Like a run a round Sue;
He thinks he's got it good;
He get a round.
"If you think we stole, wait
till you see what the other banks did." That's the gist of a July 13
internal memo by Barclays CEO Marcus Agius to the bank's staff which
went public today. "As other banks settle with authorities, and their
details become public, and various governments' inquiries shed more
light, our situation will eventually be put in perspective," the Telegraph
quoted the memo today. The memo goes on to stridently defend the
investment bank master-minded by the disgraced Bob Diamond— known
internally as "Bob's baby"—in what the bank itself called "an
unequivocal statement": "Our strategy and business model were right for
Barclays before recent events, and they remain right for Barclays now."
Will the Liborgate killers get away with this "hang tough" line? Barclays Chief Operating Officer Jerry del Missier will be questioned by the British Parliament on Monday; on Tuesday, a hearing will be held to grant Barclays' request to be taken off the panel that sets the interbank lending rate for the UAE (EIBOR); and the Barclays correspondence is exploding in Timmy Geithner's face and threatening to sink Obama himself, even if the mainstream media is working overtime to CoverYour and Geithner's Asses.
"That is very stupid of them," Lyndon LaRouche commented today about the attempted pro-Geithner spin and coverup. "With an angry population, I really would advise them, don't do that."
The U.S. Justice Department's Criminal Division is building cases against several banks, today's NY Times reports today, based on DOJ sources. Congress must demand that they not be settled with an obscene kiss on the rump, as Eric Holder's DOJ did in its agreement not to prosecute Barclays because of its extensive "assistance" to the DOJ. Though technically reserving the right to prosecute individuals, the DOJ release makes it very clear that there is no DOJ intention to do so—and certainly not the higher-ups.
Deutsche Bank has sought a deal in which it provides evidence to European authorities about the LIBOR rigging in exchange for a lighter penalty, Der Spiegel reports today. It offered EC and Swiss investigators a pact in 2011, which Spiegel says was recently agreed on. According to a Morgan Stanley study, Deutsche Bank's exposure to lawsuits might total more than $1 billion, and that of all banks together totals $22 billion.
The prospect of criminal prosecution is rattling the banking world in general, the Times piece reports. The DOJ investigation comes on top of private investor lawsuits and broad investigations by the Commodity Futures Trading Commission (CFTC). More then 10 big banks in the U.S. are under investigation, and at least two European banks are scrambling to arrange deals. NY Times sources say UBS, whose Americas division chairman Robert Wolf is an Obama bundler and golf buddy, is high on the list.
Will the Liborgate killers get away with this "hang tough" line? Barclays Chief Operating Officer Jerry del Missier will be questioned by the British Parliament on Monday; on Tuesday, a hearing will be held to grant Barclays' request to be taken off the panel that sets the interbank lending rate for the UAE (EIBOR); and the Barclays correspondence is exploding in Timmy Geithner's face and threatening to sink Obama himself, even if the mainstream media is working overtime to CoverYour and Geithner's Asses.
"That is very stupid of them," Lyndon LaRouche commented today about the attempted pro-Geithner spin and coverup. "With an angry population, I really would advise them, don't do that."
The U.S. Justice Department's Criminal Division is building cases against several banks, today's NY Times reports today, based on DOJ sources. Congress must demand that they not be settled with an obscene kiss on the rump, as Eric Holder's DOJ did in its agreement not to prosecute Barclays because of its extensive "assistance" to the DOJ. Though technically reserving the right to prosecute individuals, the DOJ release makes it very clear that there is no DOJ intention to do so—and certainly not the higher-ups.
Deutsche Bank has sought a deal in which it provides evidence to European authorities about the LIBOR rigging in exchange for a lighter penalty, Der Spiegel reports today. It offered EC and Swiss investigators a pact in 2011, which Spiegel says was recently agreed on. According to a Morgan Stanley study, Deutsche Bank's exposure to lawsuits might total more than $1 billion, and that of all banks together totals $22 billion.
The prospect of criminal prosecution is rattling the banking world in general, the Times piece reports. The DOJ investigation comes on top of private investor lawsuits and broad investigations by the Commodity Futures Trading Commission (CFTC). More then 10 big banks in the U.S. are under investigation, and at least two European banks are scrambling to arrange deals. NY Times sources say UBS, whose Americas division chairman Robert Wolf is an Obama bundler and golf buddy, is high on the list.
