First, a devastating episode of The Keiser Report. The first half is an outrageous and wholly righteous blast at the serial criminogenic behavior of the money lords of Wall Street and the City. The Fourth Estate also receives a much-deserved drubbing.
In the second half, Keiser interviews American financial journalist Teri Buhl [her blog], whose reporting on Wall Street misdeeds has been consistently first rate.
And congratulations to Max and cohost Stacy Herbert on their engagement!
$554 trillion in derivatives hit by rate scam
And that’s just the outstanding contracts at the moment. Watch British Chancellor of the Exchequer George Osborne as he delivers the grim news to Parliament Thursday:
As we’ve repeatedly noted, the British government is fiercely resisting any Brussels oversight of The City. The reasons why are becoming glaringly clear.
Now add in one more piece of stunning news.
Central bank made us do it, Barclay’s claims
Yep. They’re laying the blame of feet of of the Old Lady of Threadneedle Street herself.
From Joe Wiesenthal of Business Insider:
In preparation for a hearing tomorrow for departing CEO Bob Diamond, Barclays has produced a stunning letter basically accusing the Bank of England of telling it to manipulate LIBOR so that it would appear less weak in the aftermath of the Lehman collapse.
More specifically, the bank says that its CEO Bob Diamond had a conversation with BoE deputy governor Paul Tucker, wherein Tucker inquired why Barclays was submitting rates so high compared to other banks.
Damn, this is starting to get interesting!