Eliot Spitzer: “The Libor scandal is perhaps the biggest market-rigging conspiracy in Wall Street history. Almost all interest rates are affected by Libor, so every person with outstanding bank-issued debt could be a victim of this Wall Street cartel.”
Elliot Spitzer continues: “That’s why we have to beware when one of CNBC’s in-house apologists for Wall Street implies this criminal behavior didn’t hurt borrowers. Calling something a victim-less crime is shorthand for saying, “Who cares?”
Indeed, last week, Larry Kudlow went so far as to say that Barclays, which has admitted manipulating the rate, was the victim.
Larry Kudlow: “I mean, maybe you’re right, the victim was the lender, that was Barclays. But I don’t know. The Justice Department says this could be a criminal prosecution. I don’t get that. Who are the victims? (I don’t get it either.) Who are the victims?” [Ed. Note: Is Kudlow an idiot or what?!]
Spitzer: “This is Alice-in-Wonderland logic, saying the criminal is the victim.
Let’s be clear: Every person whose interest rate depended on Libor is a victim. The rate you paid was not the product of honest competition and reporting. Some people lost lots of money because of the manipulation, others may have saved some, but the game was rigged. The integrity of the market was destroyed so the banks could put money in their own pockets — our money.
Kudlow’s statements are simply ridiculous. But there’s something deeper going on here.
When you claim no harm, no foul — and there was plenty of harm here, and plenty of foul — then you also are denying the need to reform the structure that caused the problem. And that is where the blind spot for Wall Street’s gross abuses really hurts.
Every Wall Street fraud — and we are in at least the third massive wave of such frauds since 2002 alone — is met with similar denials and rationalizations:
• Analysts can lie because nobody should trust them anyway;
• Subprime mortgages can be sold and securitized fraudulently because the people who borrowed are at fault;
• The insurance market can be rigged by AIG and Marsh because, well, we happen to like them;
• Libor can be rigged and manipulated because … well, just because who cares?
But in the real world, rigging these markets and violating every one of the fiduciary relationships underlying Wall Street’s integrity has led to a general degradation of our financial system and the destruction of trust, and that cost — the cost of that has been unfathomable.
Why can’t the defenders of the status quo just wake up and admit it?
That’s “My View.”
The reality is the fact that “homeowners” were induced with low rates and a media campaign that transcended like the tobacco industry cigarette push in the 1950s and 60s. Mr. Spitzer is completely correct that this affects every single mortgage document and promissory note and sharp attorneys will be crafting their arguments to invalidate the LIBOR ARMs to, at a minimum, level the playing field.
As we’ve said all along – VOID the promissory notes, apply the payments (including the down payments) against the money that the banks paid the homeowners in order to use their credit and privacy information and load it into computerized data storage and sort it with specifically designed algorithms to share with the entire cartel and their affiliates – in addition to using it to bait investors. Many of the loans will zero out – or be a relatively small balance that should be off-set by the banks’ fraud and deceit.
This patented seamless automation of the application data to mortgage loan is intrinsically intertwined within the LIBOR scandal and if you want to see just how seriously scary this massive destruction has perpetrated our nation’s liberty and welfare just take a look at what is surfacing related to LIBOR and the James Holmes shootings in Colorado.
The LIBOR scandal is huge; however it is down-played in America likely because our banks are linked since they are part of the worldwide cartel. This following story was provided by a reader yesterday and it looks to be credible. Here are some highlights:
According to his LinkedIn profile, James Holmes’s father, Dr. Robert Holmes, who received a PhD in Statistics in 1981 from the University of California at Berkeley, worked for San Diego-based HNC Software, Inc. from 2000 to 2002. HNC, known as a “neural network” company, and DARPA, beginning in 1998, have worked on developing “cortronic neural networks,” which would allow machines to interpret aural and visual stimuli to think like humans.
The cortronic concept was developed by HNC Software’s chief scientist and co-founder, Robert Hecht-Nielsen. HNC merged with the Minneapolis-based Fair Isaac Corporation (FICO), a computer analysis and decision-making company. Robert Holmes continues to work at FICO.
Robert Holmes brief bio at linked in states the following: “My educational background is in Mathematics and Statistics. My experience over the last 10 years at HNC and FICO has been in developing predictive models for financial services; credit & fraud risk models, first and third party application fraud models and internet/online banking fraud models.” [Ed. Note: Remember the patents…??]
Management Experience: I am currently managing a team building Falcon Fraud Manager Credit card fraud models. I have also managed teams in the Telco and Identity Theft fraud areas.”
Robert Holmes is said to have developed computer algorithms that demonstrate predictive models for financial services; credit and fraud risk models, first and third party application fraud models and internet/online banking fraud models.
It is just too coincidental to not be eerily synchronistic. This software has been said to be able trace the Trillions of Dollars that have just vaporized into thin air. All of the spending in theory could be traced to the exact bank accounts of the elite thugs who have stolen it.
Just prior to the shooting in Aurora Colorado, where James Holmes the son of Robert Holmes the software developer allegedly killed 12 and injured over 50 others a scandalous report was issued in the United Kingdom about the LIBOR scandal where it has been discovered that much of the wealth held by the so called 1% percent is being held in offshore accounts far away from the taxman and that there is software that is now being used to track and expose those who are abusing the system.
“…Robert Holmes, was said to have been scheduled to testify within the next few weeks before a US Senate panel on the largest bank fraud scandal in world history that is currently unfolding and threatens to destabilize and destroy the Western banking system. Robert Holmes, whose “blueblood” family links go back to the Mayflower, is known throughout the global banking community as being the creator of one of the most sophisticated computer algorithms ever developed and is credited with developing predictive models for financial services; credit and fraud risk models, first and third party application fraud models and internet/online banking fraud models,” notes a commenter on the DemocraticUnderground.com
Could it be that Robert Holmes was involved with the creation of such software models and that his son was programmed to kill in order to create a distraction from the fraud scandal that would rock the world?” Read more here.
This is tragic intimidation – “When the enemy doesn’t even care if you are human.”
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