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WTF !! Libor Scandal Could Turn 'Ugly' As U.S. Cities Begin To Sue !!!

 
Anonymous Coward
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07/11/2012 07:40 PM
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WTF !! Libor Scandal Could Turn 'Ugly' As U.S. Cities Begin To Sue !!!
[link to www.huffingtonpost.com]


The news on Wednesday that cities and states are suing some of the world's largest banks over Libor manipulation shows how this scandal could blow up into one of history's biggest bank frauds.

That's because interest-rate manipulation might well have kept your town or state from hiring firefighters or teachers, from paving roads or paying for indigent care or after-school programs for your kids -- adding to the human suffering of the economic collapse these same banks caused in the first place.

If it's any consolation, the lawsuits and fines over this manipulation could potentially cost the banks -- which include not only Barclays but Bank of America, JPMorgan Chase, Citigroup, and many more -- billions of dollars.
Spitting Into The Wind

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07/11/2012 07:48 PM
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Re: WTF !! Libor Scandal Could Turn 'Ugly' As U.S. Cities Begin To Sue !!!
What? Did they screw up the super-secret, deeply hidden city, county, and state funds they like to keep off the public books? The ones you have to ask the right people to see?
Anonymous Coward
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07/11/2012 07:50 PM
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Re: WTF !! Libor Scandal Could Turn 'Ugly' As U.S. Cities Begin To Sue !!!
This is big news...

Another economic hits possibility.. yuck

[link to www.dailyjobcuts.com]

hiding
Anonymous Coward
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07/11/2012 07:56 PM
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Re: WTF !! Libor Scandal Could Turn 'Ugly' As U.S. Cities Begin To Sue !!!
:cycle:
Anonymous Coward
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07/11/2012 07:58 PM
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Re: WTF !! Libor Scandal Could Turn 'Ugly' As U.S. Cities Begin To Sue !!!
CultivatingMass

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07/11/2012 08:05 PM
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Re: WTF !! Libor Scandal Could Turn 'Ugly' As U.S. Cities Begin To Sue !!!
cycle
 Quoting: Xenophon


please explain this if you can

how do scientists know we're entering another large solar cycle? what is the graph representing?
Anonymous Coward
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07/11/2012 08:05 PM
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Re: WTF !! Libor Scandal Could Turn 'Ugly' As U.S. Cities Begin To Sue !!!
Intresting to see how this unfolds, 5 stars.
this time for real
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07/11/2012 08:06 PM
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Re: WTF !! Libor Scandal Could Turn 'Ugly' As U.S. Cities Begin To Sue !!!
And so it begins...


hiding
TraderRob

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07/11/2012 08:10 PM

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Re: WTF !! Libor Scandal Could Turn 'Ugly' As U.S. Cities Begin To Sue !!!
And so it begins...


hiding
 Quoting: this time for real 19550047


Kind of a 'so so' beginning... but so what... it has begun.
THEVOICE

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07/11/2012 08:17 PM

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Re: WTF !! Libor Scandal Could Turn 'Ugly' As U.S. Cities Begin To Sue !!!
what they going to sue them , so Americans can get the shaft on more bailouts? What a freaking joke.Run up the debt more?
cities and states just need to downsize along with the federal , and stop the madness.
Anonymous Coward
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07/11/2012 08:17 PM
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Re: WTF !! Libor Scandal Could Turn 'Ugly' As U.S. Cities Begin To Sue !!!
[link to www.huffingtonpost.com]


The news on Wednesday that cities and states are suing some of the world's largest banks over Libor manipulation shows how this scandal could blow up into one of history's biggest bank frauds.

That's because interest-rate manipulation might well have kept your town or state from hiring firefighters or teachers, from paving roads or paying for indigent care or after-school programs for your kids -- adding to the human suffering of the economic collapse these same banks caused in the first place.

