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XMFSinchiruna (26.57)

The Largest Banking Scandal of the 21st Century



July 05, 2012 – Comments (13) | RELATED TICKERS: JPM , C , UBS

The Largest Banking Scandal of the 21st Century ... at least thus far.


"This is a global banking scandal, with potential victims equally widespread. Providing context for the $160 million penalty assessed to Barclays by the U.S. Department of Justice last week, Assistant Attorney General Lanny Breuer explained: "Because mortgages, student loans, financial derivatives, and other financial products rely on LIBOR and EURIBOR as reference rates, the manipulation of submissions used to calculate those rates can have significant negative effects on consumers and financial markets worldwide." Rolling Stone reporter Matt Taibbi reminds us that "almost every city and town in America has investment holdings tied to Libor.""

"Taibbi has been hot on the trail of another, completely separate bank scandal involving bid-rigging in municipal bonds, in which severa6l of the same banks have been implicated. By "secretly colluding to rig the public bids on municipal bonds," Taibbi explains, "the banks systematically stole from schools, hospitals, libraries, and nursing homes" all across the United States. Although the LIBOR and EURIBOR scandal is many orders of magnitude larger than the separate caper in the $3.7 trillion municipal-bond market here in the U.S., Taibbi is correct to point out that in the wake of both scandals, it's getting "harder and harder to make the case that the major banks do not routinely cooperate at the expense of the public when it serves their purposes to do so.""

"The proliferation of leveraged financial instruments representing a fractional-reserve approach to the world's supply of actual physical gold and silver paves the way for widespread manipulation with potentially dangerous consequences, and in my view, the sooner these issues are afforded the sort of transparency now befalling the LIBOR and EURIBOR rate-setters, the sooner folks will be empowered to ensure that banks are not colluding to pursue objectives that may ultimately run counter to the common public interest. At the very least, we now know for a fact that banks have indeed colluded to pursue their shared agenda, and I for one would now like to know whether any such collusion has occurred with respect to silver and gold."

13 Comments – Post Your Own

#1) On July 05, 2012 at 12:30 PM, outoffocus (23.16) wrote:

We know that most of these markets are heavily manipulated just on the strength that most market are not trading on fundamentals and havent been for years now.  Banks, central banks, and governments have both sneakily and blatantly manipulated the markets the serve their self interests.  And honestly nothing is going to change until their little house of cards collapses (lehman style) and fundamentals rule again.

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#2) On July 05, 2012 at 12:41 PM, XMFSinchiruna (26.57) wrote:

Jim Sinclair posted my article to JSMineset today.

Judging by the attempted link URL to LeMetropole, the article was also dispatched to Bill Murphy's readers.

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#3) On July 05, 2012 at 1:32 PM, kdakota630 (29.17) wrote:

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#4) On July 06, 2012 at 2:39 AM, LongShortIndex (29.81) wrote:

YOU are enabling these banks.


A bank can only be in business and be solvent as long as there are depositors money to support their assets. YOU, your friends, family, coworkers are providing a LIFELINE to these banks with your $50 here, and $50 there in bank accounts. 

SOLVE this now by moving the funds into a community bank or credit union (and support the economy of your area instead of supporting these asian, european, wall street, Wash DC economies).  This also effectively changes voting representation in the regional central bank offices.

Doing the above is simply more powerful than most people's votes. 

As for the political process, well...

Bush = Obama = Romney = Pelosi = Gingrich

they all want bigger government 

they all support central banking monopoly

they all ensure mega corporate power with larger govt.

they all push for higher tax on middleclass (whether actual taxes or inflation tax)

they all support UN & wars

they all support the enabling of white collar crimes/loopholes (without real, pervasive penalties)

the policies set forth by these 'officials'/govt ppl are making the poor become poorer and destroying the middle class.

1) the solution is to recognize the corrupt two party system (and how the democrats and republicans have worked cohesively together in killing REAL debates in this country in over the past couple of decades)

2) after recognition of 1), you should identify the few in either party that has actually voted what they preach, & what they preach goes against the mainstream congress

3) support the few real representers of the american people in either side, and become involved yourself in the political races

4) educate others, talk to friends family, and engage strangers in public with identifying ppl who are wronging us (and also righting us) 


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#5) On July 06, 2012 at 2:40 AM, LongShortIndex (29.81) wrote:

There should be $0 of your deposit money in Wells Fargo, BofA, JP Morgan Chase, Citibank, Barclays, and HSBC.

