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Occupiers LIBORate Bikes Across London

Posted 2 years ago on July 14, 2012, 12:49 p.m. EST by OccupyWallSt

via The Occupied Times of London

Every morning this week, Occupy activists have been up early, quietly placing stickers on the panels of the ‘Boris bikes’, which are sponsored by Barclays.

The London Interbank Offered Rate (LIBOR) rate fixing scandal is being described as possibly the biggest fraud in history, affecting hundreds of trillions of dollars of financial transactions.

Despite being set in London, the LIBOR is the average interest rate agreed by the world’s largest international banks; it indexes the short and long term interest rates for ten currencies across the world.

Occupy supporter Liz Beech gave her take on the action: “We’ve been taken for a ride by Barclays and the Financial Times is reporting that more banks will be implicated. The apparently mild response by Occupy London – stickering bikes – should not be understood to underestimate the gravity of the revelations about LIBOR. Occupiers are recognising that the corruption is beyond even our imaginings and that all financial services worldwide should be scrutinised and that all wrongdoing must be prosecuted with vigour.”

Another Occupy supporter who wished to remain anonymous said: “The bike stickers are a highly visible way of alerting busy Londoners to the issue. I went out stickering at 5am on Monday morning. I was warned that I could possibly be arrested for criminal damage. Really? I mean, who are the criminals here? Concerned citizens highlighting a huge, international fraud with stickers which don’t exactly render the bicycles useless? Or the banks which are bleeding our communities dry?”

Former Chief Executive of Barclays, Bob Diamond, has been forced to resign and the UK serious fraud squad have launched a criminal investigation into rate fixing.

Barclays urges customers to “let us know straight away if you have fallen victim to fraud”. Victims of LIBOR-rigging may wish to call the Barclays hotline 0845 755 5555.

14 Comments

14 Comments


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[-] 2 points by dealdoctor (148) 2 years ago

This LIBOR fraud is the mother of all banking scandals. Here is a YouTube video that covers it's seriousness. Whoa!

http://www.youtube.com/watch?v=pAlSlDZsHuo&feature=player_embedded

[-] 1 points by Bighead1883 (285) 2 years ago

So as all this fraud goes on and on and on,in Spain another bank fraud bailout is happening with the country going into further austerity measures on top of 25% unemployment.These crooks assets need to be seized worldwide with those responsible jailed for fraud and theft.Its they the bankers that play monopoly,and they have used both get out of jail free cards up.

[-] 0 points by DKAtoday (28051) from Coon Rapids, MN 2 years ago
[-] 0 points by Bighead1883 (285) 2 years ago

Thanks DK,signed up.

[-] 0 points by DKAtoday (28051) from Coon Rapids, MN 2 years ago

Thank you - please circulate if you can.

[-] 1 points by shadz66 (19985) 2 years ago

Re. 'LIBOR', great news post & link from The UK, further to which I also append the following :

The 18 banks that constitute the cabal / cartel / committee / confraternity, to set 'LIBOR' are :

  1. Bank of America

  2. Bank of Tokyo-Mitsubishi UFJ Ltd

  3. Barclays Bank plc

  4. BNP Paribas

  5. Citibank NA

  6. Credit Agricole CIB

  7. Credit Suisse

  8. Deutsche Bank AG

  9. HSBC

  10. JP Morgan Chase

  11. Lloyds Banking Group

  12. Rabobank

  13. Royal Bank of Canada

  14. Société Générale

  15. Sumitomo Mitsui Banking Corporation Europe Ltd (SMBCE)

  16. The Norinchukin Bank

  17. The Royal Bank of Scotland Group

  18. UBS AG

Some other relevant links on the matter :

radix omnium malorum est cupiditas ...

[-] 1 points by jk1234 (257) 2 years ago

Forum Post: How about this protest idea for OWS? Please see: http://occupywallst.org/forum/how-about-this-protest-idea-for-ows/

[-] 0 points by Bighead1883 (285) 2 years ago

This is the catalyst that will see the bankers brought to task over their insidious practices.The truth of how they have ripped off America since 1913 under the guise of the Federal Banks of America and IRS has to be shown to even the schoolchildren."This system has to change soon.to an angry young tune,and that`s a concrete fact"Rodriguez.

[-] 0 points by gandalfwhite (2) from Garfield, NJ 2 years ago

http://www.avaaz.org/en/bankers_behind_bars_f/?fpla

Sign the petition, and spread the word.

[-] 0 points by Shule (1696) 2 years ago

What about the setting of the U.S. Federal Funds Rate? This important benchmark is set every few weeks or so by the Fed by vote according to what they think the health of the economy is. As it is all subjective, it is also open to manipulation. The Federal Funds Rate can be set in a manner to make the economy "look" better than it is, and I'll bet that is being done.

Very low interest rates is like cocaine, it gets you up for a short while, but in time will burn you out. The U.S. Fed has been pushing "economic cocaine" for many years now.......

[-] 0 points by enough (589) 2 years ago

The U.S. Federal Reserve and its cronies at JPMorgan, Bank of America, and Citibank never thought this mega-scandal would ever see the light of day. Now the conspiracy of banksters has been exposed for all to see. The government regulators will probably slap them on their wrists with pocket change penalties. The Justice Department will sit on its hands as usual.

After all, the indignity of hard jail time is reserved for plebeian Main Street Americans. Unfortunately, politicians from both parties are too busy soliciting campaign contributions from the banksters to notice the affront and damage to millions of Americans who got ripped off. The Fed knew all along that the big banks were manipulating interest rates, but did nothing concrete to stop it. The Fed tacitly condoned the practice because it was in the Fed's best interest for it to happen. God forbid Americans should think that the financial system was falling apart at the seams. It's so much easier to just cover it up. Why spook everybody unnecessarily? What's a little fraud among friends? Americans wouldn't notice. The best scam a banker can pull off is to steal pennies from honest people in huge volume. It is hard to beat the Lie-More scandal for its reach and impact. And its balls. Watch the bankers roll over on each other and the central bankers to ensure they receive no jail time and guess what? If past is prologue, the banksters are likely to triumph again at our expense. Let's hope the outcome is different this time and, for once, the banksters get put in the slammer where they belong along with their government enablers.

[-] 0 points by Bighead1883 (285) 2 years ago

How well put,that certainly means enough is enough.

[-] 0 points by hchc (3297) from Tampa, FL 2 years ago

Great article on zerohedge the other day about the trifecta relationship of wallst, the fed, and DC starting to crumple apart.

[-] 0 points by VQkag2 (16478) 2 years ago

It's obscene! More plutocrat crimes against the 99%. Put 'em in jail. Take all their money and use it to forgive the working class student loan debt, credit card debt, and mtg debt equal to the home value that banks lost when they crashed the world economy in 2008.