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EYE-BALL Guru on – The LIBOR Scandal … about to explode …

July 8, 2012
The-EYE-BALL-Opinion-Header-2
Title:
The “LIBOR” Scandal … about to explode
|EYE-BALL Guru | 9th July 2012 |
The word is out – Financial Market operators are the lowest of the low.  Having worked in the Markets for two odd decades from the early 80′s – I saw it from its infancy here in Australia.

I saw it all, worked in New York and Chicago, spent time in London, moved to and lived in Sydney and ran a $500 million investment portfolio.  It was a career with no peer until it all ended because a scumbag named John O’Neill – (current ARU supremo – and head of the State Bank of NSW at the time) – stepped in and with the help of Nick Greiner, the then Premier of NSW, went about and perpetrated a A$75 million NSW Government sanctioned fraud upon 265,000 investors that neither have ever had to account for.

That is my story – but what has been happening in Financial Markets over the last 20 odd years is not just a fraud perpetrated against a global population – it has destroyed the way people live their lives and impacted on everybody on the planet.   These mega wealthy operatives have emmense financial ‘clout’ at their disposal – they will do whatever it takes to protect themselves.   They’re not afraid to bring down Government’s in the process and use the global financial system as leverage if they need to protect themselves.   That was the price Lehman Bros paid to get everybody else off the hook.

I read today a Robert Reich article on the latest Barclays PLC LIBOR (London Interbank Offer Rate) scandal.  LIBOR is a settlements exchange rate professional Financial Institutions deal at among themselves.  You would have been reading updates on this developing scandal and the Robert Reich story covers the scandal eloquently and it is a must read.

Barclays PLC UK Bank had to pay away almost $500 million in fines and penalties for their part in rigging this LIBOR market.  Before I make more comment, I will let you read the Robert Reich story.

[Robert Reich is Chancellor's Professor of Public Policy, University of California at Berkeley.   He has a 'blog' off his Berkeley position and his 'bio' can be read here.]

The Wall Street Scandal of All Scandals

| Author: Robert Reich | Date: July 7th 2012 | Link to On-Line Story. | Join Reich RSS Feed |

Just when you thought Wall Street couldn’t sink any lower — when its myriad abuses of public trust have already spread a miasma of cynicism over the entire economic system, giving birth to Tea Partiers and Occupiers and all manner of conspiracy theories; when its excesses have already wrought havoc with the lives of millions of Americans, causing taxpayers to shell out billions (of which only a portion has been repaid) even as its top executives are back to making more money than ever; when its vast political power (via campaign contributions) has already eviscerated much of the Dodd-Frank law that was supposed to rein it in, including the so-called “Volcker” Rule that was sold as a milder version of the old Glass-Steagall Act that used to separate investment from commercial banking — yes, just when you thought the Street had hit bottom, an even deeper level of public-be-damned greed and corruption is revealed.

Sit down and hold on to your chair.

What’s the most basic service banks provide? Borrow money and lend it out. You put your savings in a bank to hold in trust, and the bank agrees to pay you interest on it. Or you borrow money from the bank and you agree to pay the bank interest.

How is this interest rate determined? We trust that the banking system is setting today’s rate based on its best guess about the future worth of the money. And we assume that guess is based, in turn, on the cumulative market predictions of countless lenders and borrowers all over the world about the future supply and demand for the dough.

But suppose our assumption is wrong. Suppose the bankers are manipulating the interest rate so they can place bets with the money you lend or repay them — bets that will pay off big for them because they have inside information on what the market is really predicting, which they’re not sharing with you.

That would be a mammoth violation of public trust. And it would amount to a rip-off of almost cosmic proportion — trillions of dollars that you and I and other average people would otherwise have received or saved on our lending and borrowing that have been going instead to the bankers. It would make the other abuses of trust we’ve witnessed look like child’s play by comparison.

Sad to say, there’s reason to believe this has been going on, or something very much like it. This is what the emerging scandal over “Libor” (short for “London interbank offered rate”) is all about.

Libor is the benchmark for trillions of dollars of loans worldwide — mortgage loans, small business loans, personal loans. It’s compiled by averaging the rates at which the major banks say they borrow.