If it's any consolation, the lawsuits and fines over this manipulation could potentially cost the banks -- which include not only Barclays but Bank of America, JPMorgan Chase, Citigroup, and many more -- billions of dollars.
 Quoting: Anonymous Coward 19560415


Interesting....
Anonymous Coward
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07/11/2012 08:27 PM
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Re: WTF !! Libor Scandal Could Turn 'Ugly' As U.S. Cities Begin To Sue !!!
what they going to sue them , so Americans can get the shaft on more bailouts? What a freaking joke.Run up the debt more?
cities and states just need to downsize along with the federal , and stop the madness.
 Quoting: THEVOICE


You are kinda correct, Who is going to sue who, and is it going to really matter
Therion156
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07/11/2012 08:30 PM
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Re: WTF !! Libor Scandal Could Turn 'Ugly' As U.S. Cities Begin To Sue !!!
The manipulation of li(e)bor, interest rates, gold, silver, copper, steel, etc., et al is the function of corruption, namely this occurs outwardly when the entrenched elitists & their status quo are properly & fairly challenged by inside and\or outside competition & competitive forces.... they are attempting to prevent "creative destruction" from destroying their their asset base that provides them with personal and\or collective economic, financial, & political\geo-political power. This is the fifth time that Western Civilization has faced this dillema of reorganization of everything & is well known to real students of history!
Anonymous Coward
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07/11/2012 08:56 PM
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Re: WTF !! Libor Scandal Could Turn 'Ugly' As U.S. Cities Begin To Sue !!!
Where does all this stolen money go? New mansions, yachts and offshore accounts for a very few. Find those very few if you can. That's the problem. The very few who are stealing everything out from under the rest of us have found a currently impenetrable means of insulating themselves from being discovered.

And when the failure of the secrecy and the lies protecting the felonious few becomes overwhelming....

That's when the next world war starts.

When it is over, the abject thieving and stealing begins
anew, because the perps don't get eliminated, they profit from the gruesome outcome and continue on.

This is not new and it won't stop.

Learning how to stay out of the way of this ongoing perpetual process is the best you can do.
Anonymous Coward
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07/11/2012 08:57 PM
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Re: WTF !! Libor Scandal Could Turn 'Ugly' As U.S. Cities Begin To Sue !!!
How will Obama win re-election if all his big banker buddies go bust? Will teh janitor get promoted to Fed chairman if the rest are thrown in jail?
ReVbo™
Pook Snabber

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07/11/2012 09:05 PM

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Re: WTF !! Libor Scandal Could Turn 'Ugly' As U.S. Cities Begin To Sue !!!
How will Obama win re-election if all his big banker buddies go bust? Will teh janitor get promoted to Fed chairman if the rest are thrown in jail?
 Quoting: Anonymous Coward 9117667


Don't worry about Obama. He'll be just fine, and so will his banker buddies. It's gonna take years to sort through this mess. Obama will be long gone before anything happens. When it's over, no one will have been punished, except the shareholders of the banks, who will lose value, and the banks' customers, who will pay some nice new little fees for the privilege of having these banks watch their money for them.
Rev. 21:4 He will wipe every tear from their eyes. There will be no more death or mourning or crying or pain, for the old order of things has passed away.
Anonymous Coward
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07/11/2012 09:14 PM
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Re: WTF !! Libor Scandal Could Turn 'Ugly' As U.S. Cities Begin To Sue !!!
BIG POO COMING FOR BIG BANKS !!

[link to www.zerohedge.com]
ReVbo™
Pook Snabber

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07/11/2012 09:23 PM

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Re: WTF !! Libor Scandal Could Turn 'Ugly' As U.S. Cities Begin To Sue !!!
BIG POO COMING FOR BIG BANKS !!

[link to www.zerohedge.com]
 Quoting: Anonymous Coward 19584684


Not really. ZH seems to agree with me.

"As a result, the status quo will literally buy itself a few more years as it delays the tipping point by any means necessary, in the process kicking back a little to politicians, lawyers, and the general public in exchange for a few years of subpar earnings for bank shareholders that should have been wiped out back in 2008 anyway. And everyone will be happy.

