From: Max Keiser
by Ellen Brown
Sixteen
of the world’s largest banks have been caught colluding to rig
global interest rates. Why are we doing business with a corrupt
global banking cartel?
United
States Attorney General Eric Holder has declared that the
too-big-to-fail Wall Street banks are too
big to prosecute. But an outraged California jury might
have different ideas. As noted in
the California legal newspaper The Daily Journal:
California juries are not bashful – they have been known to render massive punitive damages awards that dwarf the award of compensatory (actual) damages. For example, in one securities fraud case jurors awarded $5.7 million in compensatory damages and $165 million in punitive damages. . . . And in a tobacco case with $5.5 million in compensatory damages, the jury awarded $3 billion in punitive damages . . . .
The
question, then, is how to get Wall Street banks before a California
jury. How about charging them with common law fraud and breach of
contract? That’s what the FDIC just did in its massive
24-count
civil suit for damages for LIBOR manipulation, filed in March
2014 against sixteen of the world’s largest banks, including the
three largest US banks – JP Morgan Chase, Bank of America and
Citigroup.
LIBOR (the London Interbank Offering Rate) is
the benchmark rate at which banks themselves can borrow. It is a
crucial rate involved in over $400 trillion in derivatives called
interest-rate swaps, and it is set by the sixteen private megabanks
behind closed doors. MORE
Sixteen
of the world’s largest banks have been caught colluding to rig global
interest rates. Why are we doing business with a corrupt global banking
cartel?
United States Attorney General Eric Holder has declared that the too-big-to-fail Wall Street banks are too big to prosecute. But an outraged California jury might have different ideas. As noted in the California legal newspaper The Daily Journal:
LIBOR (the London Interbank Offering Rate) is the benchmark rate at which banks themselves can borrow. It is a crucial rate involved in over $400 trillion in derivatives called interest-rate swaps, and it is set by the sixteen private megabanks behind closed doors.
Read more at http://www.maxkeiser.com/2014/04/wall-street-greed-not-too-big-for-a-california-jury/#xeEgSqAKhoGwzvLZ.99
United States Attorney General Eric Holder has declared that the too-big-to-fail Wall Street banks are too big to prosecute. But an outraged California jury might have different ideas. As noted in the California legal newspaper The Daily Journal:
California juries are not bashful – they have been known to render massive punitive damages awards that dwarf the award of compensatory (actual) damages. For example, in one securities fraud case jurors awarded $5.7 million in compensatory damages and $165 million in punitive damages. . . . And in a tobacco case with $5.5 million in compensatory damages, the jury awarded $3 billion in punitive damages . . . .The question, then, is how to get Wall Street banks before a California jury. How about charging them with common law fraud and breach of contract? That’s what the FDIC just did in its massive 24-count civil suit for damages for LIBOR manipulation, filed in March 2014 against sixteen of the world’s largest banks, including the three largest US banks – JP Morgan Chase, Bank of America and Citigroup.
LIBOR (the London Interbank Offering Rate) is the benchmark rate at which banks themselves can borrow. It is a crucial rate involved in over $400 trillion in derivatives called interest-rate swaps, and it is set by the sixteen private megabanks behind closed doors.
Read more at http://www.maxkeiser.com/2014/04/wall-street-greed-not-too-big-for-a-california-jury/#xeEgSqAKhoGwzvLZ.99
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