The Phaserl


Barclay’s Banker Admission: LIBOR rates “are a fantasy”

by Jeff Nielson, Bullion Bulls Canada:

When we listen to the Liars at the U.S. Security Exchange Commission (SEC) explain why they haven’t even TRIED to prosecute one of the (criminal) Big Banks for more than 40 years; you will always get the same answer. “It’s too hard.”

Yet as we see ever more frequently; these utterly criminal (and totally arrogant) bankers leave “smoking gun” evidence lying around on a regular basis. Note this evidence presented in an ordinary lawsuit by a care-facility suing to get back what it lost on a (RIGGED) interest-rate swap — tied to these fraudulent LIBOR rates.

Jerry Del Missier, former chief operating officer of Barclays, sent the message to Diamond and ex-head of investment banking Rich Ricci, according to Stephen Davies, a lawyer for Guardian Care Homes, the company suing the bank, the U.K.’s second-biggest by assets. Referring to “the whole Libor curve,” Del Missier said “the real story is that these are all fantasy rates,” said Davies, reading the August 2007 e-mail out at a hearing in London today where the bank was ordered to give Guardian additional evidence.

Understand that LIBOR rates are set by a group of twelve Big Banks, thus it is impossible for ONE bank (i.e. tentacle of the One Bank) to “collude” to rig this rate — as was originally/absurdly alleged. It (obviously) requires COLLUSION (i.e. multiple banks) in order to “collude” (lol!). And here we have one of the Criminals stating, point blank, that the entire $500 TRILLION LIBOR debt-market is a scam.

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