That's how Lieborgate will play out."
Rev. 21:4 He will wipe every tear from their eyes. There will be no more death or mourning or crying or pain, for the old order of things has passed away.
Sara Conner (Me 2)

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07/11/2012 09:43 PM

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Re: WTF !! Libor Scandal Could Turn 'Ugly' As U.S. Cities Begin To Sue !!!
what they going to sue them , so Americans can get the shaft on more bailouts? What a freaking joke.Run up the debt more?
cities and states just need to downsize along with the federal , and stop the madness.
 Quoting: THEVOICE


You are kinda correct, Who is going to sue who, and is it going to really matter
 Quoting: Anonymous Coward 7768903


Can a typical mortgage paying citizen sue them (banks)?
If not, I want in on the fines.
Who is John Galt?
ReVbo™
Pook Snabber

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07/11/2012 09:47 PM

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Re: WTF !! Libor Scandal Could Turn 'Ugly' As U.S. Cities Begin To Sue !!!
what they going to sue them , so Americans can get the shaft on more bailouts? What a freaking joke.Run up the debt more?
cities and states just need to downsize along with the federal , and stop the madness.
 Quoting: THEVOICE


You are kinda correct, Who is going to sue who, and is it going to really matter
 Quoting: Anonymous Coward 7768903


Can a typical mortgage paying citizen sue them (banks)?
If not, I want in on the fines.
 Quoting: Sara Conner (Me 2)


Get in on one of the class actions. You'll probably only get a few hundred bucks, depending on the size of your loan, and your lawyer will make millions, but at least you can say you stuck it to the man.
Rev. 21:4 He will wipe every tear from their eyes. There will be no more death or mourning or crying or pain, for the old order of things has passed away.
Renegade (Me too)

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07/11/2012 10:05 PM

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Re: WTF !! Libor Scandal Could Turn 'Ugly' As U.S. Cities Begin To Sue !!!
what they going to sue them , so Americans can get the shaft on more bailouts? What a freaking joke.Run up the debt more?
cities and states just need to downsize along with the federal , and stop the madness.
 Quoting: THEVOICE


You are kinda correct, Who is going to sue who, and is it going to really matter
 Quoting: Anonymous Coward 7768903


Can a typical mortgage paying citizen sue them (banks)?
If not, I want in on the fines.
 Quoting: Sara Conner (Me 2)


Get in on one of the class actions. You'll probably only get a few hundred bucks, depending on the size of your loan, and your lawyer will make millions, but at least you can say you stuck it to the man.
 Quoting: ReVbo™


I think I will hire a private attorney and go after BOA.

Hi Rev! :)

Last Edited by Renegade () on 07/11/2012 10:06 PM
Who is John Galt?
MuayThai

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07/11/2012 10:11 PM
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Re: WTF !! Libor Scandal Could Turn 'Ugly' As U.S. Cities Begin To Sue !!!
Worldwide, the whole financial system is a fraud and it's being exposed as such more and more every single day. When the dumbest of the dumb figure this out, it's all coming down.
Renegade (Me too)

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07/11/2012 10:17 PM

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Re: WTF !! Libor Scandal Could Turn 'Ugly' As U.S. Cities Begin To Sue !!!
Zerohedge:

2) The lawyers will crawl out of the woodwork like worms after a torrential downpour, and will all be willing to work on contingency, telling potential clients they are owed thousands, nay, millions based on such and such analysis. All they need is to have held a mortgage, or a credit card, or any variable interest liability in the 4 years in question. And to sign the dotted line.

