 minute video
Or
here’s the irreverent quick and dirty explanation of the LIBOR banking
scandal ~ and a look into the nest of the global banking crime syndicate / 4
minute video
But suppose our assumption is wrong. Suppose the bankers are manipulating the interest rate so they can place bets with the money you lend or repay them – bets that will pay off big for them because they have inside information on what the market is really predicting, which they’re not sharing with you.
That would be a mammoth violation of public trust. And it would amount to a rip-off of almost cosmic proportion – trillions of dollars that you and I and other average people would otherwise have received or saved on our lending and borrowing that have been going instead to the bankers. It would make the other abuses of trust we’ve witnessed look like child’s play by comparison.” See full story http://www.commondreams.org/view/2012/07/09-5
As of now, twelve global banks publicly linked to the Libor scandal face up to $22 Billion in combined regulatory penalties and damages to investors and counterparties, according to admittedly "crude" Morgan Stanley estimates. The calculation excludes the potential fallout from U.S. and EU cartel investigations, which could result in multibillion-dollar fines. But is the Department of Justice just going through the motions during an election year?
In that regard, Glen Ford writes in ICH that “The Obama Justice
Department is in theater mode, again, pretending to threaten the bankster class
with criminal penalties – prison time! – for their manipulation of the global
economy’s benchmark interest rates. The Justice Department claims to be
building criminal
and civil cases in the LIBOR scandal, which in sheer scope is the biggest
fraud by international capital in history. But that’s all a front, a farce. Barack Obama has spent his entire
presidency protecting Wall Street, starting with his rescue of George Bush’s
bank bailout bill after it’s initial defeat in Congress, in the last days of
Obama’s candidacy. He packed his administration with banksters, passed his
own bailout and, in collaboration with the Federal Reserve, channeled at least
$16 trillion dollars into the accounts of U.S. and even European banks – by
far the greatest transfer of capital in the history of the world. Obama has
reminded the banksters that it was he who saved them from the “pitchforks” of
an outraged public. He pushed through Congress so-called financial reform
legislation that left derivatives – the deadly instruments of mass financial
destruction that were at the heart of the meltdown – untouched” See full story ~ http://www.informationclearinghouse.info/article31919.htm
As Naomi Wolf explains in the Guardian last week
~ The media's 'bad apple'
thesis no longer works. “We're seeing
systemic corruption in banking - and systemic collusion.”
Wolf also adds a
plausible explanation for Timothy Geithner’s limited actions when he apparently
learned in 2008 of "problems" with how
interest rates were fixed in London but did very little about it ~ “ The top headline of the day's news sums up why it is not that simple: "Geithner Tried to Curb Bank's Rate Rigging in 2008".
The story reports that when Timothy Geithner, at the time he ran the Federal
Reserve Bank of New York, learned of
"problems" with how interest rates were fixed in London, the financial center at the heart of
the Libor Barclays scandal. He let "top British authorities" know of
the issues and wrote an email to his counterparts suggesting reforms. Were his
actions ethical, or prudent? A possible interpretation of Geithner's action
is that he was "covering his ass", without serious expectation of
effecting reform of what he knew to be systemic abuse.” See article ~ http://readersupportednews.org/opinion2/279-82/12426-focus-this-global-financial-fraud-and-its-gatekeepers
Perhaps the
only one who knew the full implications of the corpocracy and the true agenda
of the global financial banksters was the late
George Carlin ~ who called it the American Dream and said that you had to be
asleep to believe it. George Carlin -~
3 minute video
http://www.youtube.com/watch?v=acLW1vFO-2Q
http://www.youtube.com/watch?v=acLW1vFO-2Q
Obviously, President Obama is talking through
both sides of his mouth regarding his condemnation of Wall Street financial
abuse since his primary role upon being elected in 2008 was maintaining
the status quo on Wall Street as well as setting the stage for the New World
Order. Obama, as such, personifies Michael Parenti’s vision of the modern day
big brother of Orwell’s 1984 ~
"If Big Brother
(of Orwell's 1984) comes to America,
he will not be a fearsome, foreboding figure with a heart-chilling, omnipresent
glare as in 1984. He will come with a smile on his face, a quip on his lips, a
wave to the crowd, and a press that (a) dutifully reports the suppressive
measures he is taking to save the nation from internal chaos and foreign
threat; and (b) gingerly questions whether he will be able to succeed." - Michael Parenti - Source: "Inventing
Reality" (1986)
God help us
when reality sets in.
Allen L Roland
Freelance Alternative Press Online columnist
and psychotherapist Allen L Roland
is available for comments, interviews, speaking engagements
and private consultations ( allen@allenroland.com )
Allen L Roland is a practicing psychotherapist, author
and lecturer who also shares a daily political and social commentary on his weblog
and website allenroland.com
He also guest hosts a monthly national radio show TRUTHTALK on www.conscioustalk.net
No comments:
Post a Comment