So far, the scandal has been limited to Barclay’s, a big London-based bank that just paid $453 million to U.S. and British bank regulators, whose top executives have been forced to resign, and whose traders’ emails give a chilling picture of how easily they got their colleagues to rig interest rates in order to make big bucks. (Robert Diamond, Jr., the former Barclay CEO who was forced to resign, said the emails made him “physically ill” — perhaps because they so patently reveal the corruption.)

But Wall Street has almost surely been involved in the same practice, including the usual suspects — JPMorgan Chase, Citigroup, and Bank of America — because every major bank participates in setting the Libor rate, and Barclay’s couldn’t have rigged it without their witting involvement.

In fact, Barclay’s defense has been that every major bank was fixing Libor in the same way, and for the same reason. And Barclays is “cooperating” (i.e., giving damning evidence about other big banks) with the Justice Department and other regulators in order to avoid steeper penalties or criminal prosecutions, so the fireworks have just begun.

There are really two different Libor scandals. One has to do with a period just before the financial crisis, around 2007, when Barclays and other banks submitted fake Libor rates lower than the banks’ actual borrowing costs in order to disguise how much trouble they were in. This was bad enough. Had the world known then, action might have been taken earlier to diminish the impact of the near financial meltdown of 2008.

But the other scandal is even worse. It involves a more general practice, starting around 2005 and continuing until — who knows? it might still be going on — to rig the Libor in whatever way necessary to assure the banks’ bets on derivatives would be profitable.

This is insider trading on a gigantic scale. It makes the bankers winners and the rest of us — whose money they’ve used for to make their bets — losers and chumps.

What to do about it, other than hope the Justice Department and other regulators impose stiff fines and even criminal penalties, and hold executives responsible?

When it comes to Wall Street and the financial sector in general, most of us suffer outrage fatigue combined with an overwhelming cynicism that nothing will ever be done to stop these abuses because the Street is too powerful. But that fatigue and cynicism are self-fulfilling; nothing will be done if we succumb to them.

The alternative is to be unflagging and unflinching in our demand that Glass-Steagall be reinstituted and the biggest banks be broken up. The question is whether the unfolding Libor scandal will provide enough ammunition and energy to finally get the job done.

ROBERT B. REICH, Chancellor’s Professor of Public Policy at the University of California at Berkeley, was Secretary of Labor in the Clinton administration. Time Magazine named him one of the ten most effective cabinet secretaries of the last century. He has written thirteen books, including the best sellers “Aftershock” and “The Work of Nations.” His latest is an e-book, “Beyond Outrage.” He is also a founding editor of the American Prospect magazine and chairman of Common Cause.

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You now get it right?

In the latter part of George Bush JNR’s second term – he appointed a guy named Hank Paulson as Assistant Treasurer – see trailer about this appointment below:

Bush Nominates Wall Street Chief for Treasury Job

| Publisher: New YorkTimes | Date: May 31st 2006 | Link to On-Line Story. | By EDMUND L. ANDREWS and JIM RUTENBERG |

If confirmed by the Senate, Mr. Paulson would succeed John W. Snow at a time when the economy, while strong, is facing fresh challenges from high energy prices, a falling dollar and shakiness in the stock market, where the Dow Jones industrial average fell 184 points, or 1.6 percent, Tuesday.

Mr. Paulson, 60, is chairman and chief executive of the Goldman Sachs Group and one of Wall Street’s most highly compensated executives, with a net worth estimated at more than $700 million. He had initially rebuffed overtures about the Treasury job, which is widely viewed as having declined in influence and prestige during Mr. Bush’s presidency.

But Mr. Bush and other officials — eager to bring aboard someone who could potentially do for this administration what another former Goldman chief, Robert E. Rubin, did for President Bill Clinton as a senior economic adviser and as Treasury chief — persisted. They enlisted mutual friends to persuade Mr. Paulson to accept, and had an advantage in Mr. Bush’s new chief of staff, Joshua B. Bolten, a former Goldman executive. … read more

________________________________________

Now – we all saw Paulson fronting the cameras during the early stages of the GFC in 2007 and giving the World reason to believe that the US Treasury was on top of the problem.  It’s important to give you some of Mr Paulson’s background. In a ‘TIME” Special edition titled “25 People to Blame for the Financial Crisis” Hank Paulson is on the list – comments made include:

Hank Paulson

| Link to On-Line Story. |

When Paulson left the top job at Goldman Sachs to become Treasury Secretary in 2006, his big concern was whether he’d have an impact. He ended up almost single-handedly running the country’s economic policy for the last year of the Bush Administration. Impact? You bet. Positive? Not yet. The three main gripes against Paulson are that he was late to the party in battling the financial crisis, letting Lehman Brothers fail was a big mistake and the big bailout bill he pushed through Congress has been a wasteful mess.

