Showing posts with label Rigging. Show all posts
Showing posts with label Rigging. Show all posts

Sunday, March 24, 2013

Transcripts Show Corrupt Traders Rigging Global Financial Markets: ‘It’s A Cartel Now In London’

The Royal Bank of Scotland will have to pay more than $600 million to U.S. and UK regulators for its role in rigging the LIBOR interest rate. RBS is one of several banks that rigged LIBOR in order to make huge profits, as regulators looked the other way.

The Commodity Futures Trading Commission today released transcripts of electronic conversations between RBS traders and their clients that reveal just how explicit they were about rigging the rate in order to boost their respective bottom lines. Here are some of the highlights:

Yen Trader 1: where would you like it[,] libor that is[,] same as yesterday is call

Yen Trader 4: haha, glad you clarified ! mixed feelings but mostly I’d like it all lower so the world starts to make a little more sense.

Senior Yen Trader: the whole HF [hedge fund] world will be kissing you instead of calling me if libor move lower

Yen Trader 1: ok, i will move the curve down[,] 1bp[,] maybe more[,] if I can

——————

Senior Yen Trader: its just amazing how libor fixing can make you that much money

[…]

Senior Yen Trader: its a cartel now in london[.] they smack all the 1yr irs ..and fix it very high or low

——————

Yen Manager: for choice we want lower libors…let the [Money Market] guys know pls

Yen Trader 2: sure i am setting today as [Yen Trader 1] and cash guy off [Primary Submitter]

Yen Manager: great set it nice and low

——————-

Swiss Franc Trader: can u put 6m swiss libor in low pls?

Primary Submitter: NO

Swiss Franc Trader: should have pushed the door harder

Primary Submitter: Whats it worth

Swiss Franc Trader: ive got some sushi rolls from yesterday?

[…]

Primary Submitter: ok low 6m , just for u

Swiss Franc Trader: wooooooohooooooo[,] 0.01%? thatd be awesome

Primary Submitter: 1.33

Swiss Franc Trader: perfect[.] u r a nice man


View the original article here

Monday, March 18, 2013

Pennsylvania GOP Senator: Rigging The Presidential Election Is What The Framers Would Have Done

Shortly after the Democratic presidential candidate won the White House last November, Pennsylvania state Senate Majority Leader Dominic Pileggi (R) announced a plan to keep that from happening again in the future. Under Pileggi’s plan, the blue state of Pennsylvania would award electoral votes proportionally according to the popular vote, so that a percentage of it electors will go to the Republican candidate even if a majority of Pennsylvania’s voters prefer the Democrat. Meanwhile, red states would continue to award all of their electors to the Republican.

In response to an inquiry from ThinkProgress, state Sen. Mike Folmer’s (R) office explained that he supports this plan to rig the next presidential race because he believes it to be more consistent with the Founding Fathers’ vision. Seriously:

Senator Folmer believes such changes would be consistent with how electoral votes were originally awarded under our constitutional republic.

When the Electoral College was established by the Constitutional Convention of 1787, the individual states were empowered to determine how their electors would be chosen. The Founding Fathers rejected the idea of a national popular vote because they feared the rights and interests of the minority could be trampled by the majority. This is why the term “democracy” does not appear in either the Declaration of Independence or the United States Constitution.

From the first Presidential election of 1788 – 1789 through the election of 1800, the states’ electoral votes were awarded proportionally. After the bitter election of 1800, states began to move to a winner take all system – even though the citizens of that era considered such a change to be blatantly political. By 1836, all states had moved to a winner take all system.

Folmer is correct that Pileggi’s plan is more like the anti-democratic methods used to pick our first presidents, although he is wrong about many of the details of how early elections were run. In the first presidential election in 1788-89, just six states used some form of a popular vote to select the members of the Electoral College. Three states delegated this power entirely to their legislatures, although only about 30 percent of South Carolina’s lawmakers even bothered to show up to choose the first president. New Jersey’s governor unilaterally selected the electors in his state.

Moreover, this pattern of cutting the people out of the presidential election was common in early American elections. Six states held a popular election in 1792; eight held one in 1796; and just five held a popular vote in 1800. And the “popular” elections from this era cannot even vaguely be described as democratic. Just over 13,000 people voted in the 1792 election that reelected President George Washington — out of a nation of 3.9 million people. Needless to say, the 700,000 persons held in bondage at this point in American history did not cast a ballot.

So Folmer is right that Pileggi’s effort to cut the American people out of the opportunity to choose their own president is more like the system that elected our first presidents than our current system. The real question is why he thinks moving back to the anti-democratic days of the past is a good thing.

