mannfm11 wrote:The LIBOR fixing scheme is quite revealing and amazing. Note how Jefferson County Alabama and Harvard University both ended up on the wrong side of interest rate swap trades. They lost a fortune. Who was running the other end of the trade, which was won big time by the nature of the movement of interest rates, controlled not only by banks, but central banks. I don't totally comprehend how swaps work other than one party pays the other party and interest rate in return for the other party paying the first party an interest rate. Seems all the outside institutions that bought into these schemes got killed. There was actual bribery in the case of Jefferson County. Coincidentally, Larry Summers was present at Harvard when they got killed.
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