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Thursday, March 28, 2024

LIBOR 4-1-9

Courtesy of ZeroHedge. View original post here.

Submitted by williambanzai7.

I remember the first time I had to toil through the turgid definitions and legal boilerplate constituting the LIBOR provisions of a typical syndicated loan agreement. I remember saying to myself I hope I never have to lok at this shit again.

But it was not to be.

During the course of my career I had to read the same whiteshoe goobldygook over and over, including when I took out my last mortgage. Why? Because it is ubiquitous in modern finance. Interest rate clauses are one of the cornerstones.

Yet LIBOR is not the kind of thing that the average man on the street thinks about or even reocgnises by reference.

Search “LIBOR” in google news. Better yet, search ” LIBOR cesspit.” You will see that there are literally thousands of news stories covering the LIBOR scandal, which obviously encompasses Barclays and the entire TBTF banking system. 

Suddenly English politicians are calling it a “massive cesspit.” These are the people who chose to ignore that every facet of the ongoing global financial crisis somehow winds its way back into the financial Liberia known as the City of London (e.g. AIG Financial, Lehman, MF Global, London Whale to name but a few). 

The truth is what we all ready know. You would be very very hard pressed to find a pristine ungamed corner of TBTF banking. It is not that the politicians don’t know this. It is that they have been paid to shut their mouths.

And now they will be paid to control the damage from this unfortunate LIBOR situation as best they can.

There are three things you can say about every TBTF CEO: 1. They are grossly incentivized to push the envelope as far as possible, 2. They all claim there is too much regulatory oversight and 3. They all say they are unable to monitor the reckless and criminal activities of their far flung operations.

The answer: Bust them up and start throwing the culprits in the big house you sack of useless poltical and regulatory porn turds!



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Barclays has something to hide

They’ve taken the world for a ride

By fixing the rates

Their profit inflates

All Banksters have cheated and lied

The Limerick King

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