BARCLAYS CEO SUDDENLY RESIGNS ON JULY 2ND
Now, as we jump back into our timeline, the Vatican scandal got worse as of June 5th, after JP Morgan fled the scene — and the story got major publicity as of July 2nd.
 
Then, the very next day, the CEO of Barclay Bank suddenly resigned — even after he had been digging his heels in and saying “hell no, I won’t go” before that.
What kind of pressure was applied to Mr. Diamond to make him suddenly shift so dramatically?
July 3: Barclays CEO Suddenly Resigns, 24 Hours After Defiant Self-Defense
 
http://uk.news.yahoo.com/barclays-chief-executive-bob-diamond-resigns-064421614–finance.html

“Bob Diamond has quit as chief executive of Barclays bank in a shock twist to the rate-rigging scandal.

Marcus Agius, who anounced his intention to resign as chairman only yesterday [July 2nd], is to take over the running of the bank while a successor to Mr Diamond is found.

The announcement was unexpected in that Mr Diamond had made it clear to staff in a memo 24 hours earlier [July 1st] that he had no intention of falling on his sword – saying it was his responsibility to restore the bank’s reputation.”

 
 
PEOPLE START REALIZING THE WHOLE GAME IS RIGGED
 
On July 3rd, the same day as our Current TV episode aired, the Huffington Post featured an article showing how the public is realizing that the whole investment game has been rigged.
 
July 3: LIBOR Scandal Suggests the Whole Game is Rigged
 
http://www.huffingtonpost.com/2012/07/03/barclays-scandal-investor-confidence_n_1647715.html
 
A string of Wall Street crises, including the 2008 stock market crash, the collapse of the mortgage market, the botched Facebook IPO and the scandals at JPMorgan Chase and Barclays have meant “some very heavy body blows experienced by the public,” Richard Grasso, former chairman of the New York Stock Exchange, told CNBC’s Maria Bartiromo on Tuesday.
 
“It’s been a real tough time for consumers who want to get back into the market.”
 
Grasso’s comments followed remarks last week by Securities and Exchange Commission Chairman Mary Schapiro that investors have a “concern about the integrity of the marketplace.”
 
Schapiro told a congressional subcommittee that U.S. markets are threatened with “an unwillingness [on the part of investors] to ever engage in the markets again.”
 
Investors are unsure “whether they’re getting accurate and honest information” from companies looking to sell stock to the public and uncertain “whether the market structure itself is tilted against the individual investor and in favor the institutional investor,” Schapiro said.
 
A recent survey from financial research and advisory firm Tabb Group reported that 31 percent of investors had “weak” or “very weak” confidence in the stock market, compared with 15 percent in 2010.
 
“There are some people out there feeling like the game is rigged,” said Frederick.
 
“There have been enough events to make them suspicious. I think that’s unfortunate. And the industry needs to continue to make efforts to allay the concerns.”
 
 
BARCLAYS BETRAYS THE ROTHSCHILDS — I.E. THE BANK OF ENGLAND
 
The Bank of England has been controlled by the Rothschild family since the early 1800s, as I revealed in Financial Tyranny.
 
You don’t directly see the name “Rothschild” in the super-entity of 147 corporations, but it’s hiding in there behind other names.
 
It was very shocking to see Barclays Bank publicly throw the Rothschilds — i.e. the Bank of England — under the bus as the screws turned on them.
 
July 3: Barclays Claims Bank of England Told Them to Rig Interest Rates
 
http://www.telegraph.co.uk/finance/newsbysector/banksandfinance/9374289/The-Bank-of-England-told-us-to-do-it-claims-Barclays.html
 
A memo published by Barclays suggested that Paul Tucker gave a hint to Bob Diamond, the bank’s chief executive, in 2008 that the rate it was claiming to be paying to borrow money from other banks could be lowered.
 
His suggestion followed questions from “senior figures within Whitehall” about why Barclays was having to pay so much interest on its borrowings, the memo states.
 
Barclays and other banks have been accused of artificially manipulating the Libor rate, which is used to set the borrowing costs for millions of consumers, businesses and investors, by falsely stating how much they were paying to borrow money.
 
The bank claimed yesterday that one of its most senior executives cut the Libor rate only at the height of the credit crisis after intervention from the Bank of England….
 
