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Breakthrough in the United States: Senator Harkin Introduces Bill to Reinstate Glass-Steagall
Austrian Government: Arming the Syrian Opposition Is Illegal under International Law
Benghazi, Political Targetings, Blanket Confiscations: Impeachment Hangs over Obama
French Party Presents Draft Bill for Glass-Steagall-Type Bank Separation
Brecht aus dem Euro aus, um die Finanzoligarchie zu besiegen!
“Benghazigate”: Threat of Impeachment Hangs over Obama
Ex U.S. Defense Minister Robert Gates Opposes Intervention into Syria
Glass-Steagall LaRouche-Aktionskomitee demonstriert Stärke in Washington
Global Times: Schiller Institute Rep. Comments on “Chinese and American Dreams”
Week Of Action in Washington: Pass Glass-Steagall Bank Separation Law Now!
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EIR Magazin
1974 von Lyndon LaRouche gegrundet und wöchentlich in Washington, D.C. herausgegeben
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+++ 30. Juli 2012 +++
U.S. Cities, States, Haul Banks into Court
One aspect of the political/legal assault against interest rate rigging in the U.S. has been the filing of lawsuits, demanding restitution for funds lost on the purchase of interest rate swaps by city, county and state governments, as well as by hospital districts, pension funds and hedge funds.
Dozens of actions have been filed, some of which have been consolidated. A look at one, in which the city of Baltimore, Maryland is the lead plaintiff, indicates how serious a problem this will be for banks, which are also facing criminal charges for collusion in manipulating rates.
The Baltimore case accuses financial firms of conspiring to keep the key interest rate benchmark low, forcing the cities to have to pay, when the rigged rates remained low. The suit, which was filed last August, names Bank of America and Citibank, two of the U.S. banks involved in determining LIBOR, and also Barclays, which has already admitted its guilt.
When Baltimore bought bonds for various projects, including for parking infrastructure and water utilities, they also bought interest rate swaps to protect them against an increase in interest rates. They argue that, under the terms of these contracts, they had to pay, when the rates stayed low – so the fact that the banks manipulated the rate downward, cost them additional money. In 2008, Baltimore had more than $500 million tied up in LIBOR-related swaps.
Baltimore Mayor Stephanie Rawlings-Blake, in speaking of the importance of the city's lawsuit, said, “We cannot stand by when we feel we are being cheated. You're talking about $1 or $2 million...that's a fire company, that's recreation centers [which are being shut down to pay the swaps]. That's services that our city needs, and we're going to fight for that.”
Peter Shapiro, of the Swap Financial Group, pointed out that more than 75% of major cities have contracts linked to LIBOR. In looking at the extent of the thievery involved, he gave the following example: If a government had $1 billion worth of swaps in the three year period identified in the suit, and it can be shown that banks suppressed LIBOR by .2%, it would cost the government $6 million. “That would pay for a lot of nurses, policemen, or transit workers,” he added.
Other investigations by governments have given specific figures of money lost. The Comptroller of Nassau County, New York, charges that it has been defrauded of $13 million, while the states of Massachusetts and Virginia are in the final phases of investigations into their losses. More than 500 nonprofit hospitals bought interest rate swaps. Even discount brokerage house Charles Schwab claims that several of its mutual funds were defrauded through interest rate manipulation.
While these civil suits mount, the real threat to the banks is not that they will be bankrupted, if they lose the lawsuits. The threat they face is criminal charges, which could lead to the liquidation of the banks involved. With trillions of dollars worth of debt tied to LIBOR, the ongoing investigations will demonstrate that the whole Trans-Atlantic financial system is hopelessly rotten, and bankrupt to boot.
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+++ 17. Mai 2013 +++
Breakthrough in the United States:
Senator Harkin Introduces Bill to Reinstate Glass-Steagall
May 16, 2013, on the 80th anniversary of the introduction of the original Glass-Steagall Act alldopted under President Franklin Roosevelt in 1933, Democratic Senator Tom Harkin of Iowa introduced Sena... [weiter]
+++ 17. Mai 2013 +++
Austrian Government: Arming the Syrian Opposition Is Illegal under International Law
The Austrian government has issued an official position paper, now circulating among EU member states, in opposition to the British-French proposal for lifting the arms embargo in Syria. Dated May 13,... [weiter]
+++ 17. Mai 2013 +++
Benghazi, Political Targetings, Blanket Confiscations:
Impeachment Hangs over Obama
Salon.com ran a banner headline on May 14, asking "Which Obama scandal will inevitably lead to impeachment?" "The IRS, the AP or Benghazi?" Indeed, the White House was still being rocked by the hearin... [weiter]
+++ 17. Mai 2013 +++
French Party Presents Draft Bill for Glass-Steagall-Type Bank Separation
Not only the French government, but all other political forces in France, from the far left to the far right, have given up the fight against the financial casino and for an actual separation of the b... [weiter]
+++ 14. Mai 2013 +++
Brecht aus dem Euro aus, um die Finanzoligarchie zu besiegen!