________________________________________

The story doing the rounds about Paulson at the time of the Treasury appointment was that to clinch the deal, and for Paulson to join Bush’s team, Paulson did a deal on his Goldman Sachs $400 million bonus when the Treasury allowed him to keep it ‘tax-free’.  During the GFC crisis his personal wealth was reported to be $750 million.  How he earned that wealth is another interesting story.

Goldman Sachs invented the now termed ‘sub-prime’ market during Paulson’s term at the Head of the Goldman Sachs Management team.  They all had a good thing going and while property prices kept inflating, nobody was a looser or concerned.

If anyone saw the movie – ‘MARGIN CALL’ – with Jeremy Irons, Simon Baker, Kevin Spacey and Demi Moore, well the plot story for that movie is largely based on how Goldman Sachs pulled off the greatest PONZI scheme ever and were never made to pay a dime back.

These Wall Street traders and their cousins across the Atlantic are out of control – Leaders of the World are not game to take them on.

These ‘sharks’ are still feeding in everybody’s backyard, the regulators open the gates to let them in and are too scared to go into the water to try and catch then.

Wake up you bunch of fuckwits – you don’t try to catch these killer sharks – you fuckin’ shoot them.

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Have your say where it counts: – contact your Local Federal Representative via the links below and let them know how you feel about this, or any other topic that you feel strongly about – or you can just post a comment below and let off some steam.

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The EYE-BALL Guru …


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  1. Gerry Hatrick
    July 9, 2012 at 3:47 am

    My career parallels that of the guru. I first met him in the Spring of 1981 in the Brisbane money market. We were young, brash and idealistic, (Now we are mature, brash and idealistic). The Brisbane money market existed for a couple of reasons rather than a national market and often by way of ethics we put the Sydney and Melbourne markets to shame.

    Besides LIBOR (London Inter-Bank Offered Rate) there is LIbid and LImean. In Australia we have AIBOR which simply mirrors BBSW – the Bank Bill Swap rate. It is a mid rate, strictly closer to LImean. That too is a long story

    In the Spring of 1984 I was transfered from the Brisbane office to the Sydney office to administer the fledgling swap book of Hill Samuel Australia Ltd. In Feb 1985 Hill Samuel Aust Ltd became the Macquarie Bank.

    A trader by its very mercantile concepts must outperform others by fair or foul. There are brilliant minds, and users. I always wanted to be the former. One who excelled through smart with principles rather than one who scammed. Over the years I met many scammers.

    Administering that swap book was many things. We did not have standardised contracts or an agreed mid rate for settlements. On one occasion I vividly recall I was negotiating a contract with Jillian Broadbent at Bankers Trust. (Jillian Broadbent in time went on to be appointed as a trustee of the RBA). The BT contract had onerous provisions about default, claiming a bid and offer process to settle disputes in their favour. That was the way it was, back then. On a different occasion I was doing a rate setting with Australia Bank, and they had different Bank Bill Rates to me quoted from the same sources. During 1985 the Sydney swap industry met to discuss furthering the markets and I proposed a public swap settlement rate and a standardised contract. BBSW started the next day, and on March 17, 1986 the AIRS agreement was signed into existence by the entire market. AIRS (Australian Interest Rate Swap Agreement was the first standardised contract now replaced by ISDA (or ASDA).

    From that day on the rorting did not stop it simply became more sophisticated. Dominate at all costs.

    Banks may on any given day be weighted to wanting a high or low rate according to their traders books, but the underlying is that they want this rate mechanism high, because ultimately the corporate borrower pays that rate. Already you might see holes. Bid, Offer or average. Do banks borrow at the Offer? In Australia lately they want to claim their international borrowing costs are higher despite their obvious credit quality. A different logic.

    Robert Reich above, tends to sensationalise, yes there is a problem, but this is hardly the scandal to top all other havocs created by banks. The word banco is Latin and means table. The English word Bank is derived from Banco (masculine) or Banca (feminine) both Latin/Italian. Banking goes back to the Romans, arguably even before. The table of exchange.

