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    Quote of the Day

    "You should be more conscious when you are sleeping"

    -Isabella Hatkoff  (June 2010) on the breaking a pinky promise by her dad who was a sleeping


    "You can't solve a problem with the same kind of thinking that created it."
    -Albert Einstein (1879 - 1955)

    "Give a dog a fish, feed him for a day.  Teach a dog to fish, feed him for a lifetime."

    - Walter the Farting Dog

    "Wouldn't it make more sense to read the legislation before approve you it? It's like asking the architect to design the house after it is already built."

    -Paris Hilton


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    The Mosaic Continues Piece by Piece



    JULY 19, 2012, 7:34 PM

    Libor Scandal Shows Many Flaws in Rate-Setting

    It is an open secret in the banking world: the interest rates for many mortgages and loans are based on a benchmark that is largely guesswork.

    The flaws in the rate-setting process, which is used to determine the pricing for trillions of dollars of financial products, have been exposed by the latest banking scandal. Regulators around the world are investigating whether big banks gamed the rates for their own benefit before and after the financial crisis.

    But even if banks do not deliberately manipulate the rates, the benchmark remains vulnerable.

    Banks derive the rates from estimates rather than real market data. So the benchmark, a measure of how much banks charge each other for loans, does not necessarily represent actual borrowing costs. This weakness has only been exacerbated in recent years, as banks have mostly stopped lending to each other.

    The Federal Reserve chairman, Ben S. Bernanke, told Congress this week that he did not have "full confidence" in the process, calling it "structurally flawed."  (continue at NYT Deal Book)


    LIBOR:Once Again History Repeats Itself

    LIEBOR Scandal Widens


    Evokes mid 80s Prime Rate Lawsuits


    Jackie Kleiner sure knew how to scare the shit out of bankers back in the mid 80s.  Seems banks had forgotten to change their definition of the Prime Rate in the loan docs.  They called it the rate they lend at to their best customers. That was true until it wasn't.  To keep up  with the  Joneses (European banks)  US banks  started moving away from Prime as the base rate.  They started lending to large corporate credits using LIBOR as the base rate which just happened to be hundreds of basis points below prime.   Hence they were lending  to their best customers like Coca Cola at LIBOR plus 50bp say 7.5% when Prime was 13% to the 99%:  the bankers held Prime artificially high just because they could milk the average cow dry.  This definitely came back to bite them in the ass when a small time attroney figured it all out and sued the sons-a-bitches.


    Maybe the LIBOR police should take a look at history repeating.  Attorney Generals, time rev up your engines.  




    Sobbing for Saab: Liquidation to Begin

    Saab Files for Liquidation After G.M. Balks at China Deal

    • PARIS — The owner of SaabAutomobile finally threw in the towel Monday, filing for bankruptcy after hopes of a life-saving investment from Chinese investors collapsed in the face of opposition from General Motors.


    End of an Era






    Soft Landing: Jeff Bezos for Secretary of the Treasury and Chairman of Fed

    Bezos, the Rocket Scientist, Perfects Vertical Take-off and Landing 


    Now this is what you call a soft landing.  China...are you watching?



    Songify THIS: Now That's  Leadership!!!!

    Yes We Can Can Na Na Na Yes We Can Cha Cha Cha


    Obama Gets His Groove On with Scmoyoho's Songify


       Now just imagine what would happen to politics in America (and to network ratings) if all State of the Union speeches were this inspiring!  







    Live Coverage of Police Clearing Zucotti Park

    A New Moment in 21st Century Capitalism


    Watch live streaming video from occupynyc at livestream.com

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