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Barclays Libor Scandal: Wake Up, America!!

Posted by Larry Doyle on July 20, 2012 10:24 AM |

We are losing our nation and our future literally right before our eyes. WAKE UP, America!!

Who is involved in the greatest theft ever undertaken on American soil? All those involved in the scheme and scandal collectively defined as financial regulatory capture. Who are the parties to this scandal?

1. Politicians more concerned with re-election and collecting the needed campaign funding than actually pursuing the truth and principles needed to protect investors and the public at large. 

2. Wall Street firms providing the funds to pay off the pols.

3. Regulators allowing themselves to ‘play the game’ or ‘play the fool’ if you’d like and get ‘captured.’

But there is one more factor in the mix and it is VERY important to achieve the capture and cripple the nation in the process? What is it?

4. A fully compliant media. You do not think so? For ample evidence of this factor in ‘the capture’, we need look no further than the coverage of the single greatest financial scandal in the history of our nation.  Media Matters highlights,  

Instead of covering one of the largest banking scandals in history, American television news outlets have focused on the divorce of Tom Cruise and Katie Holmes, shark sightings, and a chimpanzee attack.

Last week, we documented how television news outlets are practically ignoring an emerging controversy over whether major financial institutions have been manipulating the LIBOR, a key interest rate banks use to borrow money from each other that is “used as a benchmark to set payments on about $800 trillion worth of financial instruments.” MIT professor of finance Andrew Lo told CNN Money that the LIBOR-manipulation story “dwarfs by orders of magnitude any financial scams in the history of markets.”

In the fifteen days after news broke that U.S. and U.K. regulators had fined British multinational bank Barclays $450 million for its role in trying to rig the LIBOR, ABC, CBS, NBC, CNN, Fox News, and MSNBC spent only 12 minutes combined reporting on the story during their evening newscasts and opinion programming.

I thank the regular reader who provided this story.

WAKE UP America.

Perhaps readers may care to share this story with media outlets and let them know they are missing out on the biggest financial story . . . . EVER.

For those interested in reading more of this single greatest financial scandal in the history of our nation and in defense of our nation, I submit. . .

Related Sense on Cents Commentary
Barclays Libor Scandal: The Complicit Regulators
Barclays Libor Scandal: The Precedent
Barclays Libor Scandal: Holding Regulators to Account
Barclays Libor Scandal: “Diamond Lied”
Barclays Libor Scandal: Who’s Really to Blame? 
Barclays Libor Scandal: When Did Manipulation Start?
Barclays Libor Scandal: How Big Will This Get?
Barclays Libor Scandal: Reports Regulators Knew; Time for Independent Investigation and Eliot Spitzer
Barclays Libor “Price Fixing”: Collusion Is Illegal. . .
Barclays Libor Scandal: Prison Will Remedy

Larry Doyle 

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I have no affiliation or business interest with any entity referenced in this commentary. The opinions expressed are my own. I am a proponent of real transparency within our markets so that investor confidence and investor protection can be achieved.

  • Larry

    They voted against the disclosure act as well which was also never covered this week. The mainstream media would rather report on child abusers, drug addicted movie stars, American Idol, gay marriage, and overturning the health care law. Then at the end of the year they all get together and give themselves awards for being “Journalists & Investigative reporters.” One thing I do know that is also a big problem in this country is the SERIOUS LACK OF BALLS we all have.

    Neutered Leaders & Lawmakers, Jellyfish Media, and a fully docile American Public that likes to watch shows on how GREAT Americans are, and how we FOUGHT for “Freedom” and how Americans are the strongest “workers” and how we stand up for “Our Rights” ect, ect, ect………..

    What a joke, when corruption is at a peak we just have hollywood make a mini series about it and in the end an average “Joe” comes in and fixes everything and wow, problem solved so we dont have to do anything. Our leaders are supposed to “LEAD”, have the grit to do things right and stand for the common man.

    Our ancestors must be disgusted by this “WATERED DOWN” version of what Americans have become….They actually fought to be free, built a nation from scratch, and had grit to take it on the chin when times got tough. Americans now will fight for “freedom” for other nations who dont even want a democracy. But they won’t fight for our own.

