Marine Links Mrs. Clegg’s Father In Law to the British Bankers Libor Frauds

United States Marine and virtual presidential candidate, Field McConnell, has linked Mrs. Clegg’s father in law to a Libor rate-rigging fraud, engineered by the British Bankers Association with Thomson Reuters.

McConnell claims that Mrs. Clegg’s father in law, Nicholas Clegg, used the April 2008 acquisition of Reuters by Thomson to sabotage the British Bankers Association’s Libor data compilers and trigger ongoing sub-prime mortgage frauds on millions of Americans

Father and son Clegg

“[Spoliation inference that Mrs. Clegg’s father in law, Nicholas Clegg, has decoyed MPs into attacking banks when only Thomson Reuters was in a position to pull of the man-in-the-middle Libor fraud] MPs demand urgent action on 'disgraceful' banks as report slams City watchdog over handling of Libor scandal By JAMES SALMON PUBLISHED: 10:31 GMT, 18 August 2012 | UPDATED: 11:49 GMT, 18 August 2012 .. The Treasury Select Committee has launched an eviscerating assault on the City watchdog over its handling of the interest rate rigging scandal which has engulfed the banking sector. In a 122-page report into the Libor affair, the group of MPs said the Financial Services Authority’s delay in launching a formal probe has ‘contributed to the perceived weakness of London in regulating financial markets’. Blaming bank bosses for 'disgraceful' behaviour which damaged the UK's reputation, MPs agreed that urgent action needs to be taken. The committee said it was ‘concerned’ the FSA was ‘two years behind’ the US authorities in initiating its investigation’ and had failed to spot the emerging scandal despite conducting regular visits to the bank. .. Publishing the preliminary findings report, committee chairman Andrew Tyrie said: 'The Committee has called for action in a number of areas, including: higher fines for firms that fail to cooperate with regulators, the need to examine gaps in the criminal law, and a much stronger governance framework at the Bank of England. 'The sustained rigging of a crucial benchmark rate has done great damage to the UK's reputation. Public trust in banks is at an all time low.”

“United Trust Bank Chairman [and Mrs. Clegg’s father in law], Nicholas Clegg, 75, was previously a Director of Hill Samuel & Co Ltd, Co-Chairman of Daiwa Europe Ltd and Chairman of Daiwa Europe Bank plc. He has served as a Director of the International Primary Markets Association and a senior adviser to the Bank of England on banking supervision [during which time he allegedly structured the Libor rate setting fraud in a conspiracy with the BBA and Thomson Reuters]. As well as other appointments he also served as a member of the supervisory board of Bank Insinger de Beaufort NV and a Director of Insinger de Beaufort Holdings.”

“The growing challenges of globalisation and consolidation in the banking sector, together with increasing regulatory activity, led to the formation of the International Capital Market Association in July 2005 through the merger of ISMA and IPMA, creating an organisation with a broad franchise across the primary and secondary international capital markets. The driving force behind the creation of the Eurobond market was an unfavourable tax regime introduced in the USA in the early 1960s, effectively forcing international borrowing in US dollars offshore. The first Eurobond is generally considered to have been an issue by Autostrade in 1963. The Association was established in 1969 by a group of bond dealers representing banks and securities firms, as the Association of International Bond Dealers (AIBD), in response to a settlement crisis which threatened what was then the new Eurobond market. In the years that followed, AIBD enacted a series of rules and recommendations governing market practice, thereby providing the stability and order essential for the continuing development of the international capital market. In the 1980s AIBD began to provide data services to the market and in 1989 launched the transaction matching, confirmation and regulatory reporting system, known as TRAX. The International Primary Market Association (IPMA) was founded in 1984 by major banks to provide sound basic recommendations for the primary capital market. In 1992 AIBD changed its name to International Securities Market Association (ISMA). ICMA sold its market services business, including TRAX, to Euroclear in April 2009.”

“[New York Times] A Name to Herald Its Merger: Thomson Reuters

By IAN AUSTEN
Published: April 17, 2008

In the simplest terms, we see this as the opportunity to be the new power brand in the global information industry,” said Gustav Carlson, Thomson Reuters’ chief marketing officer. “We don’t simply accumulate data. Thomson’s strategic evolution has been from print to digital and now into a supplier of intelligent information.”

Thomson’s newspaper holdings once included The Times of London, The Globe and Mail in Toronto and an array of less distinguished smaller newspapers. But as it abandoned paper for digital publishing, Thomson became the antithesis of companies like Google that treat information as a no-cost commodity for selling advertising.

Instead, Thomson has focused on building vast databases of material that is dull to most people but of great value to professionals, and the company charges them accordingly.

More recently, that data has been integrated into systems that sift through it, organize it and, in some cases, make suggestions to users about actions to take. A litigation lawyer researching a case involving asbestosis through the company’s Westlaw service, for example, will be presented with information from Thomson Scientific about the disease along with legal decisions related to it.

Thomson has also invested in artificial intelligence companies to develop software that can take data and news and make [manipulate] trading decisions faster than humans.

“People are prepared to pay for that,” said Mr. Carlson, who was chief marketing officer at Thomson and will be an executive vice president and chief marketing officer at the combined company.

With Reuters, Thomson will become roughly the same size as Bloomberg in the financial information services business, with each company controlling about a third of the market. Reuters was a direct competitor of Thomson in some aspects of that market, and its addition will give Thomson a large news-gathering capacity to add to its databases and market statistics.

Reuters is the more widely known of the two companies. Part of that comes from longevity. Starting in 1851, Paul Julius Reuter used the telegraph to sell opening and closing prices from the stock markets in London and Paris, along with bits of general and military news, to businessmen in those cities. (Before moving to London, Mr. Reuter was involved in European ventures that relied on pigeons and relays of horses.)

But it was the development of an international network of bureaus and a move into general news that ultimately raised Reuters’ profile, if not its profitability. Since its founding, the company has undergone several restructurings. For much of the period after World War II, it was a nonprofit (and often unintentionally unprofitable) organization owned by British publishers, including Thomson-owned properties at one time.

Mr. Glocer accelerated and completed the journey of Reuters back to its origins as primarily a supplier of information and data to businesses and traders. Before the merger, the company’s high-profile general news operation accounted for only about 5 to 7 percent of its revenues.”

More to follow.

Presidential Mandate

Abel Danger