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Business/Finance
See other Business/Finance Articles

Title: California Counties Want Millions
Source: Courthouse News
URL Source: http://www.courthousenews.com/2013/01/10/53795.htm
Published: Jan 10, 2013
Author: Robert Kahn
Post Date: 2013-01-10 12:41:26 by noone222
Keywords: None
Views: 98
Comments: 5

Bank of America and other heavy hitters defrauded cities and counties by conspiring to fix, and lie about, the LIBOR rates, four California counties and cities and a Bay Area utilities district claim in separate federal antitrust complaints.

The London Interbank Offered Rate is the rate banks charge one another for short-term loans necessary to carry on their business. More than $300 trillion in financial derivatives are tied to LIBOR rates. Barclays Bank last year settled criminal allegations of fixing LIBOR rates, leading to multiple lawsuits and investigations of major banks on at least two continents.

Barclays' plea agreement is attached as an exhibit to Riverside's 156-page filing.

Many many banks were accused of profiting by misreporting LIBOR rates, inflating or deflating them to profit from trades - in essence, picking advantageous rates after trades had been concluded.

The five federal complaints, all filed this week, came from the City of Riverside and the Riverside Public Financing Authority, in Los Angeles Federal Court; the County of San Diego, in San Diego Federal Court; San Mateo County, in Oakland Federal Court; and the City of Richmond and the East Bay Municipal Utility District, in separate complaints in San Francisco Federal Court. All have similar defendants and make similar charges.

They all seek disgorgement, restitution and treble damages for antitrust violations, fraud and deceit, negligent misrepresentation, interference with economic advantage, breach of faith and unjust enrichment.

Here are the defendants in Riverside's complaint: Bank of America Corp.; Bank of America NA; Bank of Tokyo-Mitsubishi UFJ Ltd.; Barclays Bank PLC; Citigroup Inc.; Citibank NA; Cooperatieve Centrale Raiffeisen-Boerenleenbank BA (Rabobank); Credit Suisse Group AG; Deutsche Bank AG; HSBC Holdings PLC; HSBC Bank PLC; JPMorgan Chase & Co.; JPMorgan Chase Bank NA; Lloyds Banking Group PLC; HBOS PLC; Royal Bank of Canada; The Norinchukin Bank; Societe Generale SA; The Royal Bank of Scotland Group PLC; UBS AG; Westlb AG; and Westdeutsche Immobilienbank AG.

All the plaintiffs are represented by Nanci Nishimura with Cotchett, Pitre & McCarthy, of Burlingame, and by their house counsel.


Poster Comment:

There ain't no money - there ain't no Constitution and there ain't no Santa Claus.

Post Comment   Private Reply   Ignore Thread  


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#1. To: noone222, 4um (#0)

There ain't no money - there ain't no Constitution and there ain't no Santa Claus.

And when the banksters get their way, there ain't gonna be a noone222 or Esso and a bunch of other 4umers and ZHers.

On a long enough timeline the survival rate for everyone drops to zero.

Godfrey Smith: Mike, I wouldn't worry. Prosperity is just around the corner.
Mike Flaherty: Yeah, it's been there a long time. I wish I knew which corner.
My Man Godfrey (1936)

Esso  posted on  2013-01-10   12:53:03 ET  Reply   Trace   Private Reply  


#2. To: Esso (#1)

And when the banksters get their way, there ain't gonna be a noone222 or Esso and a bunch of other 4umers and ZHers.

Likely a few less of them as well. It's not a zero sum game.

We should all be livid. Stop acting like docile, mentally castrated pussies and grow a pair. It's time to get in their face. Why should we speak in hushed tones and act all polite when we are being metaphorically raped every day?

noone222  posted on  2013-01-10   13:12:40 ET  Reply   Trace   Private Reply  


#3. To: noone222 (#0)

TAFT, Calif. (KBAK/KBFX) — Two people were wounded Thursday morning in a shooting at Taft Union High School.

The shooting happened around 9 a.m. on the second floor of the school's science building. Kern County Sheriff's Office spokesman Ray Pruitt said he was in the process of collecting details.

County fire Capt. Eric Coughren said one victim suffered minor injuries and refused treatment. Eyewitness News observed the other victim, confirmed as a student, in a medevac at Taft airport.

A suspect, also confirmed as a student, was taken into custody and the situation was stabilized, Coughren said. A shotgun was recovered at the school, Pruitt said.

Students were reportedly evacuated on the campus to a safe location.

One of "Shotgun" Joe Biden's kids?



"We (government) need to do a lot less, a lot sooner" ~Ron Paul

hondo68  posted on  2013-01-10   14:59:52 ET  Reply   Trace   Private Reply  


#4. To: noone222 (#0)

When a county goes brown, it goes down.

"Mr. Prime Minister, there is only one important question facing us, and that is the question whether the white race will survive." -- Leonid Brezhnev to James Callahan

Prefrontal Vortex  posted on  2013-01-10   15:29:22 ET  Reply   Trace   Private Reply  


#5. To: noone222 (#0) (Edited)

There ain't no money - there ain't no Constitution and there ain't no Santa Claus.

I hereby proclaim The Three Certainties In Life:

1. Death
2. Taxes
3. A jew lurking in the background of all worldly financial transactions

“With the exception of Whites, the rule among the peoples of the world, whether residing in their homelands or settled in Western democracies, is ethnocentrism and moral particularism: they stick together and good means what is good for their ethnic group."
-Alex Kurtagic

X-15  posted on  2013-01-10   17:35:24 ET  Reply   Trace   Private Reply  


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