Das große deutsche Magazin Focus berichtete in seiner Ausgabe vom 13.5., was wir schon schon mehr als einen Monat zuvor aufgedeckt hatten: daß die EU das „Zypern-Modell“, d.h. die Enteignung von Bankg... [weiter]
+++ 14. Mai 2013 +++
“Benghazigate”: Threat of Impeachment Hangs over Obama
A potentially historic hearing took place on May 8 before the House Oversight and Government Reform Committee on the terrorist attacks in Benghazi, Libya on September 11, 2012. Despite the explosive r... [weiter]
+++ 14. Mai 2013 +++
Ex U.S. Defense Minister Robert Gates Opposes Intervention into Syria
When Israeli air strikes against Syria on May 3 and 5 brought the Middle East and the world as a whole to the very edge of war, leading circles in Russia and the United States and China intervened at ... [weiter]
+++ 14. Mai 2013 +++
Glass-Steagall LaRouche-Aktionskomitee demonstriert Stärke in Washington
Ab dem 6.5. veranstaltete das LaRouche-Aktionskomitee eine intensive Aktionswoche in Washington, in der es auf sämtliche Ebenen der Regierung einwirkte, um den Druck auf den US-Kongreß, das Glass-Stea... [weiter]
+++ 14. Mai 2013 +++
Global Times: Schiller Institute Rep. Comments on “Chinese and American Dreams”
Since taking office, Chinese President Xi Jinping, who is also the head of the Communist Party, has sounded the theme of the "China Dream" of economic, social, and political progress, to reduce the va... [weiter]
+++ 10. Mai 2013 +++
Week Of Action in Washington:
Pass Glass-Steagall Bank Separation Law Now!
The LaRouche Political Action Committee held a week of action in the United States from May 6-10 to rally support for immediate legislation to restore a strict separation of banks, in compliance with ... [weiter]
+++ 10. Mai 2013 +++
An Urgent Appeal for Glass-Steagall from Helga Zepp-LaRouche
Helga Zepp-LaRouche, founder of the international Schiller Institute, issued an urgent appeal from Germany for the citizens of the United States and the U.S. Congress to immediately act to reinstat... [weiter]
+++ 10. Mai 2013 +++
New Greek Party Calls for Return to Drachma and Bank Separation
The new party, which wants Greece to leave the Eurozone, is called the Greek Democratic Five-Star Movement, abbreviated as the Drachma Five, the five standing for the basic positions of the party: 1)... [weiter]
+++ 10. Mai 2013 +++
Syria Crisis: Russia and United States Agree on a Major Diplomatic Move
Following a visit of U.S. Secretary of State John Kerry to Moscow, May 7, and his discussions with his counterpart Sergei Lavrov and with President Putin, it was announced that Russia and the United S... [weiter]
+++ 10. Mai 2013 +++
Syrian General Idriss, Handpicked by the West, Admits He Controls Nothing
The Free Syrian Army (FSA), it turns out, is little more than a brand name, with little substance, if any, in the Syrian opposition. The person picked by the West to head the military opposition to th... [weiter]
+++ 7. Mai 2013 +++
Alternative für Deutschland:
Eurokritik als Deckmantel für National-Monetarismus
Die neue Partei „Alternative für Deutschland“ (AfD), die im Februar als vermeintliche „Anti-Euro-Partei“ gegründet wurde, erregt ungewöhnlich viel Aufmerksamkeit in den etablierten Medien. Viele Bürge... [weiter]
+++ 7. Mai 2013 +++
AfD: National Monetarism in “Anti-Euro” Clothing
The new political party, “Alternative for Germany” (AfD), which was founded last February in apparent opposition to the Eurozone policy, has since received surprisingly wide coverage in the mainstream... [weiter]
+++ 7. Mai 2013 +++
South-West Asia on the Verge of All-out War?
Twice within 48 hours, on May 3 and 5, Israel launched missile attacks against targets inside Syria, prompting Syrian President Bashar Assad to accuse Israel of declaring war on his country, in allian... [weiter]
+++ 7. Mai 2013 +++
Südwestasien vor einem umfassenden Krieg?
Israel hat zweimal innerhalb von 48 Stunden Ziele innerhalb Syriens mit Raketen angegriffen. Der syrische Staatspräsident Baschar al-Assad nannte dies eine Kriegserklärung Israels gegen sein Land im B... [weiter]
+++ 3. Mai 2013 +++
2008-2012: Shocking Figures of Youth Unemployment Soaring in Europe and the United States
One of the most efficient ways of destroying a nation and reducing its population, short of outright killing, is to induce skyrocketing youth unemployment. It destroys the future potential of the prod... [weiter]
+++ 3. Mai 2013 +++
New Book Demonstrates "Why Austerity Kills", and Needlessly So
The European Union and the United States have imposed deadly cuts in social spending over the past years in a futile effort to bail out the bankrupt trans-Atlantic banking system. The toll on people h... [weiter]
+++ 3. Mai 2013 +++
Russian Anti-Drug Czar Proposes Economic Development to Counter Drug Trade
Over 100,000 deaths per year! That is the incredible number of Russians who die of drug addiction, with young people most hard hit. The bulk of the opium/heroin comes from Afghanistan, where producti... [weiter]