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The Global Scam That May Prove Terminal For Barclays, Lloyds And RBS
By Ian Fraser
Published: Sunday Herald
Date: July 1st, 2012
Bankers on the fiddle: executives face extradition to US. Exclusive by Ian Fraser (This is the full, unedited version of an article that was the “splash” in the Sunday Herald on July 1st, 2012) Image: Banzai7
Executives and former executives of the Royal Bank of Scotland, Lloyds Banking Group, HSBC and Barclays are at risk of criminal action, including possible extradition to the United States, in the wake of evidence of their concerted attempts to rig global interest rates, according to senior legal experts.
RBS, Lloyds and HSBC are also facing even larger fines than Barclays’ £290 million fine because of their involvement in the alleged international cartel.
William K Black, an associate professor of economics and law at the University of Missouri-Kansas City, told the Sunday Herald that anyone who is found to have manipulated Libor or condoned such practices at a senior level in a bank should face criminal prosecution. He suggested UK based directors and staff, such as the former RBS chief executive Fred Goodwin, could be liable for extradition to the US.
Black, a world-leading expert on financial crime said:
“The reports of systematic falsification of Libor reports, if accurate, constitute felonies under US antitrust law that should be prosecuted vigorously, as should the systematic cover up.”
The US Justice Department has confirmed its criminal division is investigating banks other than Barclays. It said:
“The Justice Department’s criminal investigation into the manipulation of Libor and Euribor by other financial institutions and individuals is on-going.”
Industry sources said executives from Barclays, HSBC, Lloyds and RBS are at risk of extradition hearings, since evidence suggests that US dollar Libor was was one of the benchmarks that was manipulated. Seventy percent of the $500 trillion global swaps market is based on US dollar Libor, with American counterparties likely to have been most affected.
Labour leader Ed Miliband last week called for the guilty individuals to face criminal prosecutions, saying: “we need the strongest punishment, a change in regulation and a change in the culture of our banks.” UK justice secretary Ken Clarke yesterday insisted bankers who have committed crimes must be brought to trial, as an urgent independent review into the inter-bank lending rate scandal was announced.
Scottish justice secretary Kenny MacAskill said last night that “if the Lord Advocate was so minded [to prosecute bankers], he would have the government’s full support”.
The review, to be set up by the Government next week, will consider how the Libor rate will operate in the future and whether criminal sanctions for manipulation can be introduced. A short, urgent investigation would allow amendment of the Financial Services Bill currently going through parliament, a spokeswoman for the Prime Minister said.
However, Labour leader Ed Miliband dismissed it as a “sticking-plaster solution” and called for a full-scale public inquiry into banking culture and practices. Ministers are considering setting up a separate review into the professional standards of bankers.
Prime minister David Cameron said:
“It’s very important, above all, that government takes all of the actions necessary, holding bankers accountable, making sure they pay their taxes, making sure there’s proper transparency, making sure the criminal law can go wherever it needs to, to uncover wrongdoing, all of these things need to happen.”
Responding to the calls for an inquiry, he added: “Let’s take our time, think this through carefully… That’s what I’m determined to do, and that’s what we will do.”
The scam is simple to see through, the privately owned Bank of England and The Federal Bank in America are creating money out of thin air. Why then the so-called bank bail outs. This is nonsense the governments if they were really serving the people would stop these banks creating the money and would do it themselves. They could then end all taxation at a stroke, taxation is in place because they have created Nations of Zombie slaves.
We need a world wide revolution of consciousness, we are going to have to stop the genocidal pathological criminal elites and people in uniform police and military need to wake up the most:
“Government is not suggestion nor persuasion, it is force…and force is violence….When you advocate any government action, you first must believe that violence is the best answer to the question at hand.”
Laws of the Jungle, by Allen Thornton
Extradition,Jail, I won’t be holding my breath!