The disclosure of the document threatened to plunge one of the biggest high street banks into open war with the country’s central bank, which will soon assume responsibility for regulating Barclays.
 
In one of the most dramatic days in British corporate history, Mr Diamond resigned yesterday, less than 24 hours after telling staff he was the right man to reform the bank….
 
 
MATT TAIBBI DROPS A BIG ARTICLE ON LIBOR ON JULY 3RD
 
Also on July 3rd, the same day he appeared on Current TV, Matt Taibbi released a significant article on the LIBOR scandal.
 
His journalism blends a gut-level realism with exceptional research — and therefore has a way of cutting through the jargon and getting to the core of the issue.
 
July 3: Why Is Nobody Freaking Out About the LIBOR Scandal?
 
http://www.rollingstone.com/politics/blogs/taibblog/why-is-nobody-freaking-out-about-the-libor-banking-scandal-20120703
 
The LIBOR manipulation story has exploded into a major scandal overseas.
 
The CEO of Barclays, Bob Diamond, has resigned in disgrace; his was the first of what will undoubtedly be many major banks to walk the regulatory plank for fixing the interbank exchange rate.
 
The Labor party is demanding a sweeping criminal investigation. Mervyn King, Governor of the Bank of England, responded the way a real public official should (i.e. not like Ben Bernanke), blasting the banks:
 
It is time to do something about the banking system…  Many people in the banking industry are hardworking and feel badly let down by some of their colleagues and leaders.
 
It goes to the culture and the structure of banks: the excessive compensation, the shoddy treatment of customers, the deceitful manipulation of a key interest rate, and today, news of yet another mis-selling scandal.
 
The furor is over revelations that Barclays, the Royal Bank of Scotland, and other banks were monkeying with at least $10 trillion in loans (The Wall Street Journal is calculating that that LIBOR affects $800 trillion worth of contracts)….
 
That is explosive stuff…
 
The implications of that part of the story should be particularly chilling to Americans, who in recent years have been party to a number of revelations about strange and seemingly inappropriate contacts between senior regulatory officials and big bankers during the heat of the crisis.
 
We know that American officials in 2008-2009 were extremely concerned about the appearance of weakness in the financial markets, so much so that they may have resisted pursuing criminal prosecutions against big banks, and we also know that they spent a lot of time commiserating with Wall Street figures before and during the crisis….
 
 
TAIBBI REVEALS “IT’S LIKE THE WORLD’S ECONOMY IS BUILT ON QUICKSAND”
 
As our excerpt continues, you can feel even more of the powerful indignation and shock that is rippling through the global investment community at this time.
 
Even the most skeptical and sarcastic folks in the financial world have been hit in the head with a wooden plank by this scandal.
 
 
Anyway, the LIBOR story is leading the front pages of most of Britain’s dailies, it’s on TV, and it’s producing blistering editorials and howls of outrage amongst politicians and activists.
 
But as compadre Yves Smith at Naked Capitalism put it, where’s the outrage here in America?….
 
The New York Times, meanwhile, did chime in with a house editorial yesterday, and it was appropriately somber. And there has been some coverage in the financial press.
 
But to me what’s missing from all of this is the “Holy F–king S-it!” factor.
 
This story is so outrageous that it shocks even the most cynical Wall Street observers.
 
I have a friend who works on Wall Street who for years has been trolling through the stream of financial corruption stories with bemusement, darkly enjoying the spectacle as though the whole post-crisis news arc has been like one long, beautifully-acted, intensely believable sequel to Goodfellas.
 
But even he is just stunned to the point of near-speechlessness by the LIBOR thing. “It’s like finding out that the whole world is on quicksand,” he says.
 
So as far as the stateside press goes, I’ve got to assume the cavalry is coming soon. But when?
 
 
THE IRS GETS AUDITED FOR BILLIONS OF DOLLARS IN FRAUD — JULY 3RD
Furthermore, on July 3rd we found out the IRS was being audited — for billions of dollars in fraud.
The IRS is not innocent in all of this either. Corruption exists throughout the entire system — as we are increasingly finding out.
Their own employees have now turned against them.
July 3: IRS Gets Audited — For Allowing Billions of Dollars in Fraud
www.wnd.com/2012/07/and-finally-the-irs-gets-audited/
 
The federal agency that strikes fear into many U.S. taxpayers is getting a dose of its own medicine – as it is now the focus of a year-long audit for allowing illegal aliens to scam the system and bilk taxpayers out of billions of dollars every year.
 
