Libor Scandal

[Losethem]

As far as I know, all American credit card companies use Prime not Libor to determine APRs on credit cards. Any change in Libor does not affect prime, which for years has been 3% above the Fed's rate, and is currently at 3.25%, where it has been since about 2009. Prime, during my experience with it, the last nine or ten years at least, has been 3% above the Fed's rate. The Fed's rate is at its lowest in my experience at .25%.

LIBOR is used extensively throughout the US financial system to set rates on many different types of loans. I'm obviously not privy to your financial situation or loans you may have, but I've seen LIBOR used in more than one contract I've had.

--LT

[moi621]

". . immoral but not illegal . . "
President Barack Obama regarding Wall St. shenanigans.

All I asked was, what makes the Libor mafia, criminals.
What makes their lies, criminal? It's business, isn't it?
Rants not appreciated,

Moi
What Free Market Capitalism.
The Game Is Fixed
http://www.youtube.com/watch?v=gXZVhKvvMVU
http://www.youtube.com/watch?v=jYJxp...=results_video luv Mexican chix.



Like it or not,
The City of David - Jerusalem, is the Capitol of the Jewish Nation.
Y'can take it to an appropriate thread if you don't like it.
Not that further comment is called for.

[Riverwind]

Rants not appreciated,

Moi

Then please stop ranting.

River

[A-1]

". . immoral but not illegal . . "
President Barack Obama regarding Wall St. shenanigans.

All I asked was, what makes the Libor mafia, criminals.
What makes their lies, criminal? It's business, isn't it?...

NOPE!

Pretty much, it is lying.

You lie, they will FIND a way to hang your sorry ass, LEGALLY, and whether or not you have broken a law, they WILL get YOU. Sometimes, they FRAME you...

I can cite example after example, time after time...

...and I DID NOT HAVE SEX with that woman, Monica Lewinsky...

...you KNOW the drill...

moi, WHY do YOU need to constantly have the workings of society pointed out to you?

[Dave]

In this day and age, no bank operates alone. Each bank borrows from other banks to meet daily demands. Banks keep reserves in central locations and not in each branch so when the move money around, the sometimes run short at a particular branch or they loan it all out and the reserve is insufficient to meet their next day's business. It's a simpler way to do business.
That's what LIBOR is - the bank's private lending rates to another bank for short term (meaning hours and at most days) loans. It is the lowest rate loan. It is set by banks and used by banks as a measure of how RISKY they are to each other.

When banks manipulate their risk and lie to the forces that set LIBOR, then they cheat the other banks and they cheat the customer.

SO banks set up the LIBOR system to be as fair to themselves as possible and the cheat on it?
What the hell kind of jerk and crooked bastard does that?

They made the entire system and now they are cheating other banks with it by lying and fixing the rates.

[moi621]

Right Dave
Put they always have the 99% to pick up the tab.
Understanding:
If God did not mean for them to be sheared,
he would not have made them sheep (the 99%).
The Shearing School of Economics.

Moi
Free Market! They lie.
Fixed Market until the Revolution.