Ricken Patel - Avaaz.org <avaaz@avaaz.org> :Big banks have been rigging the interest rates on our mortgages and student loans!
12 juli 2012 06:33
Dear friends,
Big banks have been rigging the interest rates on our mortgages
and student loans! They've finally gone too far. The EU finance regulator is
bringing new laws to put bankers behind bars for these crimes but needs
popular support to face down the banking lobby and bring global change -- let's
get 1 million people to stand with him in the next 3 days:
| Big banks have been
caught in a massive scam to rig global interest rates, ripping off millions of
people on their mortgages, student loans and more! We'd go to jail for this,
but Barclays bank has only been fined, and just a fraction of their profits!
Outrage is mounting -- this is our chance to finally turn the tide of the banks'
reign over our democracies.
The EU finance regulator, Michel Barnier
is standing up to the powerful bank lobby and championing reform that would
put bankers behind bars for fraud like this. If the EU goes first,
accountability could quickly spread across the globe. But the banks are
lobbying hard against it, and we need a massive surge of people power to drive
these reforms through.
If we can get 1 million people to stand with
Barnier in the next 3 days, it will give him momentum to face down the
banking lobby and push governments to bring reform. Click below to sign, and our
growing numbers will be represented by adding mock bankers to a jail right in
front of the EU Parliament:
http://www.avaaz.org/en/bankers_behind_bars_f/?bmzCdbb&v=15946
The
full scale of the scandal is still unknown, but what we know is
breathtaking: "Several" unnamed major banks were involved, and the rigging
of the LIBOR interest rate, the rate on which many of the world's interest rates
are based, affected the value of literally hundreds of trillions of
dollars in investments. Barclays alone has admitted to committing this fraud
"hundreds" of times.
For too long, our governments have been cowed by
powerful banks who threatened to move elsewhere if challenged. For too long,
banks have manipulated our market economies, tilting the playing field in their
favour, and engaging in reckless risk-taking, secure in the knowledge that they
could force governments to hand them our taxpayer money when they got into
trouble.
The system is rigged, and that's a crime. It's time to put the
criminals behind bars for it. It starts in Europe -- let's make it happen:
http://www.avaaz.org/en/bankers_behind_bars_f/?bmzCdbb&v=15946
There
may never have been a time in modern history when the big banks didn't have
excessive and extraordinary power that they regularly abused. But democracy is
on the march -- we've seen this march overcome tyrants across the world, and
together, we'll help end the reign of the banks as well.
With
hope,
Ricken, Iain, Alex, Antonia, Giulia, Luis, and the entire Avaaz
team
P.S. -- Last week 94,000 people joined Avaaz member David R.'s
campaign against foul-play in the Mexican elections which he launched on the new
Avaaz Community Petitions platform. Get support for the things you care strongly
about by starting your campaign here: http://www.avaaz.org/en/petition/start_a_petition
More
information:
FSA’s Turner Says Banks Culture One of ‘Cynical Entitlement’
(Bloomberg) http://www.bloomberg.com/news/2012-07-03/fsa-s-turner-says-banks-have-culture-of-cynical-entitlement-1-.html
Barclays Libor scandal: how can we change banking culture? (The
Guardian) http://www.guardian.co.uk/business/2012/jul/02/barclays-libor-scandal-change-banking-culture
Barclays just the tip of the iceberg as banking braced for more scandals
(The Guardian) http://www.guardian.co.uk/business/2012/jul/08/banking-scandals-barclays?intcmp=239
The
rotten heart of finance: A scandal over key interest rates is about to go global
(Economist) http://www.economist.com/node/21558281
Banking
Reforms after the Libor scandal (Financial Times) http://blogs.ft.com/martin-wolf-exchange/2012/07/02/banking-reforms-after-the-libor-scandal/#axzz1zY8LnZHS
EU's Barnier pushes for criminal sanctions for Libor abuse
(Reuters) http://in.reuters.com/article/2012/07/09/idINL6E8I91PR20120709
Barnier
Seeks to Widen EU Rules to Bar Libor Manipulation (Business Week) http://www.businessweek.com/news/2012-07-08/barnier-seeks-to-widen-eu-market-abuse-rules-to-include-libor

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