McConnell claims the BBA Libor loan syndicate led by the National Bank of Canada, shorted borrowers’ equity in Metronet and then recovered arbitraged debts after hired Bombardier saboteurs had bombed the Underground and filed phony credit-default insurance claims.
Prequel:
Marine Links Mrs. Clegg’s to Libor/G4S, London Olympics Underground Threat
“7/7 London Bombing 'Exercises' [run by Thomson Reuters, BBA Libor data compiler for the National Bank of Canada] Took Place at Same Time as Real Terrorist Attack”
"M. Kerviel admitted that he had been briefly racked by guilt when he hit the trading "jackpot" on the day that terrorist bombs exploded in London in July 2005. "I made €500,000 in a few seconds... I was jubilant. Suddenly I realised that I was having fun because people had been hurt by bombs. I ran to the toilet and vomited." Something similar happened on the day of the 9/11 attacks in New York, he said. On that day, Soc Gen [BBA Libor panel bank] had made "colossal" trading gains – the highest in its history."“UPDATE 1-Bombardier to write off $164 mln Metronet stake Mon Jul 16, 2007 9:58am EDT (Changes dateline, previous TORONTO. Adds details, background. In U.S. dollars) (Reuters [BBA Libor data compiler]) - Bombardier Inc. (BBDb.TO) said on Monday it would write off its investment in Metronet Rail BCV Ltd., resulting in a $164 million charge in the second-quarter of fiscal 2008. The move follows an arbitrator's decision earlier in the day that ruled the London Underground, which runs the city's subway, should pay Metronet an extra 121 million pounds ($246 million), well short of what the contractor had requested. Metronet, which is owned by WS Atkins ATK.L, Balfour Beatty BBY.L, Bombardier, EDF Energy (EDF.PA) and Thames Water MBL.AX, had asked for 551 million pounds of extra money over the next 12 months. Bombardier's class B shares fell 8 Canadian cents, or 1.2 percent, to C$6.56 on the Toronto Stock Exchange shortly after the open on Monday. Bombardier, the world's largest train maker and No. 3 manufacturer of civil aircraft, said its $6.7 billion turnkey supply contracts with Metronet for new trains, signaling, refurbishment of trains and fleet maintenance, were progressing well. The Canadian company said it remained committed to delivering a world class, safe and reliable Tube for London. ($1=$1.05 Canadian) (Additional reporting by Scott Anderson in Toronto)” ((Reporting by Robert Melnbardis; Editing by Bernadette Baum; e-mail robert.melnbardis@reuters.com; Reuters Messaging :robert.melnbardis.reuters.com@reuters.net; 514-985-2434)) Keywords: BOMBARDIER METRONET/ (C) Reuters 2007. All rights reserved. Republication or redistribution of Reuters [BBA Libor data compiler] content, including by caching, framing or similar means, is expressly prohibited without the prior written consent of Reuters. Reuters and the Reuters sphere logo are registered trademarks and trademarks of the Reuters group of companies around the world.nN16331244
“Boom and collapse of the shadow banking system Securitization markets were impaired during the crisis .. There is strong evidence that the riskiest, worst performing mortgages were funded through the "shadow banking system" and that competition from the shadow banking system may have pressured more traditional institutions to lower their own underwriting standards and originate riskier loans. In a June 2008 speech, President and CEO of the New York Federal Reserve Bank Timothy Geithner—who in 2009 became Secretary of the United States Treasury—placed significant blame for the freezing of credit markets on a "run" on the entities in the "parallel" banking system [BBA Libor panel banks], also called the shadow banking system. These entities became critical to the credit markets underpinning the financial system, but were not subject to the same regulatory controls. Further, these entities were vulnerable because of maturity mismatch, meaning that they borrowed short-term in liquid markets to purchase long-term, illiquid and risky assets. This meant that disruptions in credit markets would make them subject to rapid deleveraging, selling their long-term assets at depressed prices.”
“11 Mar 2011 The independent Foreign Exchange and Money Markets Committee that oversees BBA LIBOR today announces that with effect from March 21 2011, Société Générale will replace National Bank of Canada on the BBA LIBOR panel for the Canadian dollar. Notes to editors Decisions on individual banks are taken on the basis of scale of activity in the London market, perceived expertise in the currency concerned, reputation, and with due consideration of credit standing. "London market" means any transaction carried out from London, or with a London counterparty, or via a London intermediary Current and potential panel members are asked to provide data confidentially to the BBA about their cash and short-term FX swap business in each currency in order to measure their scale of activity. Any bank may apply to join any LIBOR contributor panel. Banks signal their willingness to join a panel by submitting data regarding their activity in the cash and FX swap markets in confidence to BBA LIBOR ltd. BBA LIBOR ltd compiles this data into a review which is presented to the Foreign Exchange and Money Markets Committee at their meetings. For more information on this, please contact libor@bba.org.uk. The decisions represent the composite judgement of the independent Foreign Exchange and Money Markets Committee. BBA LIBOR ltd., the BBA and the Foreign Exchange and Money Markets Committee are not able to comment on any individual Panel or bank. The Foreign Exchange and Money Markets Committee is committed to reviewing the Panels at least twice annually. Contact Us: BBA Press Office - +44 (0)20 7216 8989 Out of Hours - +44 (0)20 7216 8888”
More to follow.
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