'The impact of the rate-rigging scandal' [Counting the Cost - AlJazeera]
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The Barclays Bank scandal centres around a key interest rate known as Libor. AlJazeera reports on exactly what that is. Barclays bank has admitted lying - for over four years - about the interest rate it was having to pay to borrow money. Between 2005 and 2009 - all the way through the credit crunch - the bank made artificially low submissions to protect its reputation as it struggled during tight financial conditions. What is perhaps most shocking of all, the lying was done - according to the trading body that brought this to light - as a result of instructions from Barclay's senior management. Recently the Chief Executive Bob Diamond announced he would forego his bonus - though not his salary - as the bank was forced to pay fines of nearly 300 million pounds. If you want to rob a bank and get away with it become a banker .Barclays boss Bob Diamond and another member of his top team have quit their posts this week amid the growing rate-rigging scandal. These people are above the law and I think this IS just the tip of the iceberg , but money buys a lot of things including cover-ups, even if its stolen money . Central Banks, fiat money and fractional reserve lending have allowed criminals to gain full control of our money supply. Give these monsters several hundred years and they have bought every politician, royal title, piece of real estate and anything and everything of value. We can hold our noses and shame the current crop of criminals, but unless we change the system, the consolidation of wealth will continue and our pauper grandchildren will look back and ask why didn't we act when we could.
- Gerald Celente -
Before this week you may never have heard of Libor. But thanks to the actions of a 322-year-old British banking institution it has been all over the headlines, and for all the wrong reasons. This week on Counting the Cost we are focusing on Barclays, which in the space of a few days lost its CEO, its chairman - and perhaps its reputation too - after British and US regulators fined it $453m for manipulating the Libor rate. Can trust in British banks be restored? What is the role of regulators in the scandal? Also on Counting the Cost: Laura Kyle is reporting on Burkina Faso's Gold rush. The African nation is in the grip of a regional drought and while a poor harvest and rising food prices are leaving millions hungry, heavy foreign investment has prompted a resurgence in the country's gold mining industry. And worse still, thousands of those affected by the drought - including children - are now working in illegal pits that have sprung up on the edge of official mines. We are also looking at Mexico's elections, and leaving aside the dispute over the vote, there is a new face to watch at the top. Enrique Pena Nieto, Mexico's new leader, tells us how he plans to shake up the Mexican economy.
- AlJazeera -