Big banks have been rigging the interest rates on our mortgages and student loans! They’ve finally gone too far. The EU finance regulator is bringing new laws to put bankers behind bars for these crimes but needs popular support to face down the banking lobby and bring global change — let’s get 1 million people to stand with him in the next 3 days:
Sign the petition.
Big banks have been caught in a massive scam to rig global interest rates, ripping off millions of people on their mortgages, student loans and more! We’d go to jail for this, but Barclays bank has only been fined, and just a fraction of their profits! Outrage is mounting — this is our chance to finally turn the tide of the banks’ reign over our democracies.
The EU finance regulator, Michel Barnier is standing up to the powerful bank lobby and championing reform that would put bankers behind bars for fraud like this. If the EU goes first, accountability could quickly spread across the globe. But the banks are lobbying hard against it, and we need a massive surge of people power to drive these reforms through.
If we can get 1 million people to stand with Barnier in the next 3 days, it will give him momentum to face down the banking lobby and push governments to bring reform. Click below to sign, and our growing numbers will be represented by adding mock bankers to a jail right in front of the EU Parliament:
The full scale of the scandal is still unknown, but what we know is breathtaking: “Several” unnamed major banks were involved, and the rigging of the LIBOR interest rate, the rate on which many of the world’s interest rates are based, affected the value of literally hundreds of trillions of dollars in investments. Barclays alone has admitted to committing this fraud “hundreds” of times.
For too long, our governments have been cowed by powerful banks who threatened to move elsewhere if challenged. For too long, banks have manipulated our market economies, tilting the playing field in their favour, and engaging in reckless risk-taking, secure in the knowledge that they could force governments to hand them our taxpayer money when they got into trouble.
The system is rigged, and that’s a crime. It’s time to put the criminals behind bars for it. It starts in Europe — let’s make it happen:
There may never have been a time in modern history when the big banks didn’t have excessive and extraordinary power that they regularly abused. But democracy is on the march — we’ve seen this march overcome tyrants across the world, and together, we’ll help end the reign of the banks as well.
Ricken, Iain, Alex, Antonia, Giulia, Luis, and the entire Avaaz team
P.S. — Last week 94,000 people joined Avaaz member David R.’s campaign against foul-play in the Mexican elections which he launched on the new Avaaz Community Petitions platform. Get support for the things you care strongly about by starting your campaign here: http://www.avaaz.org/en/petition/start_a_petition
FSA’s Turner Says Banks Culture One of ‘Cynical Entitlement’ (Bloomberg)
Barclays Libor scandal: how can we change banking culture? (The Guardian)
Barclays just the tip of the iceberg as banking braced for more scandals (The Guardian)
The rotten heart of finance: A scandal over key interest rates is about to go global (Economist)
Banking Reforms after the Libor scandal (Financial Times)
EU’s Barnier pushes for criminal sanctions for Libor abuse (Reuters)
Barnier Seeks to Widen EU Rules to Bar Libor Manipulation (Business Week)
USA: Kucinich Explains the LIBOR Scandal. Congressman Dennis Kucinich: “We don’t know just how deep this scandal goes. But the fact is that if a fundamental component of our financial system has been or is being manipulated, we have the right to know about it. Banks are not above the law and they should not be allowed to operate in secrecy, especially when they have a history of taxpayer bailout and when we are forced to rely on them to provide capital for economic growth.” Watch the Video and Read the Article: here.
Too little, too late: Regulating finance after the Barclays scandal: here.
Taibbi and Spitzer on LIBOR: The business model of the banks “is corrupt and rotten to its core”: here.
British Labour MP John Mann branded the parliamentary inquiry into the banking industry and Libor scandal a “total joke” today and said he was going to set up his own: here.
Royal Bank of Scotland boss admits taxpayers’ money could have ‘leaked’ into bankers’ bonuses: here.
US bank Wells Fargo will pay at least $175 million (£113m) to settle accusations that it repeatedly discriminated against African-American and Hispanic borrowers in violation of fair-lending laws: here.
THE WELLS FARGO SCANDAL CONTINUES TO SPIRAL Former employees allege they were fired for failing to open fake accounts. [CNN]
Not a single high-level banker has been prosecuted, let alone jailed, since the Wall Street crash of September 2008: here.
- Nine out of ten want to see bankers jailed (if they are found guilty of crimes) (standard.co.uk)
- Rate-fixing bankers to face jail under new EU rules (euobserver.com)
- Libor-rigging bankers should be jailed, survey finds (telegraph.co.uk)
- UK News: Criminal bankers ‘should face jail’ (walesonline.co.uk)
- Criminal bankers ‘should face jail’ (express.co.uk)
- Criminal bankers ‘should face jail’ (belfasttelegraph.co.uk)