Freddie Mac Sues JPM, BofA For Billions In Libor Losses
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Freddie Mac Sues Bank of America, JPM For Billions In Libor Losses
US mortgage company Freddie Mac claims it suffered more than $3 billion in losses between 2007-2010 due to bank manipulation of Libor, a benchmark borrowing rate run by the British Banking Association.
Freddie Mac is suing more than a dozen banks, including Bank of America, JPMorgan Chase, UBS, CitiGroup, Royal Bank of Scotland, and Credit Suisse for setting the Libor low against the dollar to “both hide their institutions’ financial problems and to boost their profits,” according to the complaint. The complaint was filed March 14 in US District Court in the state of Virginia.
“Defendants’ fraudulent and collusive conduct caused USD LIBOR to be published at rates that were false, dishonest, and artificially low,” Richard Leveridge, a Freddie Mac lawyer wrote in the complaint, which went public on Tuesday.
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Goldman Sachs - Life with Goldman..sucks!
A song about Goldman Sachs, written by Georgina Grammatikou.
Reader Comments (9)
http://www.dailymail.co.uk/news/article-1306645/Barack-Obamas-holiday-entourage.html
http://www.bloomberg.com/news/2013-03-19/iceland-s-lost-billionaires-unmourned-as-riches-draw-ire.html
A good read
http://wearechange.org/msnbc-slanders-wearechange-labels-us-a-right-wing-extremist-group/
Because MSNBC can't handle the truth about Obama and automatically thinks any criticism must be coming from extremists.
http://pages.citebite.com/m1j3o0r8i1grp
Allocated precious metal is therefore segregated from the Mint's operating inventory and is held under a custody arrangement. Allocated metal does not appear on The Perth Mint's balance sheet.
http://www.perthmint.com.au/investment_invest_in_gold_storage_options.aspx
http://www.theverge.com/2013/3/25/4144244/tunisian-feminist-amina-committed-threatened-with-stoning-for-nude-photos
Topless Tunisian Femen Protester Amina Tyler 'Is Home & Well', Says Lawyer Bouchra Bel Haj Hmida
http://www.huffingtonpost.co.uk/2013/03/26/topless-tunisian-femen-protester-amina-tyler-home-well-lawyer_n_2954864.html
http://www.bostonglobe.com/opinion/2013/03/25/morgan-tries-write-another-bad-playbook/LVr1CxISPvic5714pSgRhN/story.html
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Wall Street banks have spent the past five years recovering from massive wounds they inflicted on themselves, and the country at large. The banks bet they could build a housing doomsday machine, feed it criminally flawed mortgages, and have the story end with fat bonuses and smiles, rather than recession and grief. Now Wall Street is at it again, with bankers dusting off their doomsday machine. If they get their way, the housing market will become more susceptible to catastrophic meltdown than it was before the 2008 crash...
http://boston.cbslocal.com/wbzs-womens-watch/