Sen. Folmer’s full statement is copied below the fold:

Senator Folmer has previously cosponsored Senator Pileggi’s proposed changes to Pennsylvania’s Electoral College voting because Senator Folmer believes such changes would be consistent with how electoral votes were originally awarded under our constitutional republic.

When the Electoral College was established by the Constitutional Convention of 1787, the individual states were empowered to determine how their electors would be chosen. The Founding Fathers rejected the idea of a national popular vote because they feared the rights and interests of the minority could be trampled by the majority. This is why the term “democracy” does not appear in either the Declaration of Independence or the United States Constitution.

From the first Presidential election of 1788 – 1789 through the election of 1800, the states’ electoral votes were awarded proportionally. After the bitter election of 1800, states began to move to a winner take all system – even though the citizens of that era considered such a change to be blatantly political. By 1836, all states had moved to a winner take all system.

In 1991, Nebraska’s nonpartisan legislature returned to proportional awarding of Electoral College votes to increase interest among that state’s voters. In 2008, Maine followed suit. According to Reuters, the law “was instrumental in getting Nebraskans excited about the 2008 presidential election” and the same was true in Maine.

Of course, Senator Folmer believes any changes to the current system should be publicly deliberated to ensure all viewpoints are given proper consideration.


View the original article here

Saturday, March 2, 2013

Michigan Governor Backs Off ‘Unfair’ Electoral Rigging Plan: ‘I Don’t Think This Is The Right Time’

Michigan Gov. Rick Snyder (R)

The prospects of a proposal to rig Michigan’s electoral votes in favor of Republicans took a nosedive on Tuesday as Gov. Rick Snyder (R) came out against the plan this year.

Snyder had previously been considering the plan to shift Michigan’s presidential system from a winner-take-all system to divvying electoral votes by congressional district.

However, in an interview with Bloomberg, Snyder backed off, saying he was “very skeptical” of the idea, noting it would “change the playing field so it’s an unfair advantage.” He finished by saying, “I don’t think this is the appropriate time to look at it.”

HUNT: There is a move in your state by some Republican legislators to change the presidential electoral system from a winner-take-all to doing it by congressional districts. If that happened last November, Barack Obama–who carried this state by a huge margin, almost double-digits–would have won only 4 of the 14 congressional districts. It would tilt the tables tremendously in the Republicans’ favor. You have said you wanted to look at it, let’s see what it is. Gov. McDonnell of Virginia, Haley Barbour and others have said it’s a bad idea. Are you still neutral or are you becoming convinced it’s a bad idea?

SNYDER: I’m very skeptical of the idea and the timeframe that would be done, because I really view it as a question of you don’t want to change the playing field so it’s an unfair advantage to someone. A lot of ways, we want to make sure we’re reflecting the vote of the people, and this could challenge that. So in many respects, the right time to do it is if people are looking as, we should do it before census is taken and before redistricting takes place and it should be a bipartisan effort.

HUNT: So if you do it, you do it much later.

SNYDER: Yeah. I don’t think this is the appropriate time to look at it.

Watch it:

State Senate Majority Leader Randy Richardville (R) also cast doubt on the proposal Tuesday, saying of the current system, “I don’t know that it’s broken, so I don’t know that I want to fix it.” The state’s House Speaker, Jase Bolger (R), supports the plan.

This is potentially a major victory for opponents of the electoral rigging plan. In addition to holding the governorship, Republicans currently enjoy an 8-seat majority in the State House and a 15-seat majority in the State Senate.


View the original article here

Friday, March 1, 2013

BREAKING: Virginia Senate Committee Overwhelmingly Kills Electoral Vote Rigging Scheme

Virginia State Senator Charles "Bill" Carrico Sr. (R) Virginia State Senator Charles "Bill" Carrico Sr. (R)

The bill, as written, would have awarded 11 of Virginia’s 13 electoral votes to the winner of each of the state’s 11 heavily gerrymandered Congressional Districts. The remaining two electors would have been awarded to whoever won the majority of Congressional Districts. Under this scheme, Mitt Romney would have received 9 Virginia electors to Obama’s 4, even though Barack Obama won the state by four points.

All seven committee Democrats voted to “pass by indefinitely” (kill the bill) as did Republican Senators Mark Obenshain, Ralph Smith, Jill Holtzman Vogel, and Jeff McWaters. Four Republicans (Sens. Stephen Martin, Bryce Reeves, Tom Garrett, and the patron Bill Carrico) supported the scheme.


View the original article here