Word out today that Deutsche Bank is under investigation for LIBOR rate rigging has sent it’s shares down substantially.
Of course we know that they were ALL IN ON IT so that means many more “announcements” are coming. Here are the 18 banks that form the committee to set LIBOR:
- Bank of America
- Bank of Tokyo-Mitsubishi UFJ Ltd
- Barclays Bank plc
- BNP Paribas
- Citibank NA
- Credit Agricole CIB
- Credit Suisse
- Deutsche Bank AG
- HSBC
- JP Morgan Chase
- Lloyds Banking Group
- Rabobank
- Royal Bank of Canada
- Société Générale
- Sumitomo Mitsui Banking Corporation Europe Ltd (SMBCE)
- The Norinchukin Bank
- The Royal Bank of Scotland Group
- UBS AG
It is important to note that of these 18 banks that colluded to set phoney LIBOR rates, 9 of these banks are “Authorized Participants” colluding to rig the gold and silver markets in the phoney Gold and Silver ETF’s (GLD & SLV).
Germany’s Constitutional Court was set up after the war as part of an elaborate system of checks and balances. But recently it has been hampering the Germany government’s efforts to solve the euro crisis, much to the annoyance of some politicians in Berlin. Critics accuse the court of wanting to safeguard its own power.
At the last European Union summit, leaders agreed to establish a banking oversight authority. It remains unclear, however, what such a system might look like. The European Central Bank is to play a role, but can it maintain its independence?