Federal employees are blowing the whistle on the Internal Revenue Service, according to a report by Indianapolis television station WTHR-TV….
 
Howard Antelis, a tax examiner at the IRS’ ITIN processing center in Austin, Texas, explained: “We were being told by upper management to ignore fraud, to assign ITIN numbers and … pay out refunds to people who are lying. It’s a license to steal when you allow that.”…
 
Antelis said he reported the scams regularly to his managers – for years – with no result.
 
Frustrated with the inaction, he called the Inspector General’s office in Washington, D.C.
 
“I’ve been working for the federal government for 23 years and I signed an ethical standard of conduct when I went to work that says if you see fraud, you need to report it,” he said.
 
“I tried and tried and tried, couldn’t get anywhere so … I went into a quiet room and started making phone calls.”…
 
The auditors made a shocking discovery: IRS employees were, in fact, encouraged to overlook indications of fraud….
 
“It’s pure negligence by management and they’ve been trying to keep it quiet,” Antelis said. “There is a criminal element that is defrauding the U.S. government by filing mountains and mountains of these fraudulent applications.
 
“We see them in piles in bulk every day that are obviously not legitimate documents and not legitimate tax returns and not legitimate wages … and [IRS managers] don’t want to deal with it.
 
“That’s where all the fraud is. The fraud is in the fake notary stamps and fake documents which we’ve been accepting.”
 
 
BRITISH PARLIAMENT CALLS FOR MASS ARRESTS
 
By July 4th, members of the British Parliament were openly calling for mass arrests of the top CEOs and bankers who manipulated the LIBOR rate for their own gains.
 
July 4: British Parliament Calls for Mass Arrests in LIBOR Scandal
http://www.bbc.co.uk/news/uk-politics-18702653
 
The prime minister [David Cameron] said a single parliamentary inquiry into the “appalling” events would be the most “swift and decisive” course of action.
 
But Labour’s leader [Ed Miliband] said this was “too narrow” and a much wider judicial probe into the culture of banking was needed….
 
At Prime Minister’s Questions, Mr Cameron said the manipulation of the key Libor inter-bank borrowing rate by Barclays traders was “outrageous” and those responsible for “spivvy and probably illegal activity” should be held to account.
 
“People want to know that crime in our banks, crime in our financial services, will be pursued and punished like crimes on our streets,” he told MPs….
 
But, in heated exchanges in the Commons, Mr Miliband said the prime minister did not understand the “depth of public concerns” about the matter and was failing to act in the national interest.
 
“Whenever these scandals happen, he has failed to act and he stands up for the wrong sort of people.
 
“His party is a party bankrolled by the banks. If he fails to order a judge-led inquiry people will come to one conclusion. He simply cannot act in the national interest.”
 
 
MORE TO COME
 
Over the years, I have built up contacts with insiders who are very well-positioned — due to my role as a public investigator.
 
I received  information that absolutely convinced me there was a plan to do the impossible — to actually break up this Cabal and arrest its top conspirators. 
 
Some people thought the mass arrests we’ve been discussing on this site would just start one day.
 
All of a sudden, the marshals and the troops are out in the streets — and top Cabal people are being hauled off to prison.
 
What we are now seeing is a plot twist that had to be hidden — for obvious reasons — but it makes perfect sense.
 
If you want to make mass arrests, in a way that is fair, legal and publicly supported, first you need to make mass charges — followed by mass lawsuits. 
 
If you suddenly just arrest thousands of top people, with no legal precedent, the public will not know who to trust.
 
This way, the process occurs in a much less traumatic fashion. You have to awaken the public to the problem first, on a mass level, before any palpable solution can be offered.
 
 
UPDATES WILL CONTINUE
 
So far this investigation has just begun. I am hosting a CONVERGENCE conference in Chicago and have to work within the cracks.
 
I will continue releasing sections as they become available.
 
We’re still only up to July 4th in our timeline — and after we reach the end of the timeline, there is still much more to discuss.
 
I must say that I have been very excited by these developments. I didn’t write lots of small updates in the intervening period, because I wanted to do it right — the first time.
 
I do hope to have everything I’ve got published online by this coming Wednesday at the latest. Stay tuned!

 

 

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