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Libor Gets Religion


Business  (tags: Libor, religion, americans, business, consumers, corporate, corruption, cover-up, dishonesty, debt, economy, ethics, finance, government, investments, investing, investors, law, marketing, lies, money, news, politics, society, usa, world )

JL
- 798 days ago - blogs.wsj.com
The group, Jubilee USA Network, specifically accuses ABC World News and NBC Nightly News of having a "blackout" on coverage of a "scandal that affects everyday Americans and the most vulnerable in our world."



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JL A. (276)
Sunday October 14, 2012, 9:18 am
October 4, 2012, 4:20 PM ET

Libor Gets Religion

By Michael J. Casey

Bloomberg
No. 1 Canada Square stands amongst skyscrapers housing the offices of HSBC Citigroup , and Barclays in the Canary Wharf business district of London

The idea of your local priest peppering his Sunday sermon with references to “the London Interbank Offered Rate” might sound far-fetched, but you may want to be prepared for it.

The Libor scandal has entered the religious realm.

In fact, a multi-faith coalition of activist organizations doesn’t want to stop there. According to a statement Thursday, it believes average Americans are being deprived in their television news of coverage of the sweeping story of how banks allegedly rigged a benchmark interest rate that’s used to price everything from student loans and adjustable-rate mortgages to money market funds, credit cards and business credit lines.

The group, Jubilee USA Network, specifically accuses ABC World News and NBC Nightly News of having a “blackout” on coverage of a “scandal that affects everyday Americans and the most vulnerable in our world.”

To elevate a campaign that it has waged against the two news programs since mid-summer, Jubilee USA Network said Catholic nuns from the Sisters of Charity of New York, one of its 250 member congregations, will on Friday deliver a 5,000-signature petition to the offices of ABC and NBC. The group says the two news shows ignored an Aug. 6 letter signed by its Executive Director, Eric LeCompte, and the heads of the Interfaith Center on Corporate Responsibility and the JPIC Ministry of the Missionary Oblates of Mary Immaculate, which urged them to “immediately” cover the scandal.

In that letter, according to the text cited by Jubilee USA, the three organizations representing “almost all of the mainline Churches, more than 100 national organizations and 200 congregations” expressed concern “about continued corruption in our banking system.” They said the “manipulation of these rates affects people across the income spectrum” with “severe repercussions for the poor and most vulnerable.”
ABC World News declined to comment and a spokeswoman for NBC Nightly News was not immediately available.

Mr. LeCompte said Jubilee USA has raised concerns with banks about the scandal and will continue to do so, but has focused its campaign on the ABC and NBC news programs because “the religious community believes the media has a responsibility as the watchdog of governments and institutions.”

The Libor scandal, which has already led Barclays PLC to sign a $450 million settlement with U.S. and regulators and prompted the ouster of its CEO, Bob Diamond, has triggered a host of lawsuits from individual and institutional investors who say they were cheated out of returns on bonds with artificially low rates. Regulators have widened their investigation to other banks, including Bank of America Corp. , Citigroup Inc. and J.P. Morgan Chase .

The Libor scandal exploded in the summer, as Barclays came under pressure from U.K. regulators, but it was set in motion by a Wall Street Journal investigation back in 2008, which questioned whether the all-important benchmark rate was accurately reflecting the true rates at which banks borrowed from each other.

Libor, which is overseen by the British Bankers Association, is tied to hundreds of trillions of dollars in loans and financial contracts. The BBA has called it the “world’s most important number.”

 

Sue H. (7)
Sunday October 14, 2012, 9:29 am
Well, can I get an AMEN??!
 

JL A. (276)
Sunday October 14, 2012, 9:45 am
You cannot currently send a star to Sue because you have done so within the last week. You can get lots of "AMENS" Sue! Religious groups working on social justice issues don't seem to get the press coverage given to religious groups focused on conservative agendas.
 

Roger M. (0)
Sunday October 14, 2012, 11:13 am
I've been wondering where Libor went since it hit Barclays here in the U.K.

I think we're going to be hearing a lot more about it in the days and years to come.
 

JL A. (276)
Sunday October 14, 2012, 11:47 am
You cannot currently send a star to Roger because you have done so within the last week. Four days ago I posted an article on the estimates of how much state and local governments lost from the Libor rate manipulations. 14 days ago I posted an article on the proposals to overhaul Libor; this one probably answers questions and concerns relevant to UK more Roger.
 

Barbara D. (70)
Sunday October 14, 2012, 1:03 pm
Although “the religious community believes the media has a responsibility as the watchdog of governments and institutions,” unfortunately it has been a long time since the media itself has believed that. The LameStream Media answers to their corporate owners, not the public.
 

Michael Kirkby (86)
Sunday October 14, 2012, 1:08 pm
Noted
 

Julian Robert Gonzalez (112)
Sunday October 14, 2012, 4:37 pm
Oh no, say it is not so. Really black outs? Barbara D said the truth. I say just all part of NWO.
Julian
 

JL A. (276)
Sunday October 14, 2012, 4:40 pm
You cannot currently send a star to Julian because you have done so within the last week.
 

Maureen C. (3)
Sunday October 14, 2012, 11:13 pm
I think the mainstream media didn't report this scandal because none of their news team understood it well-enough to explain it to their audience; but, believe me, this was huge news in financial/economic/currency exchange circles. Even such eminent names as John Mauldin were concerned by what was going on with the Libor back in 2009, but no-one I heard suspected deliberate manipulation.

Greed beats out integrity again.
 

Giana Peranio-Paz (394)
Monday October 15, 2012, 1:10 am
I don't know much about this subject, actually nothing, but the reading is interesting. Coverups are the name of the game world wide...
 

JL A. (276)
Monday October 15, 2012, 8:32 am
Giana, Kudos for choosing to learn more about a subject!You cannot currently send a star to Giana because you have done so within the last week.
 

Tamara Noforwardsplz (185)
Monday October 15, 2012, 8:48 am
Wow. I too did not know anything about this scandal which just proves the truth of what the article is saying. This is a huge scandal that we all should have known about. Without a doubt, to borrow a phrase from Barbara, lamestream media only answers to their corporations. And we all know, corporations answer to no one.

Thanks J.L.A for bringing this information to light.
 

JL A. (276)
Monday October 15, 2012, 9:18 am
You are welcome Tamara. Most of the prior Libor scandal stories posted on Care2 were from UK media sources, not the US Media. Sending a Green Star is a simple way to say "Thank you"

You cannot currently send a star to Tamara because you have done so within the last week
 

Lois Jordan (58)
Monday October 15, 2012, 5:44 pm
Noted & much thanks for posting, J.L. I remember LIBOR was a splash in the summer news for a few days, but then...nothing much. Disappointing for such a huge, worldwide scandal of interest rate manipulation. I wondered if The Powers That Be were just going to be able to sweep it under the rug, or if it was just going to take some time for the lawsuits. Good to know that these "people of faith" at least are hitting the right target and concentrating on something of benefit to those of us 99%-ers. Maybe they heard us screaming, "Banks Got Bailed Out, We Got Sold Out."
 

Charlie Rush (66)
Wednesday October 17, 2012, 10:33 am
GETTING RELIGION has been used so often, it is sickening.
Only, the most naive, fall for it, any more.
 

JL A. (276)
Wednesday October 17, 2012, 10:47 am
Charlene, this article was about a faith-based group seeking disclosure and media coverage of a financial scandal of global proportions that harmed poor people, middle class people and state and local governments.
 
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