The Dylan Ratigan Show 04-16-10
Banks like JP Morgan and Goldman Sachs sold securities with hugely inflated prices to their customers and then bet against these securities to make more profit ..and then taxpayers and investors were made to pay for all this.
AIG and other companies crashed because of these frauds.
..and what is more:
LIBOR-scandal is about manipulating these DERIVATIVES MARKETS!! But they don't want to tell this to people, so they mainly talk about the scam involving loan interests.
The global financial crises is caused by corruption in banking and derivatives markets, and by corruption in world politics.
LIBOR-scandal involved the manipulation of interest rates, such as LIBOR and EURIBOR etc., to manipulate manipulating loan interests but mainly to manipulate derivatives markets tied to these rates.
When rate such as LIBOR was made artificially too high, derivatives tied to that rate lost value, and when they manipulated the rate too low, the derivatives rose in value.
---When prices were manipulated lower, they made a buy. When manipulated high they sold.---
Derivatives tied to these manipulated rates amount to hundreds of trillions of dollars, so it is easy to understand that you can scam billions and billions of dollars from these markets by manipulating their value via manipulating interest rates.
Goldman Sachs Abacus-scandal is one of many derivatives frauds.
JP Morgan was involved selling overpriced bonds to Greek funds and to other customers, but many more MEGA-banks were also involved in such crimes; Deutsche Bank, Citigroup and so on..
Goldman Sachs also used inside info to bet against Greece on the markets, thou the bank to part of hiding Greece real financial situation before Greece entered the single-currency, Euro.
Abacus mortgage-backed CDOs
Greek parliament to probe 2007 bond issue scandal
Probe of 280 mln euro govt bond issue backed by JP Morgan
Jun 23, 2010
UPDATE 1-Greece seeks to curb bets against its debt
Apr 8, 2010
Banks Bet Against Greek Debt Even After They Helped Create Debt Concealing Swaps
Feb. 26, 2010,
For more info Google :
(bank name) derivatives probe