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Monthly Archives: February 2013

Comment from thebrackpipe.com:  Joe Biden is a true American idiot.  

Article below by Karen Workman of Digital First Media:

Vice President Joe Biden is leading White House’s task force to reduce gun violence, so it’s not surprising that video of him advising people to “buy a shotgun” is drawing a lot of attention.

Biden, in a live town hall with Parents Magazine on Tuesday, ends one of his answers with the simple advice: “Buy a shotgun. Buy a shotgun.”

Biden was responding to a question from a reader named Kate about whether law abiding citizens would be a greater target for criminals if certain weapons and high capacity magazines are banned.

“Kate, if you want to protect yourself, get a double barrel shotgun, have the shells, a 12- gauge shotgun,” Biden responds.

He also talks about how he’s advised his wife to “fire two blasts” with the shotgun on their home’s balcony if she ever suspects trouble.

“You don’t need an AR-15,” Biden says. “It’s harder to aim. It’s harder to use. And, in fact, you don’t need 30 rounds to protect yourself.”

Biden was being interviewed by Michael Kress, the executive editor of Parents.com

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The town hall was hosted on the magazine’s Facebook page and the full replay is available from the White House.

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Comment from the brackpipe.com:  “The rigging [of the LIBOR rate] continued even after traders learned that Libor submissions were being probed.”  And RBS gets to keep its banking license?  

From the Globe and Mail:

Britain’s Royal Bank of Scotland will pay U.S. and British authorities $615-million (U.S.) and plead guilty to wire fraud in Japan to settle allegations it manipulated global benchmark interest rates.

“The RBS board acknowledges that there were serious shortcomings in our systems and controls and also in the integrity of a small group of our employees,” chairman Philip Hampton said on Wednesday.

“This is a sad day for RBS, but also an important one in continuing to put right the mistakes of the past.”

More than a dozen traders at RBS offices in London, Singapore and Tokyo manipulated the London interbank offered rate (Libor), which is used to price trillions of dollars worth of loans, from at least 2006 until 2010.

The rigging continued even after traders learned that Libor submissions were being probed.

In a bid to avoid a political firestorm, the part state-owned bank will cut into its staff bonuses to pay the fines, the second-largest so far in an international investigation that has already implicated Switzerland’s UBS and Britain’s Barclays.

Some £87.5-million ($137.1-million U.S.) will be paid to Britain’s Financial Services Authority, $150-million to the U.S. Department of Justice and $325-million to the U.S. Commodity Futures Trading Commission.

Like UBS, RBS did not have to admit criminal liability in the United States, meaning it can retain its banking licence there and avoid a fire sale of its U.S. business Citizens.

The bank said John Hourican, head of RBS’s investment bank, had agreed to leave following the misconduct of staff in that business. Hourican had no involvement in or knowledge of the misconduct, RBS said.

Critics say the scandal over manipulation of Libor shows banks’ riskier activities should be separated from basic lending functions.

UBS agreed in December to pay fines of $1.5-billion to regulators in the United States, Britain and Switzerland over Libor rigging. Its unit in Japan, where much of the wrongdoing occurred, pleaded guilty to criminal fraud. U.S. prosecutors also filed criminal conspiracy charges against two former UBS traders allegedly at the heart of the scheme.

Barclays got a non-prosecution agreement and paid $453-million in penalties. Barclays’ three most senior executives, including then chief executive Bob Diamond, were also forced to leave the bank in the wake of the Libor debacle.