Major Wall Street Banks Accused of Massive Collusion
Dec 4, 2015 9:39:06 GMT -6
Nugget, Mystic Wanderer, and 4 more like this
Post by Rickster on Dec 4, 2015 9:39:06 GMT -6
SOURCE:
320 Trillion is appx. 3 times what the Gross World Product of earth in 2014. That's quite a sum I am curious how they arrived at that number and if indeed that number is real to say it is an incredible amount wouldn't do that amount of money justice. To think you could fund the entire planet for 3 years is incredible.
So do any of these names look familiar? Kind of makes me wonder if there isn't some sort of connection with the banker deaths and did they find out about this and that's what got them suicidal? Making them jump from windows, shooting themselves repeatedly in the head with a nail gun. Kind of makes you wonder doesn't it? Many of these banks have been in trouble with lawsuits and illegalities. Deutsche Bank has been paying major fines all the last year, UBS (United Bank of Switzerland) and there gold manipulation investigations. JPM, BNP and Goldman, banker deaths, and others the list is long specially going back to 9/11.
And for the "Cour de gras" do any of these three code names look familiar? There is a long standing idea that initial bank funding in the US was due to captured Nazi and Japanese treasure funneled into the government and banks of the United States. Feel free to look up Golden Lily for Japanese gold, and interestingly enough Valkyrie the attempt to assassinate Hitler. Still checking into Fusion that bit of cleverness could be from the latest in energy. Never the less it is an interesting use of names the banks used. Again makes you wonder. If the 320 Trillion is real where did all that money go? I will bet Mystic Wanderer, knows.
"Ten of the biggest Wall Street banks and two trading platforms face a US class action suit accusing them of conspiring to limit competition in the $320 trillion market for interest rate swaps.
The antitrust complaint was filed by the Public School Teachers' Pension and Retirement Fund of Chicago, according to Reuters. They purchased interest rate swaps from different banks to manage risk and insulate themselves from changes in monetary policy.
The Chicago Teachers’ Pension and Retirement Fund says it overpaid for the swaps as a result of the banks’ collusion, the lawsuit contends."
The antitrust complaint was filed by the Public School Teachers' Pension and Retirement Fund of Chicago, according to Reuters. They purchased interest rate swaps from different banks to manage risk and insulate themselves from changes in monetary policy.
The Chicago Teachers’ Pension and Retirement Fund says it overpaid for the swaps as a result of the banks’ collusion, the lawsuit contends."
320 Trillion is appx. 3 times what the Gross World Product of earth in 2014. That's quite a sum I am curious how they arrived at that number and if indeed that number is real to say it is an incredible amount wouldn't do that amount of money justice. To think you could fund the entire planet for 3 years is incredible.
"The banks accused are Goldman Sachs, Bank of America, JPMorgan, Citigroup, Credit Suisse, Barclays, BNP Paribas, UBS, Deutsche Bank, and the Royal Bank of Scotland. Trading platforms ICAP Capital Markets and Tradeweb Markets are also facing the lawsuit."
"According to the suit, the banks used different code-names such as ‘Lily’, ‘Fusion,’ and ‘Valkyrie’ to cover up their collaborations.
It’s not the first time financial institutions have been accused of colluding in other areas of trading such as interbank rates, currencies and credit default swaps. In August, nine major banks agreed to pay $2 billion in settlements to US investors for foreign exchange rates manipulation. They were accused of tampering with currency interbank rates on the $5.3 trillion-a-day foreign exchange market."
It’s not the first time financial institutions have been accused of colluding in other areas of trading such as interbank rates, currencies and credit default swaps. In August, nine major banks agreed to pay $2 billion in settlements to US investors for foreign exchange rates manipulation. They were accused of tampering with currency interbank rates on the $5.3 trillion-a-day foreign exchange market."
The pursuit of action against the banks that are suspected or have been found guilty of LIBOR manipulation has been pretty shoddy if you ask me. 