[link to www.zerohedge.com]
Who is John Galt?
Anonymous Coward
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Saudi Arabia
07/11/2012 10:22 PM
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Re: WTF !! Libor Scandal Could Turn 'Ugly' As U.S. Cities Begin To Sue !!!
One example: Every credit card transaction since 2005 is based on a fraudlent interest rate. Billions and billions of small claims lawsuits.
Anonymous Coward
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07/11/2012 10:23 PM
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Re: WTF !! Libor Scandal Could Turn 'Ugly' As U.S. Cities Begin To Sue !!!
CLASS ACTION LAWSUIT! Let the entire NATION sue them!!! :)
Anonymous Coward
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07/11/2012 10:24 PM
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Re: WTF !! Libor Scandal Could Turn 'Ugly' As U.S. Cities Begin To Sue !!!
Intresting to see how this unfolds, 5 stars.
 Quoting: Anonymous Coward 2816794

they aint gonna do shit but fine them.......wtf they will pay the fines with money that aint theirs
Anonymous Coward
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07/11/2012 10:43 PM
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Re: WTF !! Libor Scandal Could Turn 'Ugly' As U.S. Cities Begin To Sue !!!
what they going to sue them , so Americans can get the shaft on more bailouts? What a freaking joke.Run up the debt more?
cities and states just need to downsize along with the federal , and stop the madness.
 Quoting: THEVOICE


You are kinda correct, Who is going to sue who, and is it going to really matter
 Quoting: Anonymous Coward 7768903


Can a typical mortgage paying citizen sue them (banks)?
If not, I want in on the fines.
 Quoting: Sara Conner (Me 2)


Get in on one of the class actions. You'll probably only get a few hundred bucks, depending on the size of your loan, and your lawyer will make millions, but at least you can say you stuck it to the man.
 Quoting: ReVbo™


i wonder how much people with adjustable rate mortgages who lost their homes to foreclosure during this time period will be paid? if this made their payments higher then these banks are liable if that difference cost people their homes or if it can be reasonably argued that it was a contributing factor.
ReVbo™
Pook Snabber

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07/11/2012 10:50 PM

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Re: WTF !! Libor Scandal Could Turn 'Ugly' As U.S. Cities Begin To Sue !!!
...


You are kinda correct, Who is going to sue who, and is it going to really matter
 Quoting: Anonymous Coward 7768903


Can a typical mortgage paying citizen sue them (banks)?
If not, I want in on the fines.
 Quoting: Sara Conner (Me 2)


Get in on one of the class actions. You'll probably only get a few hundred bucks, depending on the size of your loan, and your lawyer will make millions, but at least you can say you stuck it to the man.
 Quoting: ReVbo™


i wonder how much people with adjustable rate mortgages who lost their homes to foreclosure during this time period will be paid? if this made their payments higher then these banks are liable if that difference cost people their homes or if it can be reasonably argued that it was a contributing factor.
 Quoting: Anonymous Coward 19551540


That's a good point. If it's adding $50-100 a month (I think I saw that in the article), that could be the difference for some folks in missing a payment here and there. Most people don't miss 3 payments in a row, after losing a job, before getting foreclosed on. They miss 3 over the course of a year or so, and then, they're so hopelessly behind, they lose their houses.

This is gonna be a big ole mess. I'm thinking about going to law school to get down on this action. Fucking banks.
Rev. 21:4 He will wipe every tear from their eyes. There will be no more death or mourning or crying or pain, for the old order of things has passed away.
Anonymous Coward
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07/11/2012 10:52 PM
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Re: WTF !! Libor Scandal Could Turn 'Ugly' As U.S. Cities Begin To Sue !!!
$50-100 a month x 950,000 mortgages issued during this period is a pretty good chunk of change.

Then you got to add credit card interest, car loans, etc, etc. Everything is based on LIEBOR.
ExpertOfSound

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07/11/2012 10:54 PM
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Re: WTF !! Libor Scandal Could Turn 'Ugly' As U.S. Cities Begin To Sue !!!
cycle
 Quoting: Xenophon


please explain this if you can

how do scientists know we're entering another large solar cycle? what is the graph representing?
 Quoting: CultivatingMass


d0oom
GREAT minds talk about IDEAS
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Mr. Toppit

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07/11/2012 10:59 PM

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Re: WTF !! Libor Scandal Could Turn 'Ugly' As U.S. Cities Begin To Sue !!!
Who wants to sue. Identify the assets, verify the location, go collect.

Its the only way to be sure.

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