# LIBOR: what do you know about this scandal?



## Truthmatters

are you following it?


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## Katzndogz

Definition of 'London Interbank Offered Rate - LIBOR'
 An interest rate at which banks can borrow funds, in marketable size, from other banks in the London interbank market. The LIBOR is fixed on a daily basis by the British Bankers' Association. The LIBOR is derived from a filtered average of the world's most creditworthy banks' interbank deposit rates for larger loans with maturities between overnight and one full year. 

Read more: London Interbank Offered Rate (LIBOR) Definition | Investopedia

Does obama control London banks now?


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## Truthmatters

why would that be the question you would ask?


Are you following the story?


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## Soggy in NOLA

Well if you are, that's reason enough to dismiss it as complete stupidity.


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## Rat in the Hat

Truthmatters said:


> why would that be the question you would ask?
> 
> 
> *Are you following the story?*



No.

Tell me in your own words why I should.


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## Truthmatters

that is one no , anyone else following it?


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## Truthmatters

Ok two nos


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## Soggy in NOLA

That's _no's _numbnutz.


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## Rat in the Hat

Soggy in NOLA said:


> That's _no's _numbnutz.



She doesn't do apostrophes.

Or intelligence.


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## CrusaderFrank

LIBOR: what did Tim Geithner know about this scandal?

Apparently everything as it was occurring.


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## CrusaderFrank

LIBOR: Big Deal

Obama getting our Credit downgraded: not a big deal

Did you follow that?


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## hortysir

No.

Why?

What did your daily e-mail tell you to say about it?


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## Truthmatters

i was wondering about who was paying attention and where they came down on what happened


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## Claudette

Nope. Can't say I give a shit what they are doing in London.


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## Conservative

Truthmatters said:


> i was wondering about who was paying attention and where they came down on what happened



dumb ass threads like this are why your party is dying.


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## Oddball

Conservative said:


> Truthmatters said:
> 
> 
> 
> i was wondering about who was paying attention and where they came down on what happened
> 
> 
> 
> 
> dumb ass threads like this are why your party is dying.
Click to expand...

Needs to put the knife down.


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## Truthmatters

so you dont care about people in the industry manipulating the markets?


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## Truthmatters

does this crime effect the US at all?


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## Truthmatters

Libor - Wikipedia, the free encyclopedia


its not as complicated as you might think



On Thursday, 29 May 2008, The Wall Street Journal (WSJ) released a controversial study suggesting that banks might have understated borrowing costs they reported for Libor during the 2008 credit crunch.[16] Such underreporting could have created an impression that banks could borrow from other banks more cheaply than they could in reality. It could also have made the banking system or specific contributing bank appear healthier than it was during the 2008 credit crunch.

For example, the study found that rates at which one major bank (Citigroup) "said it could borrow dollars for three months were about 0.87 percentage point lower than the rate calculated using default-insurance data."

To further bring this case to light, The Wall Street Journal reported in March 2011 that regulators were focusing on Bank of America Corp., Citi-group Inc. and UBS AG.[17] Making a case would be very difficult because determining the LIBOR rate does not occur on an open exchange. According to people familiar with the situation, subpoenas have been issued to the three banks.


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## CrusaderFrank

What did Geitner know, when did he know it and can he still blame Turbotax?


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## Conservative

It's Bush's fault.

Right?


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## Truthmatters

Its going to effect you wether you pay attention to it or not


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## Rat in the Hat

Truthmatters said:


> Its going to effect you wether you pay attention to it or not



Tell me how it is going to effect me in your own words, not a cut/paste answer.


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## Truthmatters

American lenders are right in the middle of it


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## Rat in the Hat

Truthmatters said:


> American lenders are right in the middle of it



That's nice. Still doesn't answer how it's going to effect me personally, but I expected that from you.


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## Wry Catcher

Soggy in NOLA said:


> Well if you are, that's reason enough to dismiss it as complete stupidity.



Thanks for offering proof that you and those who thanked you for this post are complete fools.


