Ever Wonder Why the Banks Are Paying No Interest on Savings Accounts?

Anyone who still has money in a savings or money market account deserves the interest that they get paid. Along with the tax liability on the interest. As reported in the Stick a Fork in It: We Will Have to Pay to Save Money? article, the government is now considering allowing us to buy treasuries with a negative yield.

So the elites are eliminating the middle class and concentrating the wealth of the world in their pockets under the guise of redistribution. Who knew? But the more important question for today is who cares? We pay the price for everything without thinking about the future consequences. The price of gas doubled in the Obama regime: no problem. The cost of food,   electricity and cars has increased: no problem. Subsidize labor union benefits (and you had better like it), no problem.

Strange how the people who are willing to fight for their country, sacred honor and freedom are labelled home grown terrorists by our “leaders”. As Newt Gingrich found out and Rick Santorum is finding out, whoever has the most money wins.

David DeGerolamo

Swiss probe interbank interest rates ‘collusion’

Swiss authorities have launched a probe into 12 US, European and Japanese banks over claims they have been fixing their interbank lending rates.

Swiss competition commission COMCO said it had information about potential unlawful agreements.

The allegations centre on Libor and Tibor – the rates at which banks lend to each other.

COMCO said: “Specifically, collusion between derivative traders might have influenced the rates.”

The rates are used as benchmarks for financial products such as mortgages.

Small changes in the rate can have large impacts on the amounts of interest that can be charged.

In a statement, COMCO said: “Derivative traders working for a number of financial institutions might have manipulated these submissions by co-ordinating their behaviour, thereby influencing these reference rates in their favour.”

COMCO is currently investigating the following banks: UBS, Credit Suisse, Bank of Tokyo-Mitsubishi, Citigroup, Deutsche Bank, HSBC, JP Morgan Chase, Mizuho Financial Group, Rabobank, Royal Bank of Scotland, Societe Generale and Sumitomo Mitsui Banking Corporation.

A spokesman for UBS said: “We are taking these investigations very seriously and are fully co-operating with the authorities.”

RBS and HSBC declined to comment.

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Swiss probe banks over interest rate collusion

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