The Banksters and the Prophecy of Thomas Jefferson (1802)

[Christophe]

Heat you with dried flan, if need be ...

But a blanket roof?

[Remundo]

when you have eaten good blank, you have the strength to make yourself a roof

[Christophe]

Ah ah ah this is the remundian pirouette!

[Christophe]

A bit oddly translated but it remains quite understandable ...

Will the Libor scandal finally get the banks' credibility right?

For years, one of the world reference rates (Libor) has been deliberately manipulated by large English banks ... in their sole interest.

The Libor (London Intebank Offered Rate, or interbank rate) does not interest you? Maybe - but know that he is interested in you. There is certainly little chance for an average American to apply for an interbank loan in London; however, a wide range of other financial instruments use this rate as a benchmark.

Loans with variable interest rates (private student loans, car loans, adjustable rate mortgage loans, credit cards, etc.) must be indexed to a fundamental benchmark indicating the overall costs of financing within the financial system. This is often the "base rate" set in the United States, but the Libor is also often seen as a benchmark. If - as more and more elements tend to prove - Libor was deliberately (and for several years) manipulated by certain banks, then millions of people did acquire financial products (of all types) at an inappropriate interest rate. Innocent people were unjustly robbed of large sums of money, while others took advantage of equally important - and just as unjust - deals. Once again, the basic structure of the global financial system is totally unsuited to its function.

(...)

Suite: http://www.slate.fr/story/59239/banque- ... redibilite

[plasmanu]

The snowball effect.
Libor is $ 350000 trillion

How much for the oil windfall

Was the petrol price rigged too?
Motorists may have been paying too much for their petroleum because banks and other traders are likely to have tried to manipulate oil prices in the same way they rigged interest rates, an official report has warned.

http://www.telegraph.co.uk/earth/energy ... d-too.html

A report produced for the G20 reveals that the price of crude could have been manipulated by banks, traders and oil companies. As was the case with Libor, the benchmark rate for inter-bank loans.

The boss of total who wants gasoline at € 2 a liter and quickly
cekomcapicetou

The cash cow will growl: and that's good.

[moinsdewatt]

Libor is $ 350000 trillion
.....

What does this phrase mean?

$ 350000 trillion is much more than world GDP.

[moinsdewatt]

Such is taken who thought he was taking.

High frequency trading makes it possible to gain pogon, and to lose it at the same speed.
Well done.

The setbacks of Knight Capital, specialist in high frequency trading

THE WORLD | 07.08.2012

Knight Capital is saved. The American broker, which had lost 440 million dollars (355 million euros) last week following a computer bug, managed to raise 400 million dollars to avoid bankruptcy on Monday August 6. Six investors, including its competitor Getco, will eventually own more than 70% of this "wholesale" broker - it acts as an intermediary with smaller players.
The scale and speed of the mobilization, which took place during the weekend, are commensurate with the excitement aroused. In fact, on August 1, Knight Capital caused a mini-crash on the New York Stock Exchange: more than 140 securities experienced abnormal movements. In question: a "technical problem" during the installation of a new ordering software.

"It took nearly an hour to learn that the problem came from a Knight Capital algorithm. This software sent orders by the hundreds and blew up prices," said Gregori Volokhine, president of the manager Meeschaert in the United States. .

Knight is a heavyweight on Wall Street: he manages almost 15% of the shares traded daily on the American market. Or some 20 billion dollars, eight times the volume traded on the CAC 40!

SUBMERGED

The broker is also used to high frequency trading, which consists of placing automated stock market orders at ever faster speeds thanks to very sophisticated computer programs. Too many, according to his detractors, to whom the incident of August 1 gave grain to grind. "Automated trading shows its limits when it gets out of hand," laments Benoît Lallemand, from the NGO Finance Watch, who points out that it took the broker half an hour to stop his machine.

While Knight Capital's clients weren't affected, the broker was quickly overwhelmed by his "palm," which weighed him down with more than $ 4,5 billion in stock in a matter of minutes. Goldman Sachs bank had to intervene urgently on the evening of August 1. She bought back the unwanted shares at a cut price to help Knight "make it through the night," the Wall Street Journal reports. The broker was able to limit his loss to $ 440 million. The latter only had $ 365 million in cash, hence the recapitalization of the weekend.

So the case would be closed? Nothing less sure. “Knight's technology was very well-known, as well as JPMorgan's risk control,” Volokhine says. “It will take time to rebuild confidence.”

Many clients have, in fact, abandoned the broker. NYSE-Euronext, the operator of the New York Stock Exchange, has temporarily withdrawn from Knight Capital its market maker mandate - which allows it to buy and sell shares. Several analysts evoke the risk of dismantling the group to the benefit of its competitors, while the Knight share has lost more than 70% of its value since last week.

http://www.lemonde.fr/economie/article/ ... _3234.html

[Obamot]

The interesting number is that this company is brewing trade for

100 billion! Suffice to say that regular investors who go through the New York Stock Exchange, take the broth at least once in ten!

The stock market is Las Végas, we told you so!

[moinsdewatt]

The interesting number is that this company is brewing trade for

100 billion! Suffice to say that regular investors who go through the New York Stock Exchange, take the broth at least once in ten!

The stock market is Las Végas, we told you so!

?
What are you talking about

The article explicitly talks about $ 20 billion being processed daily by Knight Capital.

[moinsdewatt]

Banking scandals: London and New York at loggerheads

The questioning of the British bank Standard Chartered by the American authorities puts London in turmoil. At stake: the competition between Wall Street and the City.

..........

http://www.lefigaro.fr/societes/2012/08 ... -tires.php