Don't be ignorant, educate yourself, and realize the same benefits from any of the above mentioned banks can be had at your community bank or any credit union networks. 

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#6) On July 06, 2012 at 2:17 PM, SN3165 (< 20) wrote:

Sinch, what do you think of Solitario (XPL). Looks pretty promising?

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#7) On July 07, 2012 at 8:37 AM, skypilot2005 (< 20) wrote:


Sandstorm Gold Announces Commercial Permit At Bachelor Lake And Provides Santa Elena Update


Vancouver, British Columbia | July 6, 2012


Sandstorm Metals & Energy Provides Bracemac-McLeod Development Update





Long both companies 

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#8) On July 07, 2012 at 11:53 AM, eeibbay (< 20) wrote:

Nice work, Sky

Not impressed with the insider selling at SSL but we all need money sometimes. Some nice insider buying at SND after the big sell off. Just reposted your post over at the boards as there are one or two over there looking at Sandstorm.

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#9) On July 08, 2012 at 9:21 AM, skypilot2005 (< 20) wrote:

#8) On July 07, 2012 at 11:53 AM, eeibbay (< 20) wrote:


"Nice work, Sky

Not impressed with the insider selling at SSL but we all need money sometimes. Some nice insider buying at SND after the big sell off. Just reposted your post over at the boards as there are one or two over there looking at Sandstorm."

Have you looked at Donner?

They are partners with Xstrata Canada

 on the Matagami Mining Camp.

Donner has an agreement with Sandstorm.

I am comfortable with Nolan Watson’s D. D.

Mr. Watson is second only to Sinchi in D. D.  I. M. O.

Keep in mind I am only an Assistant. 


I own a sizable “chunk” of Donner.


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#10) On July 08, 2012 at 9:48 AM, skypilot2005 (< 20) wrote:

This could be some more “icing” on “The Cake”.

In addition to the construction of the Bracemac-McLeod mine, a second deposit called PD1 is currently under feasibility study

“The PD1 deposit is located 31.4 kilometres west-northwest of the Matagami mill via a paved and gravel all weather road. The deposit occurs in the north-western end of the West Camp trend which is a 30 kilometre long belt of volcanic rocks that correlate well with the Matagami sequence. The PD1 deposit contains a measured resource of 0.6 million tonnes grading 4.3% zinc, 0.83% copper, 19.6g/t silver and 0.1g/t gold from surface to 100 metres vertical depth. An indicated resource of 1.1 million tonnes grading 4.7% zinc, 1.33% copper, 19.6g/t silver and 0.1g/t gold has been calculated for the remainder of the deposit from 100 to 500 metres vertical depth. Mineralization is hosted within the Wabassee Group and the Key Tuffite, if present, is un-investigated in this area.”


In an unofficial Web Link Assistant to Sinchi capacity

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#11) On July 08, 2012 at 11:17 AM, skypilot2005 (< 20) wrote:

See #8 Sandstorm “link”, try this:

Bracemac-McLeod Gold Stream

Sandstorm has a gold stream agreement with Donner Metals Ltd. (TSXV:DON) (via a back-to-back agreement with Sandstorm Metals & Energy Ltd.), to purchase amount equal to 17.5% of the gold and gold equivalent produced from the Xstrata operated Bracemac-McLeod mine. Pursuant to the agreement, Sandstorm Gold will make an upfront cash payment to Donner of US$5 million on June 30, 2012 plus ongoing per ounce payments equal to the lesser of US$350 and the then prevailing market price of gold. Donner Metals are the owners of a 35% joint venture interest in Bracemac-McLeod.


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#12) On July 09, 2012 at 11:50 AM, eeibbay (< 20) wrote:

Thanks for those links, Sky.

I have only looked at Donner in the context of the Sandstorm agreements. Will look a little bit closer now but will have to wait for the Copper Fox situation to come to a head before I can free up more funds. Along with another (completely laughable!!) short bash on SVM by Alfred Little, things are a little strained in the juniors at the moment.

regards bbay 

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#13) On July 09, 2012 at 1:09 PM, eeibbay (< 20) wrote:


Just have to ask what you think of this new development with Copper Fox

It seems like a fairly drastic change of direction.... 

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