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Obviously -- should be it's not the the jobs data here the United States but this interest -- fixing scandal is not going away either and many people argue it should not go away.
Today's development is from the UKC formally begin -- criminal investigation of Barclays could be trouble eventually for other big banks around the world.
So then why is Wayne Rogers on today on the show.
It's not such a big deal -- -- he's not he's the chairman Wayne Rogers and company from LA and you don't -- all the fuss is about when my not.
Well because you're an old -- are the they London Interbank rate that is set by.
There are a number of banks that -- -- are in this in other words all of the London banks.
Population at 11 o'clock each morning what they willed -- them I'd take deposits haven't pay interest on -- what they -- -- that.
And those rate direct composite of that and it comes down to something that's an average of that so one -- can't really influence it that much it is a form a price fixing were deliberately yes the banks fix the price the world uses that as a base so.
If a bank is willing to do that -- it is a competitive market.
-- it would eventually it will level itself out now like if one bake.
-- is committing something if they are doing something fraudulent to do this sure then that's -- reflect on that particular -- -- benefits far more than just one bank and more than just opened speculation about that if you look at the CFT.
C settlement which we did with marketplace and you read through it you find that Barclays at least is saying and Bob Dimon -- -- of the day is far more.
Than one bank it's more than just Barkley -- one part of that the Barkley swap traders coordinated with traders and other banks is a straight from the settlement.
On the rates to be submitted by their respective -- -- -- bidders in order to benefit their banks derivative trading positions.
So war other banks I mean there as you say it's it's a survey of you know -- groups involved JPMorgan's -- Bank of America's involved in terms of setting this rate.
So what they -- -- as -- as is the allegations going back years if it's all done this is a huge deal.
Then that is correct I was trying to explain what does that make -- that of the definition -- -- Libor is right your right if if everybody is in a conspiracy here.
To hold the rights of a certain level ought to make all rights of -- at a certain level and they are all conspiring to do so you're exactly right that's it that's a big deal that's advance that's fraud and.
Bakley and that's what -- I -- Barclays is basically saying that if you look at the settlement and what they've.
I've told investigators -- -- -- said Bob Dimon basically said it.
The other day it seemed like Barclays was trying to get an early on this and say hey at least we told you about it that partially has backfired because they're chairman and a CEO both out.
But if it comes here and we find out that other banks are involved in this then.
And I know we've talked about this before you have other people -- say why do all these big banks have all the power let's just break them up and maybe that's the end of this.
Well of course that's the obvious answer that with the problem that we talked about before they didn't.
You know when though congress got red blue Glass-Steagall -- been in 1990 -- that was the dumbest thing in the world that pave the way for banks and for banks that are commercial banks who have who take deposits and -- and I am an investment banks who underwrite securities to get together so this'll -- no 11 thing then you'll gonna yes on the -- of course they show absolutely that congress should pass another Glass-Steagall act that's what they should do but they are all being -- -- the major banks some I don't know it.
Mostly though because this is really expose -- if it's true -- all the allegations end up being true up pretty pretty rough system.
How with a lot of flaws -- at the Wayne Rogers thanks and I think at the end of the depth of we all agreed or something don't have a good weekend.
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