LIBORGATE REVEALS GLOBAL FINANCIAL GAME IS RIGGED

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

http://therealnews.com/t2/component/hwdvideoshare/?task=viewvideo&video_id=74103

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

http://therealnews.com/t2/component/hwdvideoshare/?task=viewvideo&video_id=74106

Robert Reich calls the LIBOR scandal the Wall Street Scandal of all Wall Street scandals ~ “ We trust that the banking system is setting today’s rate based on its best guess about the future worth of the money. And we assume that guess is based, in turn, on the cumulative market predictions of countless lenders and borrowers all over the world about the future supply and demand for the dough.
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

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

http://allenlrolandsweblog.blogspot.com/2012/07/liborgate-reveals-global-financial-game.html

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

Wall Street Casino Rigged And Dangerous

WALL STREET CASINO RIGGED AND DANGEROUS

The May 6th 700 point intraday Dow Jones slide begs investigation into Wall Street's predatory algorithmic High Frequency Trading (HFT) programs which make up 75% of daily trading and are rigged for and by the house of Goldman Sachs: Allen L Roland

Wall Street is not only a rigged Casino game but in the hands of its principle dealer, Goldman Sachs ~ its a weapon of financial terrorism as witnessed on 9/29/09 and most recently on 5/06/10.

David DeGraw & Max Keiser, AmpedStatus Report , lay out the details in their devastating expose Financial Terrorism Operations: 9/29/08 & 5/6/10 ~ which is part 3 of a six part series entitled “The Financial Oligarchy Reigns: Democracy’s Death Spiral From Greece to the United States.”

Excerpts: "If you recall, back in September ‘08, as Congress was voting down the first bailout, the big banks made the market plunge a record 778 points in one day. Fear and panic then led Congress to pass the bailout. Trillions of our tax dollars, the money that we desperately need to keep our society functioning over the long run, then went out the window and into the pockets of the very people who caused the crash. What happened on September 29, 2008 will go down in history as one of the greatest acts of terrorism ever... "

So on 5/6/10, just as the power of the big banks was again threatened on the floor of the Senate and a deal on auditing the Federal Reserve was being negotiated, in came a sudden and unprecedented ten-minute 700 point market drop, a precision-guided High Frequency Trading (HFT) attack to show Congress who’s boss.
If you think the massive sudden drop happened because one lowly trader hit one wrong button, if you actually believe that the entire stock market can plunge because of one mistaken key stroke by a low-level trader, you are stunningly naïve. I hate to burst your bubble, but this was a direct attack.. "

So where does Goldman Sachs come into the picture ?

" In a market where 70% of all trades are executed by computer algorithms via High Frequency Trading (HFT), Goldman Sachs has the power to make the market crash or rise at will. In fact, Goldman has a major Weapon of Mass Destruction in its Program Trading monopoly of the New York Stock Exchange, as Tyler Durden described on Zero Hedge:

“Goldman’s dominance of the NYSE’s Program Trading platform, where in addition to recent entrant GETCO, it has been to date an explicit monopolist of the so-called Supplementary Liquidity Provider program, a role which affords the company greater liquidity rebates for, well providing liquidity, and generating who knows what other possible front market-looking, flow-prop integration benefits.

Yesterday [5/6/10], Goldman’s SLP function was non-existent. One wonders - was the Goldman SLP team in fact liquidity taking, or to put it bluntly, among the main reasons for the market collapse….

Here is the most recently disclosed NYSE program trading data….

What is notable here is that of the 1.4 billion in principal shares, or shares traded for the firm’s own account, Goldman was the top trader by a margin of over 100% compared to the second biggest program trader.
We have long claimed that Goldman is the de facto monopolist of the NYSE’s program trading platform. As such, it is certainly the case that Goldman was instrumental in either a) precipitating yesterday’s crash or b) not providing the critical liquidity which it is required to do, when the time came. There are no other options.”

For further investigation, I turned to Max Keiser, who has written and authored similar Program Trading and HFT computer algorithms. I asked him if he thought this was an attack. Here is what he had to say:
“May 6th was an unequivocal act of domestic financial terrorism in America. A day that will live in infamy. To scare the lawmakers, themselves large owners of the very banks and stocks that they are supposed to be regulating, a financial Weapon of Mass Destruction was put to their head and they acquiesced... "
I can tell you that Goldman, JP Morgan and the gang simply pulled the ‘buys’ from their computer trading programs and manufactured a crash. And when the coast was clear, and it was clear the politicians were not going to vote for anything that would break up the ‘too big to fail’ banks; all the ’sells’ were pulled from the computers and the market roared back.... "
Click on here and read this full explosive report ~ http://ampedstatus.com/high-frequency-terrorism-how-the-big-banks-and-federal-reserve-maintained-their-death-grip-over-the-united-states

So now you know how Goldman Sachs (GS) traders made at least $25M every single trading day in Q1, and made more than $100M per day on 35 out of the 63 working days. JPMorgan's trading unit was also loss-free in the first quarter, making an average of $118M daily. They control a computerized market ( Casino ) that is both rigged and dangerous for our financial health.

So here's the bottom line, as David and Max conclude their blockbuster article ~ The bottom line: " the United States has been taken over by a financial terrorism network. Let’s face it, we are all hostages of these financial terrorists and their puppet politicians would rather be in on the scam than defend our interests."

Here's what we are up against ~ $600 million has been spent in bank lobbying, trade association activity and political contributions since March 2008 ~ and that is just from the six biggest banks. The entire financial industry is spending an estimated $1.4 million a day, hiring 70 former members of Congress to make their case.

Nothing will change until truth and transparency are brought to Wall Street, the Glass Steagal Act is restored, criminal charges are filed and the Fed is audited.

Allen L Roland
http://allenlrolandsweblog.blogspot.com/2010/05/wall-street-casino-rigged-and-dangerous.html

This weblog is sustained through donations from people like yourself. Please send check or Money Order to Allen L. Roland, PO Box 1221, Sonoma,CA 95476 Also accept Visa, MasterCard and Discover ~ call (707) 935-1908.

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 http://www.conscioustalk.net/

ONLY THE TRUTH IS REVOLUTIONARY