Marine Links Royal Bank of Canada to Libor Fraud and Arbitraged Student Loans
U.S. Marine Field McConnell has linked the Royal Bank of Canada to Libor fraud, enabled by arbitraging low-interest Libor loans with inflated student-loan interest rates to profit from the spread and extort over-leveraged Canadian students.
McConnell claims RBC’s directors followed Libor rules in reporting its expected cost of funds while covertly launching Entrust man-in-the-middle attacks on the Libor compiler, Thomson Reuters, to maximize its profits from arbitraged student debt – LIBOR + 2.0%.
“The Biggest Financial Scam In World History Submitted by George Washington on 07/05/2012 12:38 -0400 .. There have been numerous big banking scandals recently. But the Libor scandal is the biggest financial scam in world history. See this and this. The former CEO of Barclays said today that banks across the world were fixing interest rates in the run-up to the financial crisis. Professor of economics and law Bill Black notes: It is the largest rigging of prices in the history of the world by many orders of magnitude. Indeed, the scandal effects an $800 trillion dollar market – 10 times the size of the real world economy. Matt Taibbi explains that this is the “mega scandal of all mega scandals”, because Libor is the “sun at the center of the financial universe”, and manipulating Libor means that “the whole Earth is built on quicksand.” Local governments, credit card holders, students, small businesses, small investors, homeowners and virtually everyone else in the entire world has been impacted by the manipulation. Credit card debt – almost a trillion dollar market – is pegged to Libor. So are student loans – a trillion dollar market.”
“The Maple Spring and the Mafiocracy: Struggling Students versus “Entitled Elites” Andrew Gavin Marshall Infowars.com June 4, 2012 … Unfortunately for their self-congratulations, it was recently revealed that Canada’s banks actually received a “secret bailout” in 2008, for a total of $114 billion, or $3,400 for every Canadian man, woman, and child. The bailouts took place between 2008 and 2010, funded by the Bank of Canada, the United States Federal Reserve, and the Canada Mortgage and Housing Corp. The government continues to deny it gave the banks a bailout, instead, our Finance Minister insists, it was just “liquidity support,” which means… the government did not “bail out” the banks with public money, it just gave the banks public money… in “support.” Call it what you will, they gave them $114 billion. Mark Carney, the Governor of the Bank of Canada (our central bank), and a former executive with Goldman Sachs (what’s not to love?), even admitted that the Bank of Canada gave tens of billions of dollars to our private banks. The U.S. Federal Reserve provided $33 billion to Canada’s big banks, while the official numbers of what the Bank of Canada provided remain a “secret,” as the government has refused to respond to Access to Information requests on the subject. Available information, however, points to $41 billion given to our banks by the Bank of Canada by December of 2008. Even some foreign banks had access to money from the Bank of Canada. Thus, Canada’s big five banks – Royal Bank of Canada, T.D. Bank, Scotiabank, the Bank of Montreal and CIBC – received collectively over $114 billion in “bailouts.” Oh, excuse me, I mean, “liquidity support.” And now, these same banks have inflated a major housing bubble in Canada which is eerily similar to that which existed in the United States in 2007, with housing prices dangerously high, and the average household debt at $103,000. But don’t worry, these big five banks made “record profits” in 2011. So naturally, with record profits for banks, and record debt for Canadians, the banks have decided to increase their fees on you! And then their profits continued to increase! Naturally, the executives have been giving themselves bigger bonuses than ever. … Oh, and in case you forgot, remember: it’s Québec students who are “entitled” and “spoiled brats.” Just making sure you remember that. In Canada, we have a situation in which total national student debt is at $20 billion, and with tuition increases, this too will increase dramatically. But don’t worry, increased tuition costs and increased student debt is good for the banks, because they provide a lot of the loans and own the debt, and collect the interest and keep you in their pockets for the rest of your life. And remember, if the banks are doing well, the economy is doing well. You don’t matter… at all. Okay, so total student debt in Canada is at $20 billion, with the average student graduating with $27,000 in debt, few job prospects, high unemployment rates, and in a major social and economic crisis, but the Canadian government is buying 65 F-35 fighter jets from the U.S. military contractor, Lockheed Martin, worth a total of $25 billion. So, we can bail out our banks to the tune of $114 billion, and we can spend $25 billion buying military machines to go bomb and kill poor people around the world, but students shackled with $20 billion in debt must be shackled with more. And if they try to do anything about the increases in tuition, and thus, the increases in their debt, Canadian politicians and the media refer to them as “entitled,” “spoiled brats.” http://www.infowars.com/the-maple-spring-and-the-mafiocracy-struggling-students-versus-entitled-elites/”
“Private college student loan interest rates are calculated based on a published index such as the Prime Rate or LIBOR (London Inter Bank Offering Rate) plus a margin based on your credit score and credit history. If a cosigner is required, your interest rate will be determined based on your credit, and your cosigners’ credit. Click for more information on the Prime Rate. What does LIBOR stand for? LIBOR stands for London InterBank Offer Rate. It is the interest rate at which lenders can borrow funds from other banks, and is based on the average interest rate paid on deposits of U.S. dollars in the London market. The rate is set by the British Bankers Association and released daily. How does this affect my private student loan? Typically, alternative student loans are based on either a 1-month or 3-month average of the LIBOR index. With student loans, the LIBOR rate is set by the lender based on you credit history and which repayment plan you elect to use. You can ask your lender if your private student loan interest rate is based on either the Prime Rate or LIBOR, so you know how they arrive at the rates you are offered. What is the current LIBOR rate? You may use the widget below (courtesy of WolframAlpha), for the most up-to-date figures.”
“The best private student loans will have interest rates of LIBOR + 2.0% or PRIME – 0.50% with no fees. Such loans will be competitive with the Federal PLUS Loan. Unfortunately, these rates often will be available only to borrowers with great credit who also have a creditworthy cosigner. It is unclear how many borrowers qualify for the best rates, although the top credit tier typically encompasses about 20% of borrowers.”
“Deputy and Vice Chairs – RBC Capital Markets Michael Fortier Vice Chairman Since October 2010, Mr. Fortier is Vice Chairman, RBC Capital Markets. Prior to joining the Royal Bank of Canada, he had been active principally in the fields of banking, politics and law. Over the past 25 years, Mr. Fortier has worked as a senior relationship banker for several Wall Street and Canadian investment banking firms and worked in Canada and the UK for one of the leading Canadian law firms [Ogilvy Renault with Yves ‘Entrust MitM’ Fortier and Brian ‘Airbus’ Mulroney] Between January 2006 and November 2008, Mr. Fortier served as Canada’s Minister of Public Works and Minister of International Trade. Throughout this period, he also acted as the Minister responsible for Greater Montreal. Mr. Fortier also chaired Prime Minister Stephen Harper’s Conservative Party leadership campaign in 2004 and the Party’s 2004 and 2006 federal election campaigns. Mr. Fortier sits on the boards of several private and public companies and is involved with many philanthropic organizations. He has also accepted numerous pro bono assignments from municipal, provincial and federal governments, including negotiating the return of Formula One racing to Canada in 2010. Mr. Fortier lives in Montreal with his wife Michelle and his six children.”
Follow Abel Danger to learn more about student-loan arbitrage fraud by the 16-bank Libor cartel.