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## hortysir

Truthmatters said:


> Libor - Wikipedia, the free encyclopedia
> 
> 
> _*its not as complicated as you might think*_
> 
> 
> 
> On Thursday, 29 May 2008, The Wall Street Journal (WSJ) released a controversial study suggesting that banks might have understated borrowing costs they reported for Libor during the 2008 credit crunch.[16] Such underreporting could have created an impression that banks could borrow from other banks more cheaply than they could in reality. It could also have made the banking system or specific contributing bank appear healthier than it was during the 2008 credit crunch.
> 
> For example, the study found that rates at which one major bank (Citigroup) "said it could borrow dollars for three months were about 0.87 percentage point lower than the rate calculated using default-insurance data."
> 
> To further bring this case to light, The Wall Street Journal reported in March 2011 that regulators were focusing on Bank of America Corp., Citi-group Inc. and UBS AG.[17] Making a case would be very difficult because determining the LIBOR rate does not occur on an open exchange. According to people familiar with the situation, subpoenas have been issued to the three banks.



Just the fact that you know a drop of information about it is proof of that


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## Wry Catcher

Rat in the Hat said:


> Truthmatters said:
> 
> 
> 
> American lenders are right in the middle of it
> 
> 
> 
> 
> That's nice. Still doesn't answer how it's going to effect me personally, but I expected that from you.
Click to expand...


If you were curous you would look into it.


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## Uncensored2008

Truthmatters said:


> Ok two nos



What's your fucking point, del?

Or do you have one?


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## Truthmatters

they dont seem to mind much when CEOs cheat the people.

but boy those poor people shouldnt cheat with their food stamps


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## Uncensored2008

Truthmatters said:


> they dont seem to mind much when CEOs cheat the people.
> 
> but boy those poor people shouldnt cheat with their food stamps



So British banks are "CEO's"

Is that your final answer, del?


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## Wry Catcher

Not one of the echo chamber who so loudly attack TM for this thread have offered anything of substance related to the issue.  Calling her stupid, acting as if this issue is not one of importance and failing to understand/acknowledge that Banking is an international business are disgusting.


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## hortysir

Wry Catcher said:


> Not one of the echo chamber who so loudly attack TM for this thread have offered anything of substance related to the issue.  Calling her stupid, acting as if this issue is not one of importance and failing to understand/acknowledge that Banking is an international business are disgusting.



because it's her thread, her burden of proof and the only link she has provided is a Wiki link several posts later.

She asked a question and we answered it.

Though, she has failed in answering anyone else's questions.

Go kiss somebody else's ass


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## CrusaderFrank

Our 5 Texas properties are financed by a Low Floater so yeah maybe it cost us an extra $100/month on $20MM.


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## Truthmatters

burden of proof for what?

asking you what you thought?


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## Mad Scientist

Best coverage of the Libor Scandal is on zerohedge and Max Keiser.


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## hortysir

It damned sure isn't in this thread


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## Truthmatters

dudes I asked you what you know and though about this.


why all the hostility for me asking you ?


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## hortysir

I was hoping to gain a little knowledge, ya teaser, you


I don't know anymore now than I did before I clicked on this thread the first time


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## Oddball

hortysir said:


> I was hoping to gain a little knowledge, ya teaser, you
> 
> 
> I don't know anymore now than I did before I clicked on this thread the first time


You need to put down the knife!


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## Truthmatters

hortysir said:


> I was hoping to gain a little knowledge, ya teaser, you
> 
> 
> I don't know anymore now than I did before I clicked on this thread the first time



where did I promise to tell you more than you know?


I was wonder about peoples thoughts on it.


that is what I asked


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## hortysir

Truthmatters said:


> hortysir said:
> 
> 
> 
> I was hoping to gain a little knowledge, ya teaser, you
> 
> 
> I don't know anymore now than I did before I clicked on this thread the first time
> 
> 
> 
> 
> where did I promise to tell you more than you know?
> 
> 
> I was wonder about peoples thoughts on it.
> 
> 
> that is what I asked
Click to expand...


I'm sorry.

I took the question to mean that you knew something about it and was ready to debate the positives and negatives of the matter.

I should have known better.


