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Vitter To Bernanke: Are U.S. Banks Guilty Of Manipulation?

Excellent short clip from B-52's Libor testimony this Summer.  Vitter hits the Chairsatan with a left jab at the end of the round that leaves the Zimbabwe-trained Bernanke a bit wobbly.

Bernanke and everyone else knew LIBOR was rigged and did nothing.  It had always been that way (make-believe) to a small degree, amplified greatly during the crisis, but left alone by central-banking and other printing puppetmasters as it benefited 'financial stability' at the time to show low LIBOR rates.  And there was another reason they did nothing - they had bigger carcasses (bailouts!) on their plate - the AIG rescue, Lehman's fallout, Fannie & Freddie taxpayer fellatio, Morgan Stanley just 1-day-from bankruptcy, Goldman teetering on the brink, etc.

Remember that 'benefiting financial stability' is the reason that Cuomo ended several active Wall Street prosecutions in 2009 at the request of friend Tim Geithner, who visited the NY AG secretly to make the case.  And since Chris Whalen just explained that Bob Rubin was actually running the entire bailout program at the New York Fed in 2008, we can perhaps assume that Rubin issued the 'no prosecution' directive to Geithner, though it is much more likely that no directive was needed between the like-minded bailout henchmen.

In Ron Suskind's book, Confidence Men, he quotes Geithner as telling Obama:

"The confidence in the system is so fragile still... a disclosure of a fraud... could result in a run, just like Lehman."


Earlier today:

FEDS: Libor Trader Dangled $100,000 Bribe


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Reader Comments (4)

Greenspan Admits To Rampant Fraud & Illegal Activity In U.S. Banking System While Sharing Jekyll Island Stage With Bernanke

Jul 17, 2012 at 1:58 PM | Registered CommenterDailyBail
Bernanke is such a sniveling weasel, trying to deflect attention to other regulators, claiming they've sought info re manipulation from the banks. Unfortunately, Vittner lets him get away with it. Gee, Ben, why hasn't the Fed asked for this info itself? Geithner knew all about it while he was working under you at the NY Fed.

In case anyone forgot, here's Alan Grayson going after Fed General Counsel Scott Alvarez in 2009 about the Fed's own manipulation of the stock market:

Jul 17, 2012 at 7:07 PM | Unregistered CommenterCheyenne
Little people don't matter

Fed’s $4 Trillion Rescue Helps Hedge Fund as Savers Hurt


$14.8 billion is still owed by nearly 400 smaller banks that received TARP help. Only three banks still owe taxpayers more than a half-billion dollars: Synovus Financial (SNV) of Columbus, Ga., which received $968 million, Popular (BPOP), a Puerto Rican bank that got $935 million, andZions Bancorporation (ZION), a Salt Lake City bank, which has only repaid half of the $1.4 billion it was originally given.

Treasury has also written off losses of about $2.8 billion in other TARP money given to smaller banks and financial firms, with most of that -- $2.3 billion -- due to the CIT Group bankruptcy.
Dec 20, 2012 at 2:06 PM | Unregistered CommenterLadyLiberty
Well, there goes that last shred of decency. I was willing to give POTUS a pass on some of this stuff because it seemed he just did not know what was going on. But now it looks as if he did know and chose to let the banks continue along their maerry way to fraudville and let the American people take the shit. I am STILL waiting for my thank you card from the Fed and Treasury.
Dec 20, 2012 at 4:59 PM | Unregistered CommenterSKINFLINT

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