One of our most recent reports!
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Josh Sigurdson talks with author and economic analyst John Sneisen about a story that really should be hitting the front pages throughout Canada.
Several Canadian banks have been accused of rigging rates to boost profit. According a class action suit by a Colorado based pension fund, for seven years, 6 Canadian banks and three foreign lenders "conspired to manipulate a Canadian interest rate benchmark to boost “illegitimate profits” on derivatives trades for several years until 2014."
According to the suit, the banks attempted to boost earnings from derivatives trading by manipulating the Canadian Dealer Offered Rate (CDOR) which is a benchmark lending rate.
The banks include, Toronto-Dominion Bank, Royal Bank of Canada, Bank of Nova Scotia, Bank of Montreal, Canadian Imperial Bank of Commerce and National Bank of Canada, as well as HSBC Holdings Plc, Bank of America Corp. and of course the one and only Deutsche Bank.
The banks held on average more than US$1 trillion in CDOR-based swap contracts with U.S. counterparties at the time.
One could ask why banks using people's loaned money are doing derivative trades, but more importantly, why are people using banks to a greater extent than necessary?
Deutsche Bank has been tied up in everything alongside HSBC and of course RBC and Scotia Bank are always up to no good. This looks a lot like what we saw with the Libor rigging some years ago.
These banks get away with what most would be thrown in jail for. The banks, hand in hand with government, benefit off of debt, subservience and ignorance which is why one needs to solve that problem individually by being financially responsible, rule and educate themselves.
These problems will continue to perpetuate until people learn. Responsibility is the hallmark of freedom and liberty after all.
Stay tuned as we continue to cover these issues.
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Canada’s banks are rigging for profit? Who woulda guessed? #sarcasm
Canada's banks are some of the most corrupt in the world: https://www.amazon.ca/Canada-Greatest-Economy-World-Yourself-ebook/dp/B073V5R72H
Wow liked your post .. happy reading it .... really amazing .... thank you for sharing a good day.
yeah whatever, it's much more important to cover stories about crazy people saying racist things on the bus
Great article, I'll be following!
Good thing I have a solution for this FIAT-system!!! Yeah, shameless self-adverticement. I gave you a follow to get some news. Here in finland they have started to talk about more and more useless shit in mass-media. I think that we could be living a last moment of leech goverment-form. Just need to get my sytem to some people who can think.
What is your idea? John S.
In my idea new money is printed directly to people as a basic-income + there's a goverments percent that is used for goverments expences. In my system value of money is backed by society, leading to that if people actually become slobs, value goes down and people need to start earning more.
Accountability must be linked to accountability The perpetrators of such forgery should be held accountable for the fraudulent business of interest loans.
Old news but new facts. Thank you Josh for adding arrows to our quiver of truth.
I Like this! Let me know if you find this right. If you do I shall follow and upvote. Please visit https://steemit.com/buddha/@pankajwahane/noble-intention-behind-steemit
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Rather than put my money in banks so they can use it to make profits for themselves with investments, I prefer to make my own investments.