And then there's this.....figures.....
OH REALLY now O'romney=o'bamney?????
Romney On Banking Scandal: That's Just the Way America Works
MADISON, WISCONSIN. Well, not really, Mittens -- common folks go to prison for relatively small crimes, but steal millions while wearing a three-piece suit? Chronic flip-flopper and habitual liar Mitt Romney is proof -- you may be crowned king!
Earlier this spring, when JP Morgan’s $2 billion trading debacle grew into a $3 billion trading scam and President Barack Obama stepped up his rhetoric to tighten rules on banks, Romney screamed "FOUL!", proclaiming to the world:
[...] "that’s the way America works,” he said. “The $2 billion JPMorgan lost, someone else gained."
Maybe for him, but not for you and me.
A few days ago, when we wrote about Robert Diamond, disgraced bankster from Barclays pulling out of a Romney "high-dollar" Fundraiser, we knew it was an important story, but didn't appreciate what a big deal this story will become. How big a deal? Its a BFD!
Because the systematic gaming of interest rates on three-month loans in dollars between banks essentially sets global interest rates, as more dirty laundry comes out, more people will be embarrassed and caught up in litigation. The Economist explains:
The dollar rate is fixed each day by taking estimates from a panel, currently comprising 18 banks, of what they think they would have to pay to borrow if they needed money. The top four and bottom four estimates are then discarded, and LIBOR is the average of those left. The submissions of all the participants are published, along with each day’s LIBOR fix.
Note that the process used to rig investment rates could not be gamed by one bank, nor even 8 banks. To fully-manipulate the system, as is being alleged, it had to be ALL 18 BANKS.
Robert Reich, in an article published today in The Guardian explains [emphasis added]:
[...] Wall Street will almost surely be implicated in the scandal. The biggest Wall Street banks – including the giants JP Morgan Chase, Citigroup and Bank of America – are likely to have been involved in similar manoeuvres. Barclay's couldn't have rigged the Libor without their witting involvement. The reason they'd participate in the scheme is the same reason Barclay's did – to make more money.In fact, Barclays' defence has been that every major bank was fixing Libor in the same way, and for the same reason. And Barclays is "co-operating" (giving damning evidence about other big banks) with the justice department and other regulators in order to avoid steeper penalties or criminal prosecutions, so fireworks in the US can be expected.
So who are Romney's top ten largest donors?
Goldman Sachs ($593,080)
JPMorgan Chase & Co ($467,089)
Bank of America ($425,100)
Morgan Stanley ($399,850)
Credit Suisse Group ($390,360)
Citigroup Inc ($312,800)
Kirkland & Ellis ($264,302)
Wells Fargo ($237,550)
BINGO! Reich points out that Romney is getting major support from the major players in the unfolding Libor Scandal. Remember, Romney was going to have Robert Diamond, former Chief Executive of Barclays, hold a super-duper $3 million fundraiser for his presidential campaign while Romney was in Britain for the Summer Olympics -- his horsey is going to perform ballet there!
Indeed, this is just the way America works -- that is, if you are Mitt Romney.