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[–]goodluvin0 points
3 points
3 points
(+3|-0)
ago
Fed to Barclays: Lower your Libor rate submission quotes.
Classic Catch 22..
Trader: If I lower my rates, I admit manipulation.
Else, If I don't, I piss off the Federal Reserve and my boss. Likely be out of a job.
Bottom line:
Fed should never have called Barlcays to ask them to lower the rates. But no one at the Federal Reserve is even being mentioned for any wrong doing.
Barlcays had higher rates because they are/were a smaller bank. Hence riskier.
Original quotes were valid.
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[–] goodluvin 0 points 3 points 3 points (+3|-0) ago
Fed to Barclays: Lower your Libor rate submission quotes.
Classic Catch 22..
Trader: If I lower my rates, I admit manipulation.
Else, If I don't, I piss off the Federal Reserve and my boss. Likely be out of a job.
Bottom line:
Fed should never have called Barlcays to ask them to lower the rates. But no one at the Federal Reserve is even being mentioned for any wrong doing.
Barlcays had higher rates because they are/were a smaller bank. Hence riskier.
Original quotes were valid.
[–] pyres 0 points 2 points 2 points (+2|-0) ago
Well DUH, that's what patsies are paid for.
[–] jesus_is_lord 0 points 1 point 1 point (+1|-0) ago
But ye have despised the poor. Do not rich men oppress you, and draw you before the judgment seats?
[–] postfascion ago
Winge, winge winge.... like it's fucking news that his superiors are complicit. When you dance with the devil....