2012 Financial ChangeOver – Old Cartel System Going In to a Coma

Kevin Ferry CNBC

Fri, Aug 10, 2012

Subject: They're Going to Put the Old System in a Coma

www.MorningLiberty.com

This video is great with Gregg Braden, enjoy

http://www.youtube.com/watch?v=ufVjdvRw4LM&feature=related

CNBC Stand-In Reporter Admits Financial System Changeover: “They’re Going to Put the Old System In a Coma”!

Posted by Stephen Cook

From the CNBC show Squawk Box – August 10, 2012

http://video.cnbc.com/gallery/?video=3000108212

Stephen: This IS amazing! A stand-in finance reporter for CNBC, Kevin Ferry from Kronus Futures Management – after being told, bizarrely, by Squawk Box host Joe Kernen, twice, “whatever you do don’t screw this up” – has just disclosed that the current financial system and, importantly, the Libor,  is about to be overhauled.

After saying that a Pandora’s Box is going to be opened up in the Libor area (in reference to the separate story posted below on the subpoenas now heading JP Morgan Chase’s way) Kevin Ferry told Joe Kernen – and the rest of us: ” I think what they’re going to do, Joe, is basically put the old system in a coma, and work to devise something that’s a little bit better, and it’s going to be tricky.”

Separately, I have personally heard from several different sources in the past two days, that big things are about to happen this coming week with regards the world’s financial system. A good weekend indeed!

 

Read the full transcript below:

“We’re just seconds away from import price data for July, and Kevin Ferry is standing by at the CME in Chicago.

Don’t screw this up because you don’t normally do it. Usually it’s Santelli so whatever you do, don’t screw this up, Kevin. No pressure.

Import prices down 0.6. that’s actually weak. We were looking for it to come back on to the high side after a big oil moved down last time. small revision the Dow 2.4 from 2.7. year over year, you’re still looking at prices falling out of bed, Joe, down 3.2% year over year. wow.

Also, when we were corresponding earlier, Kevin, you wanted me to ask you something that Ii didn’t really understand that was compelling. what was that?

Oh, well i was just noticing that there are Libor subpoenas raining down on the New York branches of these foreign banks today, so i think you really have to watch the BBA is now saying they are going to go into overhaul mode, so as if we don’t have enough things going on, you’re going to start opening up a Pandora’s box here in the Llibor sector of the market.

I see. What would the implications be for Libor, do you think?

Well, I think what they’re going to do, Je, is basically put the old system in a coma, and work to device something that’s a little bit better and it’s going to be tricky. I’m a Merck guy. I cut my teeth in the euro/dollar pit but watch the new general collateral futures at the new york stock exchange, I think that’s where the interest is going to go.

Doug Dachille joins in:

So what are they going to do with the euro/dollar futures and all the outstanding notion of principal of contracts linked to Libor? Is everybody going to convert their Libor interest rate swaps to cost of fund funds or Fed fund basis swaps or some other index?

Are you asking me? I’ve asked that question as high as I could ask it and I get blank stares, so I don’t think you can violate the open interest in the contracts of over two decades.

What I find fascinating, we had somebody talking about oil earlier today and everybody uniformly agrees that there’s market manipulation by a fairly strong cartel of people that have, in that case, that cartel ha the exact same directional exposure to know that when prices go up, they all make money and when prices go down, they all lose money.

In the Libor space it’s not clear that every bank has exactly the same Libor exposure. so it’s not clear that that cartel in setting Libor and manipulating it actually is as powerful as the cartel that manages oil prices, yet I don’t hear any outrage of people routinely trading commodity derivatives and commodity futures as much as I hear the outrage over euro/dollar futures and Libor-based interest rate swaps.

Maybe it’s a perception thing, Everybody assumes that’s what goes on when you trade commodity futures, but nobody ever really thought that was going on when you were trading euro/dollar futures.

Right, well let’s go out for a drink sometime.

I knew you guys would be, you’re like soul mates. I just got you started.

Thank you, Kevin, Doug. thank you, have a good weekend. you, too.”

 

LINKED source…..

 

http://the2012scenario.com/2012/08/cnbc-stand-in-reporter-admits-financial-system-changeover-theyre-going-to-put-the-old-system-in-a-coma/#more-139056

 

 

Another article of importance as well……

 

JPMorgan Chase Libor Subpoenas Coming From Everybody In The World

 

JPMorgan Chase Libor Subpoenas Coming From Everybody In The World

2012 August 10

 

JP Morgan Chase CEO Jamie Dimon

 

By Mark Gongloff, The Huffington Post – August 9, 2012

 

Pretty much everybody in the world with subpoena power has hit JPMorgan Chase with requests for information in the Libor-rigging scandal.

