More On Why Sued-For LIBOR Losses May Be Substantial And More On Figuring Why Mayor Bloomberg Is Minimizing The Public's Loss

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More On Why Sued-For LIBOR Losses May Be Substantial And More On Figuring Why Mayor Bloomberg Is Minimizing The Public's Loss

Noticing New York

Noticing New York has been covering how various branches of New York state and local government may be suing over losses the tax-paying public has suffered due to the manipulation of the LIBOR rate, how, ironically, those lawsuits may embarrassingly coincide with the opening of the Ratner/Prokhorov basketball arena promotionally named ?Barclays? to advertise one of the banks in the thick of the LIBOR scandal most likely to be sued, and how New York Mayor Bloomberg, though he admits he expects the city may be joining these lawsuits, has gone out on a limb to assert that the losses suffered by New Yorkers will be ?de minimis,? even though fellow government officials are NOT backing Bloomberg up to assure us that losses will be minimal.? Whew, what a long sentence!? (For starters, see: Thursday, July 26, 2012, ?Barclays? Center Opening Pending; Fellow Government Officials Don?t Back Bloomberg Re Minimizing NY Lawsuits Against Barclays Bank.)

...

Here is more about why New York Mayor Michael Bloomberg may be minimizing losses to New York and New Yorkers say (among other ways) through losses to the New York City and New York State pension funds.

Noticing New York has offered three possible theories why Bloomberg might be minimizing:

1. Bloomberg doesn?t want the LIBOR scandal to cast a pall over the opening of the Ratner/Prokhorov basketball arena promotionally named ?Barclays? to advertise the centrally implicated bank whose name is becoming nearly synonymous with the scandal- Under Bloomberg New York City has directed close on to a billion dollars of NYC subsidy into the arena for a net loss in the hundreds of millions of dollars.

2. Bloomberg is a self-proclaimed friend of Robert E. Diamond, Jr., the former chief of Barclays who recently resigned over the LIBOR scandal.

3. Mayor Bloomberg is a friend of Wall Street, eager to ignore its excesses and let it continue in its unregulated abuses.

link

Posted by steve at July 29, 2012 10:36 PM

Source: http://www.nolandgrab.org/archives/2012/07/more_on_why_sue.html

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