In our previous post we spoke about Liborgate. This was the collusion of Banks to set Interest Rates whether they be high or low based upon their conversations and agreement with one another, the public be dammed. The first casualty of this exposure was Barclay’s bank who was fined approximately 450 million dollars with out admitting or denying guilt. Recently, the Former President of Barclay’s, who had been sacked over this mess (Mr Bob Diamond) was asked to testify to the London Equivalent of the SEC. His answers were very telling……. ” I never heard about this , never saw anything and by golly, if I had, I would have been on this like a duck on a June Bug. Let’s just say his responses defied Credulity. In other words, he flat out was not credible.
I think John Mann summed up the performance of Mr Diamond in the following quote: “Q272 John Mann: The reason people out there are beginning to agree with me-you said last time, “You don’t really like Barclays do you?” Well, I’m in the more favorable group compared with people out there at the moment. What they are thinking is: hang on a minute, you’re in charge. You’re paid bonuses-£20 million-odd a year in pay and bonuses. You’re the man in charge and the buck stops with you. You are telling everyone that we’ve got to be judged on how we behave when no one’s watching, that we’ve got to have complete transparency and that you can’t work with the company-if someone can’t work with trust and integrity, they can’t be in your team. You are saying all of that. You are getting paid huge bonuses but you haven’t seen any of it. You must have been grossly incompetent in your job during that period of time if you weren’t complicit in this.
For a full transcript of Mr. Mann’s questioning see attached http://jessescrossroadscafe.blogspot.com/2012/07/excerpt-from-mp-john-mann-and-bob.html?utm_source=feedburner&utm_medium=feed&utm_campaign=Feed%3A+JessesCafeAmericain+%28Jesse%27s+Caf%C3%A9+Am%C3%A9ricain%29
Let me sum this one up for now, I think this is a can of rotten worms and you have not heard the last of it. There is a reason we are not hearing much of this in the USA media. The USA Fed was complicit in this in the form of, Hey,…… if interest rates are going down, don’t rock the boat. It didn’t matter if they were rigged, as long as they were rigged the right way. The reason this is so troubling is, when you rig a market one way or the other, it becomes easier to do so the next time, (they have been doing this for a long time, What Moral Hazard?) not to mention, this is really covering up our own problems here in the USA. By this I mean, If we have artificially low interest rates in this country, we do not have to address many of the problems that beset us. Low rates disguise the real condition we are in. As a matter of fact, you won’t see rates rise until there is a Big Reset. There is no way the country could stand higher rates. The reason we can’t stand higher rates is very simple. The additional interest on the big stinking pile of debt would eat us alive.
The next little gem I would like to mention is the PFGBest. (Peregrine Financial Group) This was a brokerage firm which placed trades for Futures commodities . What brought this to the forefront was the attempted suicide of the owner / President, Russell Wasendorf Sr. Upon investigation, we find the brokerage had only 5 million in the bank while claiming for the past two years it had 220 million much of it customer funds which were suppose to be segregated. If….and I say if, as it certainly looks like this is the case, this guy is guilty, he’s a scumbag and should be thrown in the same cell as Madoff.
Now….. the reason I bring this up is, this guy was able to cover this up for TWO YEARS. How is that possible when we have have the NFA, (National Futures Association) the CFTC, (Commodities Futures Trading Commission) Auditors etc? It was made possible because no one was looking or could not be bothered to verify (Audit) any of this. One group especially comes to mind for a major dose of Venom that being the CFTC, run by one, Gary Gensler. This is the man that is supposed to be the smartest guy in the room. You know, the same guy that heads the CFTC The same guy that was in charge during the MF. Global blow up….Why does this guy even have a job, because if he’s working, it sure as hell is not in the oversight business of which he is in charge. Notice the pattern? Let me quote John Mann again here :You are getting paid huge bonuses but you haven’t seen any of it. You must have been grossly incompetent in your job during that period of time if you weren’t complicit in this.
Ok,…… so there it is. The light is being shined on the cockroaches and they don’t like. I say, keep the light on as I think we are going to see more roaches.