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OUT OF MIND » THE INSANITY OF REALITY » GLOBAL FINANCIAL COLLAPSE » CNBC Stand-In Reporter Admits Financial System Changeover: “They’re Going to Put the Old System In a Coma”! 2012 August 10

CNBC Stand-In Reporter Admits Financial System Changeover: “They’re Going to Put the Old System In a Coma”! 2012 August 10

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shakes4life2


CNBC Stand-In Reporter Admits Financial System Changeover: “They’re Going to Put the Old System In a Coma”!
2012 August 10

Posted by Stephen Cook
CNBC Stand-In Reporter Admits Financial System Changeover: “They’re Going to Put the Old System In a Coma”!

http://the2012scenario.com/2012/08/cnbc-stand-in-reporter-admits-financial-system-changeover-theyre-going-to-put-the-old-system-in-a-coma/#more-139056

From the CNBC show Squawk Box – August 10, 2012
http://video.cnbc.com/gallery/?video=3000108212

Stephen: This IS amazing! A stand-in finance reporter for CNBC, Kevin Ferry from Kronus Futures Management – after being told, bizarrely, by Squawk Box host Joe Kernen, twice, “whatever you do don’t screw this up” – has just disclosed that the current financial system and, importantly, the Libor, is about to be overhauled.

After saying that a Pandora’s Box is going to be opened up in the Libor area (in reference to the separate story posted below on the subpoenas now heading JP Morgan Chase’s way) Kevin Ferry told Joe Kernen – and the rest of us: ” I think what they’re going to do, Joe, is basically put the old system in a coma, and work to devise something that’s a little bit better, and it’s going to be tricky.”

Separately, I have personally heard from several different sources in the past two days, that big things are about to happen this coming week with regards the world’s financial system. A good weekend indeed!

More here......

http://the2012scenario.com/2012/08/cnbc-stand-in-reporter-admits-financial-system-changeover-theyre-going-to-put-the-old-system-in-a-coma/#more-139056

shakes4life2


JPMorgan Chase Libor Subpoenas Coming From Everybody In The World
2012 August 10

Posted by Stephen Cook

JP Morgan Chase CEO Jamie Dimon
As the CNBC report above indicates, this will indeed open a Pandora’s Box!

By Mark Gongloff, The Huffington Post – August 9, 2012

Pretty much everybody in the world with subpoena power has hit JPMorgan Chase with requests for information in the Libor-rigging scandal.

The biggest U.S. bank revealed the extent of its involvement in the probe in a filing Thursday morning with the Securities and Exchange Commission, saying regulators in the U.S., U.K., Canada, Switzerland and more had asked it for information:

JPMorgan Chase has received subpoenas and requests for documents and, in some cases, interviews, from the DOJ, CFTC, SEC, European Commission, UK Financial Services Authority, Canadian Competition Bureau, Swiss Competition Commission and other regulatory authorities and banking associations around the world.

That’s a whole lot of subpoenas.

For the uninitiated, “DOJ, CFTC, SEC” refer to the Justice Department, Commodity Futures Trading Commission and Securities and Exchange Commission. “Libor” stands for “London Interbank Offered Rate,” a short-term interest rate that affects borrowing costs for homeowners, companies and borrowers throughout the world, along with about $350 trillion in credit derivatives. Despite its importance, the rate has apparently been manipulated constantly for years, in what may be the biggest financial scandal of all time.

JPMorgan — which said it was cooperating with the investigations — has also received requests for information about its involvement in setting Euribor and Tibor, the European and Japanese versions of Libor, respectively.

The bank made a similar disclosure in its previous quarterly filing in May.

JPMorgan has been identified as one of 16 banks in the U.S., the U.K. and Europe under investigation for manipulating Libor.

Barclays has already agreed to pay $450 million in fines in the case, admitting its traders pushed Libor higher and lower to either gain advantage in derivatives trades or make the bank look healthier.

Other banks will likely soon follow, and regulators are building criminal cases against individual traders and maybe banks, too.

Previously, Bank of America and Citigroup have said that they, too, have gotten subpoenas in the Libor case, though they mentioned fewer regulatory agencies than JPMorgan did.

JPMorgan also said it was the subject of a large and growing number of lawsuits coming out of the Libor mess. State and local governments, for example, are suing banks for keeping Libor too low, hurting the value of interest-rate swaps they bought to protect against rising rates. http://www.huffingtonpost.com/2012/08/09/jpmorgan-chase-libor-subpoenas_n_1760015.html

PurpleSkyz

PurpleSkyz
Admin
Whew Hew!!!

This is yet more great news! Put it in a coma and pull the plug!



  

Herb Lady

Herb Lady
Thanks Shakes!



Take care of the land and the animals and they will take care of you!

Come visit my site at:  https://onlynaturesmagic.com/

terbo56

terbo56
The financial system HAS BEEN in a coma since 1910- Look at all the idiots that have manipulated it for so long- This shouldn't really be a 'NEWS' flash- Look back in the history of the U.S., and see if I'm not right- :shock:

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