    The lack of ethics displayed by bankers too goes back through the ages. The Medicis, Pierpont Morgan, the Rothschilds and so on, all present a fascinatinating story, and throughout you will always find scandal. Excesses. Possibly just pure greed. Wanton and reckless greed.

    The scuttlebutt right now that a Barclays trader has said to a money market operator “I owe you a bottle (or carton) of Bollinger”, all makes sense. The money market operator was bribed to manipulate a daily setting higher or lower and it worked. The trader was rewarded through bonuses or profit share and the entire Barclays corporation became stronger and richer, at the expense of ?

    Answering that question is the same as any white collar crime, who pays? Social researchers will claim society through crime, depressive illness and a whole host of other observations.

    On somethinmg we can all agree we have caught someone with their hand in the cookie jar and it is time to make an example of them. The entire industry needs a good dose of ethics.

  2. July 9, 2012 at 10:43 am

    The intrigue in this ‘scandal’ will be in how they spin the cover-up.

    As with the ongoing GFC ’cause and effect’ and those who made immense fortunes as a result and never had to hand back a dime – this LIBOR scandal most probably involves all the major Banks involved in the Greek and Euro bailouts, plus their cousins across the Atlantic. To sanction all these BANKS thrown lifelines during the GFC and the only reason they survived – over a price fixing scam like this would be a bridge too far for markets to handle.

    As skittisk as global investors are – this scandal expose for all its intent and by-product will break the markets will to survive as we know it. It’s a bit like horse racing – all punters know that the Trainers, Bookmakers and jockeys all have a part in the rigging process – if it were discovered that the Stewards were responsible for rigging everything – how many punters do you think would want to play the game.

    Until a half a dozen major financial institutions fail and their Directors end up in jail and the monies recovered – the investors/punters will abstain.

    But then the human greed the market represents will make sure that they all just turn the page and go off in another direction and formulate another ‘big-con’ that the investors/punters will fall over themselves to be a part of.

  3. July 9, 2012 at 11:07 am

    It was not harped on in the post – but you did get the number of Goldman Sachs connections in Bush and Clinton’s Administration right. There is no better way to carry out a fraud then from within a Government with their protection and resources.

    The whole sysem has been corrupted from top to bottom and the dream of reaching the promised land of golden pathways and parachutes is all these ‘sharks’ prowl for.

  4. david the pragmatist
    July 9, 2012 at 12:54 pm

    Again it is a shame to see 2 people badley hurt by the market in their personal equations react to something as basic as rate setting. I know you both see it as an opportunity but really you two you should know that integrity does and will not exist in capital markets in a capitalistic system where effectively the regulators are so much “dummer” than the participants. Its basically like saying that the referees are blind, but because they are unbiased (read maybe) then it is best using blind referees rather than none. Gerry Hatrick is on the mark when he says, this is a rather minor issue.
    It hardly compares to say ramping the closing price on a futures contract before settlement or influencing the shape of the yield curve by trading a low turnover odd month ….and it goes on!!
    You guys need to understand there is “no justice” in the justice system and no democracy in party politics. When you do, then move on to real issues. Eye Ball calls this the tip of the ice burgh. Eye ball has been calling Doomesday for 30 years but really it is only doomesday for some? and the markets show no sign of the some being the “participants” or the blind referees or the politicians who will jump up and down and call “offside” from their equally blinded view. In the interim we will go home after the mellee and call for a new video ref with enhanced eyesight. Sorry we can’t adjudicate on forward passes!

    Cry your war stories boys and I understand it makes you feel better, but it won’t change a thing!!!

  5. July 9, 2012 at 1:21 pm

    He who is so blind to all around him – has darkness for a friend. He who is so blind because he does not want to see, is an idiot who askes to be robbed.

    The US Government bought the devil to work beside him in Paulson and the like – now they are everywhere pulling the strings.

    David, get out of your spiritist igloo and warm yourself with honour and integrity rather then sleep with the cold fish of life that is your friend.

    Guru …

  6. david the pragmatist
    July 9, 2012 at 2:43 pm

    If darkness is my friend and I am blind because I do not want to see, does this not imply my preference is to live in the dark and want to be robbed?

    Because if it does, then you are so wrong! Why because I can see clearly, maybe because I have 2 eyes, where you my friend have one eye and live with the blind and you would be their King. Unfortunately your Kingdom is tainted and your life dissapointed and unenjoyed.
    I have said many times to get a life and enjoy what you can, when you can. Your cup of life whilst half empty can be turned around and taste half full. When this happens you can prepare for your next life……which I suspect will be a blonde woman with large breasts and a hankering for anal sex. I say this based on your contined mysogenous nature and a proclivity to give it up the ass.

