Libor Scandal

http://en.wikipedia.org/wiki/Libor_scandal

One of the worst economic scandals in history of economy itself.
$350 trillion in derivatives. Wow.

Universal banks like Citibank, HSBC, and UBS are said to be involved in this scandal.

What are your opinions about this matter?

Remember when KMC had members who would discuss this kind of thing rather than Colossus Big C's retarded and non-nonsensical questions?...A person who disproves the notion that there's no such thing as a stupid question.

Unfortunately I don't understand the international banking system well enough to even get a grip on what happened.

The basic gist is that the greedy banker [edited] from the big banks colluded to keep the rate at they lend to smaller banks artificially high in order to make more profits. Meaning that it eventually filters down to normal people in higher loan interest rates, higher mortgage rates etc.

The Banksters are our friends..... ask Iceland!

Please don't bypass the censor, jaden.

Banksters please don't bypass the rules!

Originally posted by Ushgarak
Please don't bypass the censor, jaden.

Any other word doesn't adequetely describe their c**tishness though.

Originally posted by jaden101
Any other word doesn't adequetely describe their c**tishness though.

True.

Justice and punishment should be based on the scope and severity of the crime, not necessarily it's nature. In order to prevent this kind of manipulation, nations need to tougher financial regulations and need to actually enforce their antitrust laws. We also need much tougher international restrictions. Culprits should either be imprisoned for life or executed ("severance package"😉 after a fair and speedy trial during trial, their assets should be frozen and upon conviction, they should be seized and sold off to compensate victims.

Originally posted by Darth Jello
Justice and punishment should be based on the scope and severity of the crime, not necessarily it's nature. In order to prevent this kind of manipulation, nations need to tougher financial regulations and need to actually enforce their antitrust laws. We also need much tougher international restrictions. Culprits should either be imprisoned for life or executed ("severance package"😉 after a fair and speedy trial during trial, their assets should be frozen and upon conviction, they should be seized and sold off to compensate victims.

Definitely going to agree on that. Wrecking economies hits millions or billions of people. Those involved should be publicly executed.

Is this the reason why my two Chase credit cards interest rate just jumped up for no apparent reason?

If so, may those responsible get cancer of the ass and die horrible deaths.

The banks are bad.

Originally posted by Cyner
Definitely going to agree on that. Wrecking economies hits millions or billions of people. Those involved should be publicly executed.