Nov 222013

This article raises an interesting question.  But, the NSA’s purpose is not to investigate Wall Street Terror – it’s purpose is to “aid and abet” the rule of the capitalist class.

By Pam Martens, Wall Street on Parade, November 7, 2013

New York City’s Billionaire Mayor, Michael Bloomberg, Majority Owner of Bloomberg LP, Home of the Bloomberg Chat Room

In recent months we’ve learned that the National Security Agency (NSA) has been spying on tens of millions of law-abiding citizens’ emails and telephone calls placed through companies like Google, Yahoo, Verizon, AT&T and Sprint Nextel. What the NSA does not appear to have been spying on are the Bloomberg chat rooms where real financial frauds involving potentially trillions of dollars in trades have been occurring for years.

Now, the ultimate embarrassment has occurred for those sleuths at the NSA. The Wall Street Journal is reporting that investigators probing a new line of market manipulation, rigged foreign currency trading, have found that potential lawbreakers were so cavalier about their conduct that they used chat names such as “The Bandits’ Club” and “The Cartel.”

On December 20, 2012, we reported that the Bloomberg chat room was the brand choice for traders plotting to rig the interest-rate benchmark known as Libor. Municipalities and other investors have filed lawsuits alleging that the rigging of this benchmark has cost them billions of dollars in losses. A total of five large international banks have cumulatively paid over  $3.5 billion to settle charges of rigging Libor and other related interest rate benchmarks.

Continue reading at Wall Street on Parade

 November 22, 2013  Posted by at 2:45 pm Uncategorized Tagged with: , ,

Sorry, the comment form is closed at this time.