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## Wry Catcher

hortysir said:


> Wry Catcher said:
> 
> 
> 
> Not one of the echo chamber who so loudly attack TM for this thread have offered anything of substance related to the issue.  Calling her stupid, acting as if this issue is not one of importance and failing to understand/acknowledge that Banking is an international business are disgusting.
> 
> 
> 
> 
> because it's her thread, her burden of proof and the only link she has provided is a Wiki link several posts later.
> 
> She asked a question and we answered it.
> 
> Though, she has failed in answering anyone else's questions.
> 
> Go kiss somebody else's ass
Click to expand...


No 'we' didn't.  If by "we" you mean the echo chamber, all they did was attack the messenger.  

Have anything else in your mind (other than to accuse me of ass kicking?  No?  Well, have a nice day, don't think too much, remember what the Bush said, "it's hard work")


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## hortysir

Wry Catcher said:


> hortysir said:
> 
> 
> 
> 
> 
> Wry Catcher said:
> 
> 
> 
> Not one of the echo chamber who so loudly attack TM for this thread have offered anything of substance related to the issue.  Calling her stupid, acting as if this issue is not one of importance and failing to understand/acknowledge that Banking is an international business are disgusting.
> 
> 
> 
> 
> because it's her thread, her burden of proof and the only link she has provided is a Wiki link several posts later.
> 
> She asked a question and we answered it.
> 
> Though, she has failed in answering anyone else's questions.
> 
> Go kiss somebody else's ass
> 
> 
> 
> Click to expand...
> 
> 
> No 'we' didn't.  If by "we" you mean the echo chamber, all they did was attack the messenger.
> 
> *Have anything else in your mind (other than to accuse me of ass kicking? * No?  Well, have a nice day, don't think too much, remember what the Bush said, "it's hard work")
Click to expand...


Yes.

You can't read.


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## Wry Catcher

hortysir said:


> Wry Catcher said:
> 
> 
> 
> 
> 
> hortysir said:
> 
> 
> 
> because it's her thread, her burden of proof and the only link she has provided is a Wiki link several posts later.
> 
> She asked a question and we answered it.
> 
> Though, she has failed in answering anyone else's questions.
> 
> Go kiss somebody else's ass
> 
> 
> 
> 
> 
> 
> No 'we' didn't.  If by "we" you mean the echo chamber, all they did was attack the messenger.
> 
> *Have anything else in your mind (other than to accuse me of ass kicking? * No?  Well, have a nice day, don't think too much, remember what the Bush said, "it's hard work")
> 
> Click to expand...
> 
> 
> Yes.
> 
> You can't read.
Click to expand...


Harry?  I not undrstan; pls splain!


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## Paulie

Claudette said:


> Nope. Can't say I give a shit what they are doing in London.



LIBOR isn't just something going on in London.  Most mainstream currencies in the world, and the business that is done with them in each respective country, is tied to LIBOR.


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## Ernie S.

Soggy in NOLA said:


> That's _no's _numbnutz.



Bitch sold her apostrophe key for crack.


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## Ernie S.

CrusaderFrank said:


> What did Geitner know, when did he know it and can he still blame Turbotax?



Booooooooooooooooosh


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## Ernie S.

Wry Catcher said:


> Not one of the echo chamber who so loudly attack TM for this thread have offered anything of substance related to the issue.  Calling her stupid, acting as if this issue is not one of importance and failing to understand/acknowledge that Banking is an international business are disgusting.



You are demanding substance in a TDM thread? How foolish!


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## Ernie S.

Wry Catcher said:


> hortysir said:
> 
> 
> 
> 
> 
> Wry Catcher said:
> 
> 
> 
> Not one of the echo chamber who so loudly attack TM for this thread have offered anything of substance related to the issue.  Calling her stupid, acting as if this issue is not one of importance and failing to understand/acknowledge that Banking is an international business are disgusting.
> 
> 
> 
> 
> because it's her thread, her burden of proof and the only link she has provided is a Wiki link several posts later.
> 
> She asked a question and we answered it.
> 
> Though, she has failed in answering anyone else's questions.
> 
> Go kiss somebody else's ass
> 
> 
> 
> Click to expand...
> 
> 
> No 'we' didn't.  If by "we" you mean the echo chamber, all they did was attack the messenger.
> 
> Have anything else in your mind (other than to accuse me of ass kicking?  No?  Well, have a nice day, don't think too much, remember what the Bush said, "it's hard work")
Click to expand...

