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U.S. regulator sues 16 banks for rigging key interest rate
Reuters ^ | Fri Mar 14, 2014 3:26pm EDT | By Nate Raymond

Posted on 03/14/2014 12:31:57 PM PDT by gooblah

(Reuters) - The Federal Deposit Insurance Corporation sued 16 of the world's largest banks on Friday, accusing them of colluding to suppress interest rates.

The lawsuit, filed in the federal district court in New York, was the latest to accuse financial institutions of conspiring to manipulate Libor, or the London Interbank Offered Rate.

The FDIC said the defendants' conduct caused substantial losses to 38 banks that the U.S. regulator had taken into receivership since 2008, including Washington Mutual Bank and IndyMac Bank.

(Excerpt) Read more at reuters.com ...


TOPICS: Crime/Corruption; Government; News/Current Events
KEYWORDS: banks; fdic; interestrates; libor; shakedown

1 posted on 03/14/2014 12:31:57 PM PDT by gooblah
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To: gooblah

Rigging interest rates?

That’s the private domain of the US Government and The Federal Reserve System.


2 posted on 03/14/2014 12:34:36 PM PDT by Iron Munro (Albert Einstein: The difference between stupidity and genius is that genius has its limits)
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To: Iron Munro

I guess they don’t like the competition.


3 posted on 03/14/2014 12:35:35 PM PDT by Parley Baer
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To: gooblah

Dem campaign coffers getting low.

“Pony up guys, this can all go away.”


4 posted on 03/14/2014 12:37:33 PM PDT by mrsmith (Dumb sluts: Lifeblood of the Media, Backbone of the Democrat Party!)
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To: gooblah

I am confused... I thought the US government wanted low interest rates?


5 posted on 03/14/2014 12:38:53 PM PDT by TexasFreeper2009 (Obama lied .. the economy died.)
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To: gooblah
You mean the regulators finally figured it out that the big National/International banks were colluding to keep interbank rates low to harm smaller banks?

I call bullshit, the Fed (Bernanke) was doing that! It's his ass that oughtta be on trial for colluding with the top banks to drive smaller regional and community banks out of business.

The regulators are covering their asses here....

6 posted on 03/14/2014 12:39:22 PM PDT by usconservative (When The Ballot Box No Longer Counts, The Ammunition Box Does. (What's In Your Ammo Box?))
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To: gooblah

Break out the nail gun!


7 posted on 03/14/2014 12:50:46 PM PDT by LyinLibs (If victims of islam were more "islamophobic," maybe they'd still be alive.)
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To: gooblah

Oh wait, Corzine’s 31-yr-old son ‘committed suicide’ 48 hours ago?

Hm.


8 posted on 03/14/2014 12:51:26 PM PDT by LyinLibs (If victims of islam were more "islamophobic," maybe they'd still be alive.)
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To: Iron Munro

“rigging” is when someone accomplishes something, in some manner, and regulators claim only they are allowed to do it


9 posted on 03/14/2014 12:52:46 PM PDT by Wuli
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To: gooblah; All

Gee I wonder if this is the Season 5 Premiere of ‘MARXIST USA GOV’T SEIZES CONTROL OF BANKS.’

They didn’t stop at Fannie/Freddie. They didn’t stop at 2008 so-called ‘Bailouts,’ they didn’t stop at Corzine stealing $1.6 Billion from client accounts (then retiring to the Hamptons), and they won’t stop here.

From ‘10 Planks of the Communist Manifesto’:

COMMUNIST GOAL #5: Centralization of credit in the hands of the state, by means of a national bank with state capital and an exclusive monopoly.

“The Federal Reserve System, created by the Federal Reserve Act of Congress in 1913, is indeed such a “national bank” and it politically manipulates interest rates and holds a monopoly on legal counterfeiting in the United States.”

“This is exactly what Marx had in mind and completely fulfills this plank, another major socialist objective. Yet, most Americans naively believe the USA is far from a Marxist or socialist nation.”


10 posted on 03/14/2014 12:57:13 PM PDT by LyinLibs (If victims of islam were more "islamophobic," maybe they'd still be alive.)
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To: LyinLibs

I hadn’t heard that.


11 posted on 03/14/2014 1:02:44 PM PDT by ilovesarah2012
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To: gooblah
"accusing them of colluding to suppress interest rates."

Isn't it the Fed that's been holding interest rates artificially low - under one percent - over the past five years?
12 posted on 03/14/2014 1:05:22 PM PDT by Steve_Seattle
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To: LyinLibs

WHUT????


13 posted on 03/14/2014 1:11:46 PM PDT by goodnesswins (R.I.P. Doherty, Smith, Stevens, Woods.)
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To: Iron Munro

“Rigging interest rates?’

Should read “Rigging the Rigged Interest Rates”!


14 posted on 03/14/2014 1:17:43 PM PDT by Rock N Jones
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To: gooblah

Ponzi capitalism..


15 posted on 03/14/2014 1:19:31 PM PDT by mac_truck ( Aide toi et dieu t aidera)
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