 

The biggest U.S. bank revealed the extent of its involvement in the probe in a filing Thursday morning with the Securities and Exchange Commission, saying regulators in the U.S., U.K., Canada, Switzerland and more had asked it for information:

 

JPMorgan Chase has received subpoenas and requests for documents and, in some cases, interviews, from the DOJ, CFTC, SEC, European Commission, UK Financial Services Authority, Canadian Competition Bureau, Swiss Competition Commission and other regulatory authorities and banking associations around the world.

 

That’s a whole lot of subpoenas.

 

For the uninitiated, “DOJ, CFTC, SEC” refer to the Justice Department, Commodity Futures Trading Commission and Securities and Exchange Commission. “Libor” stands for “London Interbank Offered Rate,” a short-term interest rate that affects borrowing costs for homeowners, companies and borrowers throughout the world, along with about $350 trillion in credit derivatives. Despite its importance, the rate has apparently been manipulated constantly for years, in what may be the biggest financial scandal of all time.

 

JPMorgan — which said it was cooperating with the investigations — has also received requests for information about its involvement in setting Euribor and Tibor, the European and Japanese versions of Libor, respectively.

 

The bank made a similar disclosure in its previous quarterly filing in May.

 

JPMorgan has been identified as one of 16 banks in the U.S., the U.K. and Europe under investigation for manipulating Libor.

 

Barclays has already agreed to pay $450 million in fines in the case, admitting its traders pushed Libor higher and lower to either gain advantage in derivatives trades or make the bank look healthier.

 

Other banks will likely soon follow, and regulators are building criminal cases against individual traders and maybe banks, too.

 

Previously, Bank of America and Citigroup have said that they, too, have gotten subpoenas in the Libor case, though they mentioned fewer regulatory agencies than JPMorgan did.

 

JPMorgan also said it was the subject of a large and growing number of lawsuits coming out of the Libor mess. State and local governments, for example, are suing banks for keeping Libor too low, hurting the value of interest-rate swaps they bought to protect against rising rates.   

 

http://www.huffingtonpost.com/2012/08/09/jpmorgan-chase-libor-subpoenas_n_1760015.html

 

 

 

 

 

 

 

As I have been warning everyone…. the TRUTH about the corruption in our financial system is starting to hit the MSM…..if you haven’t gotten your extra FRN’s into HARD assets it may be too late now…..pass this to everyone you know…..Jackie 🙂
 
 
CNBC Stand-In Reporter Admits Financial System Changeover: “They’re Going to Put the Old System In a Coma”!
2012 August 10
 
Posted by Stephen Cook
CNBC Stand-In Reporter Admits Financial System Changeover: “They’re Going to Put the Old System In a Coma”!
From the CNBC show Squawk Box – August 10, 2012
http://video.cnbc.com/gallery/?video=3000108212
Stephen: This IS amazing! A stand-in finance reporter for CNBC, Kevin Ferry from Kronus Futures Management – after being told, bizarrely, by Squawk Box host Joe Kernen, twice, “whatever you do don’t screw this up” – has just disclosed that the current financial system and, importantly, the Libor,  is about to be overhauled.
After saying that a Pandora’s Box is going to be opened up in the Libor area (in reference to the separate story posted below on the subpoenas now heading JP Morgan Chase’s way) Kevin Ferry told Joe Kernen – and the rest of us: ” I think what they’re going to do, Joe, is basically put the old system in a coma, and work to devise something that’s a little bit better, and it’s going to be tricky.”
Separately, I have personally heard from several different sources in the past two days, that big things are about to happen this coming week with regards the world’s financial system. A good weekend indeed!
 