    We build “Stock portfolios” and we look the other way when money is thrown at us.. Our food is pumped with chemicals, half of us are on prescription drugs, Most of us pay between $200-400 a month in fuel, $200 a month in electric, Insurance vaires but families usually pay between $400 -1000 a month depending on the plan, your phone bill is $80 to 200 a month, you pay into a 20 -30 year mortgage paying thousands in interest, Property taxes too, the government takes its tax share so it can keep on doing nothing, as the state….

    The “colonists” got pissed when they had their tea taxed and started a revolution!!!!!!!!!! What happened to us?

  • Mark Mensack

    Larry,
    You’re spot on. Before and after the March articles about my whistleblower experience hit, I had contacted numerous politicians serving on various oversight committees. If I received a response at all, it was a blow-off. After several exchanges, my own Senator’s office said he had no authority to initiate an investigation. I should point out that Senator Menendez (NJ) serves on the Senate Banking Committee, as well as the Sub-committees on Financial Institutions and Consumer Protection, & Securities, Insurance, and Investment.

    Perhaps its just a cooincidence that according to OpenSecret.org from 1992-2012 the “Securities & Investment” industry was one of his top five contributors.

    I also contacted, and provided substantiation to, many TV & press reporters for more than seven months before finding Al Lewis & Bill Cohan who both covered the story in March. Harry Markopolos wrote to me that he had also tried, unsuccessfully, to get the press’s attention on Madoff.

    As for the regulators, your March 13th post says it all.

    Mark

  • Russ

    Larry,

    There is no question that we are losing American to Wall Street that is paying off the politicians to get their way. That’s what has happened in the Madoff case.

  • coe

    The cult of celebrity trumps all! I suspect the media had ample canned footage of the Cruise-Holmes story prepared well before the inevitable occurred. Easy to crank it into overdrive. It’s also a more basic simple storyline to follow. Rigging LIBOR – what the heck is LIBOR..oh, the London Interbank Offering Rate! That plays well in the mass media.

    Sharks sightings – always good ratings…GSE reform – think again; Chimp attacks – animals gone wild – a sweeps success…Euro summit – not so much

    Today’s Bloomberg news story re testimony of Chairman Agius vs that of CEO Bob Diamond offered a striking contrast.

    I’m a little surprised that there isn’t all that much noise about the fall of Bob Diamond…that type of story is one that the media tends to like. The issue of the media role in modern American life is a whole other story of “capture”, and another cautionary tale for all of us.

  • WR

    Yes, we are losing our nation for those reasons and the most important of all is God’s Church that doesn’t seem to care enough to pray for spiritual revival (I count myself as part of the Church).

    • Larry

      <WR, I used to go to church, and spirituality is important in a persons life. I turned my back on the church (not God) after I came to the realization that they do nothing. There are over 2 BILLION christians in the U.S. alone, 5.3 million Jews, and 3 million muslims. What has the church done? with this many christians you would think they can have some kind of voice? What has the pope done? nothing, hell they run their own investment bank and have the scandals to go with it too. A few comments here, a weak gesture, PATHETIC–Jesus took a beat down from the Romans and let his own kind betray him and was put to the cross for what he believed in. What has the high ups in the church sacrificed? Jesus didnt need a palace , Banks, or Gold crosses to get his message out did he? What, the Pope and major heads of religion cant put themselves out and fight for whats right and just? isnt that what they preach all the time? To be just, compassionate, honest, and love your fellow man? Where is the movement? Paralyzed and inept, they're riding on the sweat and blood of their prophets from centuries ago. WTF have they done in their lifetimes? Write Theology? DO something, take a stand–When they die and God asks them, " I gave you an Army of Billions, what did you do with all that faith?" what are they going to say—"well we made a lot of money, we fed a few people, and had some really good canned food drives, and we got a bigger gold cross and a TV station." THE CHURCH has no BALLS, I think they lost the whole idea of what they are there to do in the first place…. What they do tell us is to sit back and take it and God will deal with evil men after they have their short run on earth. So eat it your whole life and don't worry God will make them pay after they've stolen every hard earned dollar from you and replaced it with monkey beads made in china that give you cancer…..If a politician shows up at your church and the priest doesnt have the sack to call that person out and ask why they sell us out for monkey beads- its time to stop giving money to that church……………The Holidays are coming soon so politicians will be making their "church rounds" people might want to take the opportunity to let them know how they feel……






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