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EYE-BALL Guru on – The LIBOR Scandal – Part III … Banks a conduit for crime and corruption!!!

July 19, 2012
Latest GURU Posts:

July 14th:

Link to Part IIThe LIBOR Scandal … The Banks are in Trouble … again!!!

July 8th:

Link to Part IThe LIBOR Scandal … about to explode …

July 7th:

The “CARBON v CLIMATE CHANGE” Debate – Part I – OIL and its Contribution –

June 15th:

The GFC – the right of reply … the right to question …

June 8th:

A Global Economic Snapshot …

June 6th:

Treasurer SWAN just won Lotto …

May 29th:

Greek Investors re-engage in Equity Market …

May 28th:

An example of a Government truly concerned about Currency appreciation …

May 28th:

Greeks flip over Lagarde’s – ‘pay your taxes’ gibe …

May 24th:

The FACEBOOK (FB) Float:

April 29th:

Joe Hockey’s misfires on Welfare – he should be made to serve a lifetime on welfare existence …

Mar 14th:

US Bank Stress Tests – The Cover-Up and bullshit continues …

Feb 12th:

The Continuing Cost of the High Value A$ …

Dec 23rd 2011:

An Open Letter to German Chancellor ANGELA MERKEL
– None Better …

To see more GURU posts:

click here …

The “LIBOR” Scandal …Part III –
– Banks a conduit for crime and corruption!!!
| Author: EYE-BALL Guru | 19th July 2012 |
The LIBOR scandal is broadening – latest reports reveal that HSBC – formally known as the Hong-Kong Shanghai Banking Corporation– now based in London and 2nd largest Bank in the World – has been found to be acting as Bankers to Drug Cartels, Terrorist organisations, and a number of other illegal activities.To date some 14,000 clients have had their accounts frozen or closed.  The scandal is all in-house for the moment and slow leaks are forthcoming.   Allegations published yesterday include:

  • HSBC moved huge sum from Mexico into the U.S. between 2007 and 2008
  • Provided services for Saudi Arabia’s Al Rajhi Bank linked to financing terrorism
  • Senate investigation suggests they also moved money tied to Iran
  • Accuses bank of ‘pervasively polluted’ culture
  • Another hammer blow to the credibility of British banking system after Barclays was fined for allegedly rigging LIBOR interest rate


Banks have nowhere to turn when it comes to exposed behaviour.  Politicians and Regulators are unable to grasp any perception in how to deal with the Bank’s exposed behaviour.  From the cause of the GFC – i.e the Goldman Sachs sub-prime scourge, to the way Lehmans were sacrificed to allow all the other Banks to carry on with business as usual, to the TARP bailouts and cheap money window provided to give the Banks opportunity to lend to help the economy and recapitalise, to the latest LIBOR and now Banks involved with rogue Nations, Drug cartels and Terrorism – Banks have lost any right to presumed creditability.

If we throw in the Justice mantra – the top echelon of Bankers are a protected species – they have the money and the lawyer pool and as yet none of the serious players have had to face any serious jail time.  Justice is not equal or fair – there is one rule for those who can but a good lawyer, and then there is justice for those who don’t have the means to provide any defence.

Are they murderers, who knows, are they drug dealers – well yes – they help launder the money, are they Terrorists – well yes – again they help with the money transfers to ‘cells’ etc … who believes their Bank really has the customers interests at heart?

What can Law enforcement do, Regulators and Legislators also?  There has to be a Global Enquiry into Banking – and done at arms length with any connected agency – just who that might be is a stroll through who is not corrupt or corrupted by the Capitalist system that is the backbone of our society.

A deluded friend told me a couple of days ago – some corruption is good – he believed that the world functions best when corruption/bribes are a part of the system – for him to believe and advocate this gave me real pause. Still a friend – but a part of the problem – and unable to be a part of the solution.

If the World is so ready to accept that all business happens with a base level of corruption accepted – what does that say about the world and how far it has gone past the point of no return.  To think that a ‘bribe’ is the only way business happens – as it does across all Asia – and many other cultures – and now also happening as a Western custom – this society we all live in is unsustainable – it is time stamped for complete implosion.


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.

Links to Australian Parliamentary Website – MP’s


The EYE-BALL Guru …

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