The Esoteric Language of the .01 % leaves us in the dust.

Barclays is just the tip of the iceberg in "LiborGate." Follow this story as though your life depended on it. It may very well do just that.

Ah, were it not for bloggers, we'd be toast by now.  I am eternally grateful that we have conjured up an invention called the internet to save us from the mind control monster we affectionately refer to as the mainstream media.  Here is a piece worth your time, on the current financial debacle about manipulated markets...in this case, the Libor rate.  The Libor rate is the borrowing rate charged by banks on loans to other banks.  It seems that it, like so many other money-related instruments, can be manipulated, if one has sufficient knowledge, access, and motivation.  This manipulation can, in turn, produce great profits for those in the know and those at the helm.  In the meantime, the rest of us suffer under the weight of greed, confusing market action, and outright fraud, as we so good-naturedly forgive those managing our retirement funds (pensions, IRAs, 401k's, etc.)


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Eric Lieberman July 02, 2012 at 10:05 PM
June - the article you linked to is so timely in Evanston. Our city council has responded to the Occupy group and is investigating to where it can move it's money from J.P. Morgan. (See http://evanston.patch.com/articles/poll-should-evanston-switch-from-chase-bank ). The Occupy group seemed to focus on Chase's involvement with home foreclosures. But, the article you lead us to provides evidence "beyond a reasonable doubt" that the city's involvement with Chase is more insidious and dangerous than our not liking Chase's role in foreclosure. As the article suggests. Chase is one of several banks that has cost municipalities millions and millions of dollars. Matt Taibbi, in this month's Rolling Stone (remember when we used to read Rolling Stone to find out about music?) describes the con game Chase and other banks played by rigging the biding on bond issues. (See The Scam Wall Street Learned from the Mafia at "The Scam Wall Street Learned From the Mafia" http://www.rollingstone.com/politics/news/the-scam-wall-street-learned-from-the-mafia-20120620#ixzz1zVNHC0qy ). Anyone who can read your blog, the article to which you linked and the Taibbi article will plainly see that the council should hurry, hurry and reach the inevitable decision: get the heck away from Chase. It is not an institution with which any municipality - not just Evanston - should be associated. And as for hogging the Patch blogs: you don't! Your blogs enrich us all with critical thinking. - E.
Richard Schulte July 04, 2012 at 02:30 PM
June, please keep up the good work. Happy Independence Day.


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