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  #51  
Old 07-12-2012, 12:42 PM
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Originally Posted by DixieFlyer View Post
most Americans probably believe that...but most Americans are not capable of critical thinking because they are mentally and emotionally too weak, and their ignorance is too vast...the level of systemic financial fraud is almost incomprehensible, to the extent that there is no longer any free market price discovery in virtually any market
With apologies to Mac Davis:
"Oh Lord its hard to be humble
when you're perfect in every way!
I can't wait to look in a mirror
I'm better looking each day!
To know me is to love me,
I must be a hell of a man!
Oh Lord its hard to be humble,
but I'm doing the best that I can!"
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That's been the funniest subplot of this whole thing, the people on the left attacking this bill for not being even more of a steaming pile. - erosewater
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  #52  
Old 07-12-2012, 02:21 PM
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it's refreshing to see that some people are capable of thinking for themselves:

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In a lawsuit filed in federal court in Manhattan, Baltimore said the banks kept Libor artificially low during the financial crisis and its immediate aftermath, robbing the city of millions of dollars in returns on investments such as interest-rate swaps.
http://www.washingtonpost.com/busine...7dW_story.html
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  #53  
Old 07-12-2012, 03:23 PM
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it's refreshing to see that some people are capable of thinking for themselves:



http://www.washingtonpost.com/busine...7dW_story.html
You mean they see an opportunity to make money?

I believe you will see several parties jumping on that bandwagon.
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  #54  
Old 07-12-2012, 05:28 PM
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class action lawsuit for anyone with a savings account.
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Old 07-13-2012, 10:31 AM
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money they saved? What about the money that they lost because of a lower return in their 401-K? What about the money lost by the school system where they live because of lower returns in their investments and pension plans? Ditto for the cities and states where they lived. The banksters made billions via the manipulation, so who do you think bore the loss on the other side? I'll give you a hint: look in the mirror.
I don't have Interest Rates Swaps as an investment option in my 401k, unfortunately.
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Old 07-13-2012, 11:01 AM
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Originally Posted by DixieFlyer View Post
most Americans probably believe that...but most Americans are not capable of critical thinking because they are mentally and emotionally too weak, and their ignorance is too vast...the level of systemic financial fraud is almost incomprehensible, to the extent that there is no longer any free market price discovery in virtually any market
on a more serious note,

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  #57  
Old 07-15-2012, 09:25 PM
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So, the short answer to the original question 4 years ago is, no, no it is not trustworthy.
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Old 07-16-2012, 06:34 AM
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Pretty much

Now the question is how much money will be garnered via lawsuits
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Old 07-17-2012, 02:43 PM
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Pretty much

Now the question is how much money will be garnered via lawsuits
And doesn't technically anyone with a pulse have a claim? And you can cherry pick the times when Libor being manipulated a certain direction hurt you but ignore the times it helped you in the lawsuit.
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  #60  
Old 07-26-2012, 01:17 PM
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Insurance angle... (D&O)
http://www.propertycasualty360.com/2...ers-to?ref=rss

Quote:
BOSTON/LONDON (Reuters) - Some of the world's largest insurers for corporate directors and officers could be on the hook for hundreds of millions of dollars in claims over the next few years to cover legal costs for people caught up in the Libor scandal.

As a result of those costs, which insurers fear could accumulate for the next few years, already rising insurance rates stand to go even higher for all companies.

Directors and officers (D&O) insurance pays a wide range of defense costs for executives who get sued as a result of business decisions, from the initial inquiries all the way through the last stages of trial or settlement.

The sums involved are substantial. Consultants Towers Watson reported that in 2011, companies with more than $10 billion in assets on average carried $187.5 million in insurance coverage.

....
Insurers will be hoping that criminal charges are brought in as many cases as possible, as D&O policies typically become invalid when the underlying actions are found to be illegal.

"It's kind of sad to say, but we're rooting for them all to be criminals," the second brokerage source said.

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