He said ass "kissing", ass kisser.


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## Toro

It's not good but I'm inurred to it.


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## boedicca

The more relevant question is:  What did Geithner know when he was head of the NY in 2007?


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## whitehall

Why does the left consider it to be a scandal? There is a pile of regulations as tall as the White House that govern the conduct of Wall Street but Obama appointed a Secretary/Treasury who admitted to cheating on his taxes because he couldn't understand the simple IRS form. As chairman of the House Banking committee Barney Frank told Americans who elected him that Fannie Mae was doing fine when it was on the verge of collapse. What are we to make of Barry's appointments and the people who are charged with oversight responsibility for Fannie Mae? Are democrats as stupid as they look or are they purposely undermining the economic stability of the Country?


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## Truthmatters

People will do things to harm others for profit.

that is human nature.

regulations and policing of the markets is the ony way to make them work in a fair and open way.


there is not automatic setting folks.

where you have people you need to have rules and inforcment of the rules


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## Katzndogz

I suggest all the liberals get together and protest the London Interbank Exchange!   That will help.  

Then libs can protest the fortune the sheiks of Saudi Arabia make from selling oil at a profit.

American liberals do not really control the world.


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## Katzndogz

Paulie said:


> Claudette said:
> 
> 
> 
> Nope. Can't say I give a shit what they are doing in London.
> 
> 
> 
> 
> LIBOR isn't just something going on in London.  Most mainstream currencies in the world, and the business that is done with them in each respective country, is tied to LIBOR.
Click to expand...


Most mainstream currencies are tied together in some way all over the world.   obama is really not going to regulate LIBOR.


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## Truthmatters

see why deregulation is really stupid


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## Katzndogz

Truthmatters said:


> see why deregulation is really stupid



King obama will fix it all by telling everyone what to do and of course, the British Parliament will kiss his ring and take his orders.


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## Truthmatters

you dont what the president of the united states to be leader of the free world?


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## Katzndogz

Truthmatters said:


> you dont what the president of the united states to be leader of the free world?



Is there any intelligence in you at all?   

Leaders aren't world dictators.  The entire planet is not under our control.  If we had every cent regulated to the point where we had to fill out a tax form to buy chewing gum it would not affect, to an iota, what other nations decide to to regulate or not.

As obama was told in Mexico, when you can lead your own country come back and make your suggestions to us.  

The presidebt of the United States isn't leader of the free world.  The free world doesn't have a leader at present.  The United States has a very weak and ineffectual obama who got bitchslapped by Putin into next year.

I wish I coulda seen it.


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## Rat in the Hat

Truthmatters said:


> you dont what the president of the united states to be leader of the free world?



If Obamoney was really the leader of the free world, he would teach you about proper spelling, sentence structure, capitalization, and punctuation.

Why do you hate apostrophes???


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## Paulie

Katzndogz said:


> Paulie said:
> 
> 
> 
> 
> 
> Claudette said:
> 
> 
> 
> Nope. Can't say I give a shit what they are doing in London.
> 
> 
> 
> 
> LIBOR isn't just something going on in London.  Most mainstream currencies in the world, and the business that is done with them in each respective country, is tied to LIBOR.
> 
> Click to expand...
> 
> 
> Most mainstream currencies are tied together in some way all over the world.   obama is really not going to regulate LIBOR.
Click to expand...


Yeah, but interbank interest rates in those countries are tied to LIBOR, so it's kind of ridiculous to be dismissing this as nothing just because somehow, someway, it might relate to Obama.  This isn't about Obama anyway, it's about banks getting over YET AGAIN.