  7. Brian
    July 9, 2012 at 3:45 pm

    Eyeball,
    I thought this blow fly was banned eons ago. Denying free speech is one thing, but then making unsubstantiated and derogatory remarks is totally unacceptable. As for any reference to anal sex, that is utter contempt. Some horrible need to hurt and diminish.

    This character has consistently shown he is not pragmatic but both deluded and delusional, grandiloquent and from the above, without moral fibre. Take the easy ride, do not consider objectively, go with the flow. It is too difficult and therefore only going to bring unhappiness.

    Most importantly he should be totally ignored until he learns to make constructive criticism.

  8. big punter
    July 9, 2012 at 6:34 pm

    eyeball david wins hands down wish he could assisst in sport sellections

  9. david the pragmatist
    July 9, 2012 at 7:01 pm

    Good to see you have the religious right on your side….ie Brian…..whoever he is?
    I apologise if some of my commentary bordered on upseting our friend who never the less seemed to understand anal and mysogenism, no doubt learnt from extensive study of the old testament and a general understanding of the creation theory and the world being only 6 1/2 thousand years old. I am sure those stories of Sodom and Gamorah are churning through his loins as we speak. I am not sure where “blowfly” fits in the derogatory stakes, but coming from the religious right it should be remembered that “hyprocisy” is not a sancrosant when it comes to obeying the commandments.

  10. July 9, 2012 at 7:45 pm

    WOW … big punter you are playing with fire … we see you when you have a win on the back of Rookie Bookie and you now ply comments to shoot the site where you try to enhance your lifestyle …

    Be carful my friend … I might just pop up at the Story Bridge pub and spoil your party … you know the one I’ve had standing invitation to for some years …

    Backing ‘David’ will cost you money in this battle of words … he can’t match the accomplishments, he can’t match the wit, and he can’t match the integrity … pick a side by all means … but be wary when ‘Fag David’ does a switcharoo on ya …

    Have some fuckin’ respect for the hand that feeds you …

  11. July 9, 2012 at 7:57 pm

    And now you … as an unwitting homophobia nutjob you probably don’t know how hard it is to put a square dildo into a round hole … publicly going that root gives weight to your want to come out … in which we support you …

    How any of your prevous comments relate to the original story highlight the plight of underachievers who once worked in the markets … you and Big Punter who seems to want to chasten his hero worship were classic fringe dwellers when all said and done … wantabe’s envious of the success of others … playing out that envy years later in cheap, gothic, and mythical like barbs only do you harm in any perceived characterisation and/or integrity judgement …

    Boys, and I mean boys … the measure of your successes can only be measured by the quality of any contribution to the debate offered …

  12. David the Pragmatist
    July 10, 2012 at 9:08 am

    What a sad, sad person you are…….but we are not attacking the individuals as much as giving light to the circumstances and importance of the Libor debate.
    As stated originally and borne out by Gerry Hatrick’s comment of a small issue really, it is not that important in itself.
    I am sure the general public would be appalled at how rate settings and many other arbitrary issues in the finance sector are resolved. But! please understand that goes for everything and not just the finance sector which we all love to hate, probably as much as we hate our politicians. I am not defending the finance sector as much as putting into perspective. Eye ball in his normal manner wants to sensationalise it and draw every piece of attention by exaggerating every point. Most of his debates take this point.
    I am amazed that I get attacked personally when I bring these things to peoples attention as the personal and insidious attacks that Eye ball undertakes makes me pale in comparison.

    Poor old Big punter has the temerity to say something different and look out Eye ball’s after him as well.
    Now Eye Ball as I have told you in the past when educating Snoop poop, if you want to get out of the playground then you have to act like a grown up and not spit the dummy as soon as someone corrects you.
    Now go off and play and try and be a good boy for the rest of the day!

