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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.


Rest of today's links.


Senate gun control stopped.

Harry Reid: Assault weapon ban does not have 60 Votes.



In Depressed Spain, ATMs That Dispense Free Cash

Read more at NPR...



Goldman Sachs - Life with Goldman..sucks!

A song about Goldman Sachs, written by Georgina Grammatikou.


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Reader Comments (9)

Speaking of Obama's limo, check out these photos of how he travels, with 20 vehicles in tow, including an ambulance.

Mar 26, 2013 at 4:59 PM | Registered CommenterDailyBail
At least three of Iceland’s ex-billionaires are, or have been, the subject of financial misconduct probes. Johannesson, who once flew around in a pin-striped private jet and owned luxury apartments in New York and London, received a suspended one-year jail sentence in February for violations including accounting fraud. He and Gudmundsson, who filed for bankruptcy in 2009, personified the boom-to-bust cycle that dragged Iceland away from fishing and tourism and turned it into a center for high finance.


A good read
Mar 26, 2013 at 5:00 PM | Registered CommenterDailyBail
MSNBC slanders WeAreChange


Because MSNBC can't handle the truth about Obama and automatically thinks any criticism must be coming from extremists.
Mar 26, 2013 at 5:10 PM | Registered CommenterDailyBail
Interestingly, one document obtained by PCJ from the Houston FBI office refers to what appears to have been a plan by some group, the name of which is blacked out in the released document, to determine who the leaders were of the Occupy Movement in Houston, and then to assassinate them with “suppressed” sniper rifles, meaning sniper rifles equipped with silencers.

Mar 26, 2013 at 5:32 PM | Registered CommenterDailyBail
I have reservations about the Black Dragon story.
Mar 26, 2013 at 5:37 PM | Unregistered Commenterjohn
Allocated storage is the traditional way of holding precious metals. Clients purchase specific physical coins or bars from the Mint. The Mint removes these from its operating inventory and places them in the Perth Mint Depository vault under the client's account number.

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.

Mar 26, 2013 at 5:37 PM | Registered CommenterDailyBail
Tunisian feminist threatened with stoning after nude Facebook protest, now committed to mental hospital


Topless Tunisian Femen Protester Amina Tyler 'Is Home & Well', Says Lawyer Bouchra Bel Haj Hmida

Mar 26, 2013 at 6:18 PM | Unregistered CommenterDailyBail
Wall Street up to their old tricks...



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...
Mar 26, 2013 at 6:40 PM | Unregistered Commenterjohn
One for the ladies here at DB...


Mar 26, 2013 at 6:53 PM | Unregistered Commenterjohn

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