LIBOR

... the interbanking scam!

DIY car maintenance to help you save money

I remember the lines of bankers I had to deal with in the past which would criticise my business plan as to not being profitable enough; 25% or 30% margins were expected otherwise, why bother?! After this we all understand the motivations:

While some try to save money going DIY others use DIY in a much more profound way; it is criminal, but who cares in a world where all those foxes put themselves in charge of all those hen houses; they set their margins themselves; monopoly at its best; this cartel doesn't even need breakfast.
This breakfast refers to a so-called breakfast-cartel of the German light bulb industry where the main producers met one morning in April 1899 and agreed to raise prices by 10% - during that breakfast they agreed on who would say what, go first, follow up, etc. Of course, this was and is declared illegal, but how good are declarations when mainstream has those for lunch?

In above video Mr Booth, representing the Institute of Economic Affairs, is masterfully trying to not answer any question in detail which seems to be the goal of this IEA, while this perky Mr Reid speaks for the one and only ICFR, International Centre for Financial Regulation, the "... only independent, non-partisan organisation to be exclusively focused on best practice in all aspects of financial regulation internationally." as you can read here.

But then you should see the list of those independent Founder Members here. If you see UBS, Barclays, Her Majesty's Government or Morgan Stanley, etc. on that list you are not nuts! Calm down, you are just watching the scam having breakfast! Simon Johnson: The Market Has Spoken...

This does not leave me and my business plans with any hope. Banksters! I recommend you reading the interview with James K. Galbraith, March 2009, three years ago!!!

…as long as the old management is in place, there are no incentives to cooperate in the evaluation you need to make.

There was clearly a systematic failure. But that does not mean there was no criminal energy around.

When a bank is insolvent, the incentives for normal banking practice disappear. They become perverse.

WHEN  will we finally see things change? What a stupid question!


Carpe diem!