Read the full transcript below:
“We’re just seconds away from import price data for July, and Kevin Ferry is standing by at the CME in Chicago.
Don’t screw this up because you don’t normally do it. Usually it’s Santelli so whatever you do, don’t screw this up, Kevin. No pressure.
Import prices down 0.6. that’s actually weak. We were looking for it to come back on to the high side after a big oil moved down last time. small revision the Dow 2.4 from 2.7. year over year, you’re still looking at prices falling out of bed, Joe, down 3.2% year over year. wow.
Also, when we were corresponding earlier, Kevin, you wanted me to ask you something that Ii didn’t really understand that was compelling. what was that?
Oh, well i was just noticing that there are Libor subpoenas raining down on the New York branches of these foreign banks today, so i think you really have to watch the BBA is now saying they are going to go into overhaul mode, so as if we don’t have enough things going on, you’re going to start opening up a Pandora’s box here in the Llibor sector of the market.
I see. What would the implications be for Libor, do you think?
Well, I think what they’re going to do, Je, is basically put the old system in a coma, and work to device something that’s a little bit better and it’s going to be tricky. I’m a Merck guy. I cut my teeth in the euro/dollar pit but watch the new general collateral futures at the new york stock exchange, I think that’s where the interest is going to go.
Doug Dachille joins in:
So what are they going to do with the euro/dollar futures and all the outstanding notion of principal of contracts linked to Libor? Is everybody going to convert their Libor interest rate swaps to cost of fund funds or Fed fund basis swaps or some other index?
Are you asking me? I’ve asked that question as high as I could ask it and I get blank stares, so I don’t think you can violate the open interest in the contracts of over two decades.
What I find fascinating, we had somebody talking about oil earlier today and everybody uniformly agrees that there’s market manipulation by a fairly strong cartel of people that have, in that case, that cartel ha the exact same directional exposure to know that when prices go up, they all make money and when prices go down, they all lose money.
In the Libor space it’s not clear that every bank has exactly the same Libor exposure. so it’s not clear that that cartel in setting Libor and manipulating it actually is as powerful as the cartel that manages oil prices, yet I don’t hear any outrage of people routinely trading commodity derivatives and commodity futures as much as I hear the outrage over euro/dollar futures and Libor-based interest rate swaps.
Maybe it’s a perception thing, Everybody assumes that’s what goes on when you trade commodity futures, but nobody ever really thought that was going on when you were trading euro/dollar futures.
Right, well let’s go out for a drink sometime.
I knew you guys would be, you’re like soul mates. I just got you started.
Thank you, Kevin, Doug. thank you, have a good weekend. you, too.”
 
LINKED source…..
 
 
 
Another article of importance as well……
 
JPMorgan Chase Libor Subpoenas Coming From Everybody In The World
 
JPMorgan Chase Libor Subpoenas Coming From Everybody In The World
2012 August 10
 
JP Morgan Chase CEO Jamie Dimon
 
By Mark Gongloff, The Huffington Post – August 9, 2012
 
Pretty much everybody in the world with subpoena power has hit JPMorgan Chase with requests for information in the Libor-rigging scandal.
 
The biggest U.S. bank revealed the extent of its involvement in the probe in a filing Thursday morning with the Securities and Exchange Commission, saying regulators in the U.S., U.K., Canada, Switzerland and more had asked it for information:
 
JPMorgan Chase has received subpoenas and requests for documents and, in some cases, interviews, from the DOJ, CFTC, SEC, European Commission, UK Financial Services Authority, Canadian Competition Bureau, Swiss Competition Commission and other regulatory authorities and banking associations around the world.
 
That’s a whole lot of subpoenas.
 
For the uninitiated, “DOJ, CFTC, SEC” refer to the Justice Department, Commodity Futures Trading Commission and Securities and Exchange Commission. “Libor” stands for “London Interbank Offered Rate,” a short-term interest rate that affects borrowing costs for homeowners, companies and borrowers throughout the world, along with about $350 trillion in credit derivatives. Despite its importance, the rate has apparently been manipulated constantly for years, in what may be the biggest financial scandal of all time.
 
JPMorgan — which said it was cooperating with the investigations — has also received requests for information about its involvement in setting Euribor and Tibor, the European and Japanese versions of Libor, respectively.
 
The bank made a similar disclosure in its previous quarterly filing in May.
 
JPMorgan has been identified as one of 16 banks in the U.S., the U.K. and Europe under investigation for manipulating Libor.
 
Barclays has already agreed to pay $450 million in fines in the case, admitting its traders pushed Libor higher and lower to either gain advantage in derivatives trades or make the bank look healthier.
 
Other banks will likely soon follow, and regulators are building criminal cases against individual traders and maybe banks, too.
 
Previously, Bank of America and Citigroup have said that they, too, have gotten subpoenas in the Libor case, though they mentioned fewer regulatory agencies than JPMorgan did.
 
JPMorgan also said it was the subject of a large and growing number of lawsuits coming out of the Libor mess. State and local governments, for example, are suing banks for keeping Libor too low, hurting the value of interest-rate swaps they bought to protect against rising rates.   
 
 
 

 

 

 

 

 

 

 

 

 

 

 


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