9-1-2012 Marine Links British Bankers Sub-Prime Stuff to Thomson Reuters Pig Farm Snuff
“Withers Worldwide Solicitors Embroiled HSBC Money Laundering FBI Carroll Trust Case”
“Candyman: Farewell to the Flesh (1995) Theatrical Trailer”
With Ally assets, RBC becomes top player in auto financing
RBC near deal to buy U.S. auto lender Ally Financial’s Canadian unit: report
RBC seeks asset-management deals in Latin America, Asia
New York Attorney-General Eric Schneiderman and Connecticut Attorney-General George Jepsen are investigating the banks to determine whether any conspired to manipulate the benchmark rate that is used to set more than $300-trillion of securities and loans. Over the course of the summer subpoenas that request communication with bank executives were sent out. Other banks under the microscope are Bank of America, Bank of Tokyo Mitsubishi UFJ, Credit Suisse, Lloyds Banking Group, Rabobank, Société Générale, Norinchukin Bank and West LB, according to a Financial Times report. It is likely that these subpoenas were served over the summer, reports said.
This comes after earlier investigation efforts in June when Barclays Bank PLC was scrutinized by both British and US officials for manipulating the Libor (and Euribor) rate from 2005 to 2009. Barclays agreed to pay $453-million (U.S.) in fines in order to settle the brewing scandal. But the allegations outraged the markets and set in motion a bigger investigation to determine which other parties might have been submitting false information though the Libor process.
The prosecutors began by scrutinizing six other banks in addition to Barclays (Deutsche Bank, Citigroup, JPMorgan Chase, Royal Bank of Scotland, Barclays, HSBC and UBS), to total 16 firms now under investigation.
As recently as two weeks ago, Bloomberg issued reports that Libor was being set by the contributions of a shrunken group of banks, including RBC. The banks are meant to submit data to determine what interest rates banks should pay each other for short-term loans. The banks submit the estimated costs of borrowing over a variety of time periods. The British Bankers' Association compiles the data and published the Libor rate--but the reputation of the entire process is increasingly under question, and some groups feel that Libor may not be representative of the stability of the financial system.”
“Why does Barack Obama deserve the presidency if he couldn’t even fix one district? Why are and were District 11 (Cabrini-Green [alleged Chicago base for Withers’ recruitment of Candyman snuff film actors for its pig-farm family escrow service]) and the Robert Taylor Homes (demolished), complete and utter hell-holes during and after being under Barack's direct responsibility? "Planned for 11,000 inhabitants, the Robert Taylor Homes housed up to a peak of 27,000 people.  Six of the poorest US census areas with populations above three people were found there. Including children who are not of working age, at one point 95 percent of the housing development's 27,000 residents were unemployed and listed public assistance as their only income source, and 40 percent of the households were single-parent, female-headed households earning less than $5,000 per year. About 99.9 percent were African-American. The 28 drab, 16-story concrete high-rises, many blackened with the scars of arson fire, sat in a narrow two-block by 2.5-mile (300 m by 3 km) stretch of slum. The city's neglect was evident in littered streets, poorly enforced building codes, and scant commercial or civic amenities." turf wars, $45,000 daily from drug deals "In one weekend, more than 300 separate shooting incidents were reported in the vicinity of the Robert Taylor Homes" Why all of this when Barack campaigned on their change? Why has Barack never changed anything in his political history, penning zero bills in the legislature? How can Barack unite parties when in 7.5 years he couldn’t get Republicans to agree with him on anything, with 927 of 'his' bills being shot down? This guy has done absolutely nothing yet he is supposed to be this shining figure of potential prosperity and unification.”
More to follow.
Abel Danger Blog