EXPOSED: Canadian Banks CAUGHT Rigging Rates! - What You Need To Know
In this video, I talk 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.
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just banks and governments doing what they do, abolish central banking
I’m shocked! Shocked I tell you!
Haha
Man the corruption runs so deep it’s just insanity!
Great post my friend 👍
Banksters!!
Yep.
Not nearly enough people here paying attn or leaning back on their leaders in and out of politics like the banksters.
I use the term "leaders" loosely, of course.
#COMER in #Canadastan...
#EndTheFed in the #USSA
SHOCKING (said no one)!
Until the greater mass of people wake up to the root of the problem.. Centralization and illegitimate authority by a collective group who try to rule over others. Nothing will happen to the banks and nothing will ever change. I think we need to stop covering the symptoms and start pointing at the root cause.
They all seem to get caught and nothing happens. Deutsche bank got caught multiple times for rigging markets including the silver futures and they just pay a small fine and keep doing it. It's unreal what they get away with.
Realistically that's how it works everywhere in the world, rates are rigged on every level of every country. Let me take out a loan, 2 % interest. let me put my money in a saving account, .01% interest. The people cant do much to change it, the banks can set whatever % they want. After all Money = Power
The entire world is rigged...Upvoted!
'Jon, Jon he's the man, if he can't bring the banks down, no one can.'
Technically they will bring themselves down
Ahhh.... to all the people that think #Canadastan here is full of roses and shiny ponies......
Nope!!!
Good stuff guys, as always.