Connecting Shooting which killed children among others is now rumored to be linked to the Libor Scandal by The Banks.
There is a hearing in the US Senate and the father of the killer of the innocent is reportedly linked to the Libor Scandal and the Testimony.
Robert Holmes ,father of the killer James Holmes, is a high level executive of the Financial Rating Company Figo
The Father of another killer is an executive of a Bank.’GE Financial‘
There are the other theories such as Drug Addiction and broken homes.
Most importantly Gun Control issue in the United States.
Either the Libor scandal or the Anti Gun Control Lobby might have been the main reason.
Truth is yet to emerge.
If it is proved that Libor is the root cause, rest assured that nothing may come out of the investigation
Financial Institutions, of late are found to have been indulging in skullduggery, from manipulation of markets to laundering Drug money.
One remembers Goldman Sachs and HSBC, the latter has been filed heavily for laundering drug money and curiously no executive was arrested(please read my blogs on Goldman Sachs and HSBC money laundering, its escape, filed under Banks.
At times like these I am tempted to believe the presence of a killer Cartel that is manipulating the World Governments(my blogs on this subject will give some inputs)
What is The Libor Scandal?
‘The Libor scandal is a series of fraudulent actions connected to the Libor (London Interbank Offered Rate) and the resulting investigation and reaction. The Libor is an average interest rate calculated through submissions of interest rates by major banks in London. The scandal arose when it was discovered that banks were falsely inflating or deflating their rates so as to profit from trades, or to give the impression that they were more creditworthy than they were.[3] Libor underpins approximately $350 trillion in derivatives. It is controlled by the British Bankers’ Association (BBA).[4]..
The Wall Street Journal reported in March 2011 that regulators were focusing on Bank of America Corp., Citigroup Inc. and UBS AG in their probe of Libor rate manipulation.[33] A year later, it was reported in February 2012 that the U.S. Department of Justice was conducting a criminal investigation into Libor abuse.[34] Among the abuses being investigated were the possibility that traders were in direct communication with bankers before the rates were set, thus allowing them an unprecedented amount of insider knowledge into global instruments.[35] In court documents, a trader from the Royal Bank of Scotland claimed that it was common practice among senior employees at his bank to make requests to the bank’s rate setters as to the appropriate Libor rate, and that the bank also made on occasions rate requests for some hedge funds.[36] One trader’s messages from Barclays Bank indicated that for each basis point (0.01%) that Libor was moved, those involved could net “about a couple of million dollars”.[35
On 27 June 2012, Barclays Bank was fined $200 million by the Commodity Futures Trading Commission,[5] $160 million by the United States Department of Justice[6] and £59.5 million by the Financial Services Authority[7] for attempted manipulation of the Libor and Euribor rates.[38] The United States Department of Justice and Barclays officially agreed that “the manipulation of the submissions affected the fixed rates on some occasions”.[39][40][41]
Barclays manipulated rates for at least two reasons. Routinely, from at least as early as 2005, traders sought particular rate submissions to benefit their financial positions. Later, during the 2007–2012 global financial crisis, they artificially lowered rate submissions to make their bank seem healthy.[6]…..
By 4 July 2012 the breadth of the scandal was evident and became the topic of analysis on news and financial programs that attempted to explain the importance of the scandal.[47] Two days later, it was announced that the U.K. Serious Fraud Office had also opened a criminal investigation into manipulation of interest rates. The investigation was not limited to Barclays.[48][49] It has been reported since then that regulators in at least seven countries are investigating the rigging of the Libor and other interest rates.[50] Around 20 major banks have been named in investigations and court cases.[51]…
Early estimates are that the rate manipulation scandal cost U.S. states, counties, and local governments at least $6 billion in fraudulent interest payments, above $4 billion that state and local governments have already had to spend to unwind their positions exposed to rate manipulation.[52] An increasingly smaller set of banks are participating in setting the LIBOR, calling into question its future as a benchmark standard, but without any viable alternative to replace it.[53]9Wiki)
List of Banks involved in the Libor Scandal.
The American banks included in the panel surveyed by the BBA for U.S. dollar fixing are:
- The Bank of America
- JP Morgan Chase
- Citibank, NA
There are 16 non-U.S. banks surveyed for U.S. dollar fixing in London. These banks are:
- Bank of Nova Scotia
- Bank of Tokyo-Mitsubishi UFJ Ltd
- Barclays Bank plc
- BNP Paribas
- Credit Agricole CIB
- Credit Suisse
- Deutsche Bank AG
- HSBC
- Lloyds TSB Bank plc
- Rabobank
- Royal Bank of Canada
- Société Générale
- Sumitomo Mitsui Banking Corporation
- The Norinchukin Bank
- The Royal Bank of Scotland Group
- UBS AG
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