  13. July 10, 2012 at 10:50 am

    As twits go – you be twiddle de dumb … as for intelligent debate … you be a slime ball egotist because you turn rogue when you begin to lose the debate … no matter how you are propped up and carried, your shortness of character and willingness to personalise your individual weakness’s as petty attempts at witticism’s – paint you as who you really are …

    For you it’s about domination … a want to still prove you are smarter, more savvy … but what these old warhorse traders like you don’t get is that they’re all full of shit … always were … you still believe your own shit and failure to acknowlede that is a weakness …

    Back to the LIBOR scandal … it is not a small deal and this will be proved in the weeks and months to follow … you turned the commentary on this story into your own personal crusade to diminish the story – you could have done that by just saying … “I don’t agree” … but no … your ego had to be vented in a personal and denigrating way ….

    You really are a pissant jerkoff…

    Now – as a contributor to this site, let it be clear … contribute in a positive way … even when you disagree … engage in the debate in a civil way without your ego taking over and you will be allowed to have your say unedited … whatever respect I once held for you is fast evaporating and the want to believe that you still have humanity within you is there … so start showing it.

  14. the parable
    July 10, 2012 at 12:04 pm

    The real man within us is born when we have annihilated through conscious labours and right effort, all the psychological factors that turn us into simpletons, lovers of simple pleasures rather than love of existence and humanity. A basic respect for one another. Observation is what we can, in some way, perceive with our physical senses, or through past experiential occurrences.

    To reach the essence of the self-knowledge should be the object of existence and investigation.

    There are several theories intending to explain the problem of knowledge, but what is fundamental is that every human being as a moral subject, should reach truth, that is to say, what is fundamental is to get to know what existence is itself.

    The 4 pillars of self-knowledge are contained in science, philosophy, religion and art. Today those 4 pillars of the human psyche conflict to the point that we are often unable to distinguish in these virtues and this conflict causes loathing of the efforts of self and others. This manifestation causes immense suffering.

    By dissolving the “I”, the ego, the I have all the answers so simply stop expressing and thereby bothering others, then discovery and appreciation comes to us.

  15. big punter
    July 10, 2012 at 2:17 pm

    thinking about it iam sorry david said sorry and rookie bookie does not need help

  16. Gerry Hatrick
    July 11, 2012 at 12:48 am

    Amen!

  17. Brian
    July 11, 2012 at 12:58 am

    Well said Geri-atric,
    Hey Parable,
    I have a multitude who are trying to feed on a meagre loaves and fish.
    Any Hints?

  18. david the pragmatist
    July 11, 2012 at 11:09 am

    Gee! I haven’t seen the site for 24 hrs or so and come back to some interesting topics of philosophy said by people …..such as the Parable, although I am not sure what he said.
    Big Punter obviously a man of few words, but to the point and Gerry no doubt enjoying the references to the religious right and probably the left and remembering the glory days of Sodom. Ah! for the rememberances!

    Now back to Eye Ball
    I decided to extract the following from his last post;

    “Now – as a contributor to this site, let it be clear … contribute in a positive way … even when you disagree … engage in the debate in a civil way without your ego taking over and you will be allowed to have your say unedited … whatever respect I once held for you is fast evaporating and the want to believe that you still have humanity within you is there … so start ”

    After reading this I realised we have we a bigger problem than “LIBOR” we have a ” huge boar”.

    Now Mr Eye Ball go back over your blogs and critique them with a view to asking “am I being a hipocrite ? civil? ego? allowed? respect? humanity?
    Now when you can answer those questions honestly, then you can go forward with some integrity in relation to your opinion pieces. Till then I suggest you continue to write the articles you do without being so judgemental and personally taken aback by any critism that comes your way.

  19. July 11, 2012 at 11:32 am

    … and after this morning’s conversation I thought your contriteness was off the back of yesterday’s comments … yet I still find difficulty in the things said and soft-shoe shuffle tone in this morning chat and what you have written hereto in this last comment.

    I ponder the ‘split-personality’ question …

  20. david the pragmatist
    July 12, 2012 at 7:37 am

    Do not ponder what you do not understand. The perspective I provide will continue to be a critique and nothing more. Your relative genius has to be tempered with your failure to interpret human interaction. It is your lack of understanding of subleties and therfore understanding where people are coming from that is the trade off to your genius. Quite simply it is your achillies and what has not been allowed to develop in your hermitage(understandably).

    Hence my comments about continuing to develop your karma in way to enhance any future existences.
    Big Punter sends his regards and aknowledges both your genius and shortcomings!