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## hortysir

Rat in the Hat said:


> Truthmatters said:
> 
> 
> 
> you dont what the president of the united states to be leader of the free world?
> 
> 
> 
> 
> If Obamoney was really the leader of the free world, he would teach you about proper spelling, sentence structure, capitalization, and punctuation.
> 
> Why do you hate apostrophes???
Click to expand...


It must be the Shift key she hates.
Capital letters are rare too!


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## Katzndogz

Paulie said:


> Katzndogz said:
> 
> 
> 
> 
> 
> Paulie said:
> 
> 
> 
> LIBOR isn't just something going on in London.  Most mainstream currencies in the world, and the business that is done with them in each respective country, is tied to LIBOR.
> 
> 
> 
> 
> Most mainstream currencies are tied together in some way all over the world.   obama is really not going to regulate LIBOR.
> 
> Click to expand...
> 
> 
> Yeah, but interbank interest rates in those countries are tied to LIBOR, so it's kind of ridiculous to be dismissing this as nothing just because somehow, someway, it might relate to Obama.  This isn't about Obama anyway, it's about banks getting over YET AGAIN.
Click to expand...


It does more than tangenitally relate to obama.   Tim (Turbo Tax) Geithner was in on the rate fixing from the beginning.    No matter how bad something is, in another country we don't have any say in what they do.  However when our federal regulators give advice on covering it up, that makes it our concern.

Geithner Libor Memo Expressed Concern Over Rate's 'Integrity' In 2008


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## Toro

Here are a couple of articles for TM

Libor affair shows banking&rsquo;s big conceit - FT.com
Libor scandal: In depth news, commentary and analysis from the Financial Times


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## bobcollum

[ame=http://www.youtube.com/watch?v=fcyX6Hlqldk]Kucinich Explains "LIBOR" - YouTube[/ame]


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## California Girl

Claudette said:


> Nope. Can't say I give a shit what they are doing in London.



You actually should, it's a global issue. And it is not pretty.


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## California Girl

Wry Catcher said:


> hortysir said:
> 
> 
> 
> 
> 
> Wry Catcher said:
> 
> 
> 
> Not one of the echo chamber who so loudly attack TM for this thread have offered anything of substance related to the issue.  Calling her stupid, acting as if this issue is not one of importance and failing to understand/acknowledge that Banking is an international business are disgusting.
> 
> 
> 
> 
> because it's her thread, her burden of proof and the only link she has provided is a Wiki link several posts later.
> 
> She asked a question and we answered it.
> 
> Though, she has failed in answering anyone else's questions.
> 
> Go kiss somebody else's ass
> 
> 
> 
> Click to expand...
> 
> 
> No 'we' didn't.  If by "we" you mean the echo chamber, all they did was attack the messenger.
> 
> Have anything else in your mind (other than to accuse me of ass kicking?  No?  Well, have a nice day, don't think too much, remember what the Bush said, "it's hard work")
Click to expand...


TM has - yet again - consistently avoided any actual debate regarding the thread she started. I doubt she understands what LIBOR is, yet alone be able to explain it to anyone else. There is no substance to 'attack', hence people mock the messenger. It's not anyone else's fault that she's a fucking moron. The blame is entirely hers.


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## Paulie

Katzndogz said:


> Paulie said:
> 
> 
> 
> 
> 
> Katzndogz said:
> 
> 
> 
> Most mainstream currencies are tied together in some way all over the world.   obama is really not going to regulate LIBOR.
> 
> 
> 
> 
> Yeah, but interbank interest rates in those countries are tied to LIBOR, so it's kind of ridiculous to be dismissing this as nothing just because somehow, someway, it might relate to Obama.  This isn't about Obama anyway, it's about banks getting over YET AGAIN.
> 
> Click to expand...
> 
> 
> It does more than tangenitally relate to obama.   Tim (Turbo Tax) Geithner was in on the rate fixing from the beginning.    No matter how bad something is, in another country we don't have any say in what they do.  However when our federal regulators give advice on covering it up, that makes it our concern.
> 
> Geithner Libor Memo Expressed Concern Over Rate's 'Integrity' In 2008
Click to expand...


Kind of ironic that a neo con would suggest that we have no say in what another country does.


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