That our Job Creators would torch the Great Casino to cash out their fire insurance policies:
Barclays is not a household name here in the United States, but its actions reverberate throughout the global banking community. It only recently was found guilty of colluding with traders at other banks to fix the interest rates over the Libor, the London Interbank Offered Rate, and the Euribor, the Euro Interbank Offered Rate, over a period of 5 years, which coincided with the largest banking collapse in world history. This interest rate fixing is believed to have been the root cause of the lending freeze which caused the Adjustable Rate Mortgage reset. As ARM’s issued by such giants as Washington Mutual, Countrywide and Wachovia were derived in part on these two exchanges, this caused a record number of defaults as interest rates climbed faster than anyone had predicted.
Countrywide. Lehman's. Merrill. AIG. MERS. Robo-signing. And now this. Still not seeing any sort of a pattern, though, so I guess we'll let them off with a fine and no admission of wrongdoing since, well, we can't prove it.
---Vitelius
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