  21. Guru ...
    July 12, 2012 at 7:56 am

    Sounds like Big Punter was not all that subtle when he tried to goad you … me thinks he ‘fessed up too quickly … again showing the art of ‘dealing’ was never lost on you …

  22. Budda Balls
    July 12, 2012 at 7:59 am

    That’s deep man, really deep.

  23. July 12, 2012 at 8:11 am

    Well done Big Punter … you erred and were big enough to say so.

    Now for that other boozo who harasses this site like a fox stalking a henhouse. He keeps walking into traps but won’t believe that he’s been caught … just denies denies denies.

    He’s like a lone wolf radical, protests for the sake of protest and when you sit him down all shackled and cornered he bares his teeth and nobody can get through. Just hillbilly stubborn.

  24. the parable
    July 12, 2012 at 9:09 am

    May we please return to social commentary, rather than personal commentary.

    Delving into society is much more educational than unabashed egotism.

  25. David the pragmatist
    July 12, 2012 at 9:46 am

    The word “parable” comes from the Greek παραβολή (parabolē), meaning “comparison, illustration, analogy”. It was the name given by Greek rhetoricians to any fictive illustration in the form of a brief narrative. Later it came to mean a fictitious narrative, generally referring to something that might naturally occur, by which spiritual and moral matters might be conveyed.

    Dear Mr Parable,

    Delving into society can only be achieved by the understanding of humanity and nature.

    Whilst you have expressed a right of opinion, you still need to understand that unabashed egotism is a part of humanity and most certainly fits within your rhetorical views of spiritual and moral.
    So please delve but understand when you do so, you will come upon a number of aspects you will not like or agree with. Philosophy is a never ending subject and something I love,

    If you ever find the heat in the kitchen too hot, I suggest you get out!

  26. david the pragmatist
    July 12, 2012 at 7:16 pm

    Hey Eye Ball
    I was rereading the comments on this site and picked up on the following;

    “Sounds like Big Punter was not all that subtle when he tried to goad you … me thinks he ‘fessed up too quickly … again showing the art of ‘dealing’ was never lost on you …”

    This was in response to the following from Big Punter;

    thinking about it iam sorry david said sorry and rookie bookie does not need help

    You then said through Guru this;

    Well done Big Punter … you erred and were big enough to say so.

    Summary

    I would like you to reread the blogs and understand the points I was trying to make to you of not being able to understand sublties when interacting with other people.

    Do you not see that Big Punter in saying” he was sorry David said sorry” was in fact telling you to “f” off and refuting your comments. You then had the hide to say that dealing (read understanding people) was lost on me.

    I was equally surprised that Gerry Hatrick who is very intellectual responded with an Amen, as he obviously missed the point as well.

    How did this all start? by two old dealers reminiscing about corruption and markets and their own experiences being born out of todays pain. Philosophically you are both right but seem to underestimate the role of understanding humanity in the process.
    Yesterdays problems are just that and you both need to move forward!

    The context of this is still part of the LIBOR debate as it is the catalyst to the philosophy.

    I thought I would add this last part to keep “Parable” happy given that he needs justification to walk on the “wild side”.

  27. July 12, 2012 at 9:11 pm

    There are some people you just can’t please – you pat them on the back and they think you’re having a go – you give it to them straight up and they definetly know you’re having a go …

    Poor David … just does not know when to quit – the LIBOR scandal takes on a new twist and another update will be posted in due course …

  28. david the pragmatist
    July 13, 2012 at 7:23 am

    Your comments are noted.
    You are probably right about not knowing when to quit, its a another one of those human problems that are not easy to judge. This said I have reread again the comments and accept ambiguity is there and if you were actually genuine in your commentary then I thank you for it.

    With regard to the LIBOR debate, I repeat in itself it is not a large issue. It can never the less be a catalyst for other conspiracies and corruptions that undoubtedly exist in the banking and finance sector and as such play an important role.
    One of my concerns is that it will not easily come from the regulators and the politicians who will cry foul and drive it back to the regulators,the politicians are guilty of the much greater hypocrisicy’s and they in themselves will not understand the importance of the corruptions and the banking sector will weasle out of it in the usual way and make their corruption stronger.

    There needs to be a total cultural change to the remuneration and seperation of duties within the industry and a reversion to Savings and Trading banks and in turn Investment banking and insurance before they can even hope to get it right.

  29. July 13, 2012 at 8:03 am

    As gracious as any apology could ever be … thankyou.

  1. July 8, 2012 at 10:53 pm
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