This was a great post and well researched l have liked and following new posts in my reader and emails. Thanks Ian
Hi, and well done for firstly repaying all that debt. I give advice everyday to people to do just that, but with good debt management not borrowing more. I have totally admiration for doing what you did! Hope you do not mind but have posted this post and may inspire more people to do the same.
PS Following and Liked as well.
I saw this as an advert last night on UK TV and l was interested in learning more so thanks GigaOM
Consumers commonly re-sell their old plastic, boxed applications, CDs and video games through auction sites and back to retailers.
When it comes to the equivalent practise of re-selling download licenses, one of the world’s largest software makers has been trying to stop the prospect – but its efforts have been thrown out by a court.
The European Court of Justice has ruled: “An author of software cannot oppose the resale of his ‘used’ licences allowing the use of his programs downloaded from the internet.”
The case follows a complaint brought by Oracle in Germany against UsedSoft, a site which buys and sells business software licenses from their original owners. It means the license consumers get when they buy software via download can be traded on in the same way the boxed license can be.
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The email at the end of this video is the type l have received numerous times and l am looking at publishing a post containing the ones l have saved! So thanks for sharing and will share on my network!
As the bond makers of this generation have created what they term as their hedge funds, so the mere fact they are creaming a little off the top is no surprise to me! As they created their bonds to accommodate their ability to increase profits in their favor,rather than risk hedging their bets. Then in so doing so they would guarantee an absolute certainty of return,for themselves of course! As the risk would be carried by the provider of these funds,this relates very well to my post at Ace Finance News with relationship to how the LIBOR rate scandal influenced the 2008 and recent scandal involving Barclay’s. Anyone like to read the extracts or share just visit my link http://wp.me/pzTwj-5l
So by creation of hedge funds the bond makers could provide inexhaustible supplies of profits and the mere fact that anyone investing in these so-called growth bonds,they were very much aware by design that investors would not see growth for themselves! But would and has in effect provided an increase in bankers profits, thus fueling greater and greater bonuses! When people put their money in the hands of these ” Get Rich Quick Merchants” they commenced a domino effect that ricocheted across the pond and showing our UK bankers,such as Barclay’s and the like,how it was done!
Here is a further number of extracts helping to provide a broader perspective on the bankers and their underhand tactics ,that were provided from news articles l obtained. Some are even more revealing than first thought!
By shaving tiny fractions of a percent off their winning bids, the banks pocketed fantastic sums over the life of these multimillion-dollar bond deals… (C)consider this: Four banks that took part in the scam (UBS, Bank of America, Chase and Wells Fargo) paid $673 million in restitution after agreeing to cooperate in the government’s case. (Bank of America even entered the SEC’s leniency program, which is tantamount to admitting that it committed felonies.)
The Big Haul
Municipal bonds are a $3 trillion-plus market, and Taibbi’s right when he says it’s a complicated one. But the basic structure isn’t. There are three types of municipal bonds: competitively bid bonds, like the ones in this case; negotiated bonds, and private placements. Based on past experience, it’s safe to assume that the banks have cheated in all three categories. But even if we limit our universe of bank cheating to competitively bid bonds, we’re still talking about a market of roughly $1 trillion (in bonds that were issued between 1996 and 2011).
We used some data from a trade organization called the Securities Industry and Financial Markets Association, or SIFMA, and looked at the average length of the bonds from issuance to maturity (along with some other details that would bore most people) to get a rough sense of how much could have been stolen over the last fifteen years or so.
Here’s what we found: If interest rates were artificially lowered on all of these bonds by ten basis points, as was done in one of the bids in this case, that would have cheated America’s towns and cities out of $82 billion dollars in the years between 1996 and 2011.The “nickel” skimmed in another case would have cost our cities $41 billion.
We say that all is needed is one bad apple in a barrel, well here we have all the bad apples in one place, our banks!
- The Stock Market Racket (personalliberty.com)
- Barclay’s and 20 more banks, including HSBC, facing criminal inquiry over interest rate fix scandal | Mail Online (2012indyinfo.com)
- Libor Scandal Reflects A Cesspool of Financial Fraud (sjlendman.blogspot.com)
- EYE-BALL Guru on – The LIBOR Scandal … about to explode … (bleyzie.wordpress.com)
- There are no good Samaritans on Wall Street if you can be taken for 9 Billion (thoughtmanagement.org)
- Ex-GE Bankers Convicted of Municipal Bond Bid-Rig Scheme (bloomberg.com)