Bank Of America Says Libor Probe Draws U.S. Subpoenas On Submissions

BloombergBusinessweek:

Bank of America Corp. (BAC), the second- biggest U.S. lender, received formal inquiries from investigators pressing their probe into the possible rigging of a key international lending benchmark.

Read the whole story at BloombergBusinessweek

Comments

[Omentum]

11:57 AM on 08/13/2012

There is a tingle going up my leg.

[Brian Penny]

10:12 AM on 08/04/2012

Remember the term Force-Placed Insurance. It is the leading cause of foreclosures since 1994, and it's not just mortgage insurance. This happens for Auto, Commercial, Boat, RV, Motorcycle, and other collateral loans. The artificially and illegally inflated premiums have been proven to create a negative escrow account, which leads to doubled mortgage payments, blocked property tax payments, and denied loan modifications.

Read my firsthand account as a bank whistleblower exposing the largest banking fraud in history. Bankers will go to prison...I've seen to it personally...
http://thoughtforyourpenny.blogspot.com/2012/07/the-boy-who-cried-force-placed.html

[spytheweb]

02:53 AM on 08/04/2012

No one is going to jail all of this is just eyewash. What will happen is the bank will have to pay a small fine and no jail time. The game is fixed.

[Eyeful]

06:19 PM on 08/03/2012

Come gather 'round bankers
Wherever you roam
And admit that the wealth
Around you has grown
And accept the fact
You are rich to the bone
If all money to you
Is worth stealin'
Then you better start swindling
Or you'll sink all you own
For the crimes you made from a-stealing.

[AldronsLastHope]

01:24 PM on 08/03/2012

The rates affected 360 TRILLION worth of financial assets. And so far not even 1 billion in fines. That is a slap on the wrist. What is motivating the international bankers in switzerland @ BIS to stop this criminal behaviour??

[AldronsLastHope]

01:18 PM on 08/03/2012

If you look into this you will see this is the biggest crime ever perpertrated agains the U.S. Bigger than 9/11. This should be the top story on all the news channels. You can clearly see that the international banksters, along with their globalist friends in the CFR (Obama and Bush included) are TRYING to bankrupt America and drown us in a dept that isn't even really ours. END THE FED. If you want real change elect Ron Paul and stop having the globalists dictate who will and will no tbe leaders of this great nation. The is all planned the banks think they own us like slaves. They want America to fold like Greece.

[nypapajoe]

01:05 PM on 08/03/2012

Everyday a new financial sector criminal endeavor is uncovered! Yet no one has gone to jail just fines are paid out which protects the perpetrators! We the public don't have that luxury! It's apparently good to have politicians protecting your best interests!

[waltzinacrosstexas]

12:28 PM on 08/03/2012

"It is well enough that the people of this nation do not understand our banking and monetary system, for if they did, I believe there would be a revolution before tomorrow morning."

Henry Ford - (1934)

[Geovan]

11:52 AM on 08/03/2012

LIBOR collusion, credit card swipe charge collusion, foreclosure improprieties, mortgage-backed securities fraud... that was just a few from just the last 12 months.

Obama, Geithner, Holder, Franks, fold and collapse in the face of big banks.
We need to put the demos back into the Democratic Party.

[cats530]

12:01 PM on 08/03/2012

yes we do. Its too bad we can't rid ourselves of all charlatans and hucksters.

[cats530]

11:51 AM on 08/03/2012

The underlying idea for Libor was always: “by the bankers, for the bankers”. And if anyone involved in setting up Libor back in 1985 now wishes to claim that they had no idea that allowing banks to make up the rates at which they borrowed out of thin air created scope for manipulation, that would insult everyone’s intelligence including yours and mine. The problem is that in today’s climate, this doesn’t keep them from making precisely such claims. And that is very much part of a trend. It has increasingly become acceptable for bankers and politicians alike to deny anything flat out and see what happens, knowing their friends have their backs.
Read more at http://www.nakedcapitalism.com/2012/08/raul-ilargi-meijer-the-central-libor-question-do-we-want-to-save-our-banks-or-our-societies.html#OPL0xTmbyFrwRPIU.99

[cats530]

11:45 AM on 08/03/2012

■Cheating homeowners by gaming laws meant to protect people from unfair foreclosure ■Committing massive fraud in an $800 trillion dollar market which effects everything from mortgages, student loans, small business loans and city financing ■Manipulating the hundred trillion dollar derivatives market ■Engaging in insider trading of the most important financial information ■Pushing investments which they knew were terrible, and then betting against the same investments to make money for themselves. ■Engaging in unlawful “frontrunning” to manipulate markets. ■Engaging in unlawful “Wash Trades” to manipulate asset prices. ■Otherwise manipulating markets
■Participating in various Ponzi schemes. ■Charging veterans unlawful mortgage fees
■Helping the richest to illegally hide assets ■Cooking their books (and see this)
■Bribing and bullying ratings agencies to inflate ratings on their risky investments

http://4closurefraud.org/2012/08/02/stunning-crimes-of-the-big-banks-worse-than-your-wildest-imagination/

[cats530]

11:44 AM on 08/03/2012

■Funding the Nazis ■Laundering money for terrorists ■Financing illegal arms deals, and funding the manufacture of cluster bombs and other arms which are banned in most of the world ■Launching a coup against the President of the United States ■Handling money for rogue military operations ■Laundering money for drug cartels. (indeed, drug dealers kept the banking system afloat during the depths of the 2008 financial crisis) ■Engaging in mafia-style big-rigging fraud against local governments. ■Shaving money off of virtually every pension transaction they handled over the course of decades, stealing collectively billions of dollars from pensions worldwide. ■Artificially suppressing gold prices ■Charging “storage fees” to store gold bullion … without even buying or storing any gold. And raiding allocated gold accounts ■Committing massive and pervasive fraud both when they initiated mortgage loans and when they foreclosed on them ■Pledging the same mortgage multiple times to different buyers. This would be like selling your car, and collecting money from 10 different buyers for the same car
http://4closurefraud.org/2012/08/02/stunning-crimes-of-the-big-banks-worse-than-your-wildest-imagination/

[Tolkie]

11:40 AM on 08/03/2012

"I find it very interesting that the Department of Justice blew the whistle on the LIBOR scandal on the same day that the new Audit the Fed bill passed the House Committee." - David Wilcock

Me too Dave, me too.

[Geovan]

11:53 AM on 08/03/2012

Distraction is the key to holding power.

[trainer3]

10:41 AM on 08/03/2012

as you can see, this news is really hurting BoA (BAC) today.

heh. Not. If you don't play, you can't win.

http://www.google.com/finance?q=NYSE:BAC

[ydnas639]

11:22 AM on 08/03/2012

spam

[keramos]

10:27 AM on 08/03/2012

Don't subpoena the bank, subpoena the bank's officers.  They're people too.  Real people.  Real people can go to jail.  So can real criminals.  There are real criminal people in the upper echelons of the ongoing criminal enterprise known as BofA

[pictureunprfct]

10:40 AM on 08/03/2012

Someone will take the fall. It's like the mafia getting busted. Eventually the trail starts to veer too close to government and someone is scapegoated.

[cats530]

11:08 AM on 08/03/2012

The whole C-Suite?

[keramos]

11:34 AM on 08/03/2012

And C-Street too!  If necessary.  
Ferret them all out.