Any guesses on the exact time that the Fed, ECB, and Bank of England gave our favorite TBTF CEO’s the orders to make up their own LIBOR statistics rather than reporting their real borrowing rates?
Perhaps the LIBOR chart will assist you:
Rather damning chart, is it not? In the midst of the 2008 financial panic, with LIBOR rates spiking over 7%, they collapse overnight to practically zero, where they remained for the next 4 years.
LIBOR ranged between 2-4% in 2005 for goodness sakes! Does any rational market observer believe JP Morgan and Bank of America are less of a credit risk in 2012 than they were at the height of the bubble in 2005!?!?!
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Too Big To Fail (TBTF) has been replaced with Too Big To Jail (TBTJ).
to uglydog – TBTJ…. that’s good stuff
Whats Libor you may say, whats all this about?
Libor is the basis for pricing over $10 trillion of loans. As the CTFC noted: US dollar Libor is the basis for the settlement of the three-month Eurodollar futures contract traded on the Chicago Mercantile Exchange, which had a traded volume in 2011 with a notional value exceeding $564 trillion.
What this is about is manipulation of 564 Trillion futures contracts…. A lot bigger than Jamies bad 2 Billion bet at the JP Morgan Casino table a couple of weeks back, Get that into your head 564 Trillion.
Can you even type that figure into your calculator?
Does your head in yes?
What it is, is some crazy scary GIANT numbers. The sad part is, none of it is real. So for many of these fraudsters, when this system comes down…. my “tiny” stack is still going to represent FAR more ACTUAL wealth acumulated and saved than all thier digital fake-ass ones and zeros. Bastards. May they rot in HELL.
Happy Day after “In Dependence” day. Lol