<table cellspacing="0" cellpadding="0" border="0"><tr><td valign="top" style="font: inherit;"><p>While we're on the subject, why the hell isn't prostitution legal?</p>
<p>It's another one of those cases of "legalize it, tax it, regulate it for safety, and take it out of the criminal underground". Those who have moral objections to it can choose not to participate.</p>
<p>Paul</p>
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<span style="font-weight:bold;">From:</span>
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Donovan Arnold <donovanjarnold2005@yahoo.com>; <br>
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<span style="font-weight:bold:">To:</span>
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Art Deco <art.deco.studios@gmail.com>; vision2020@moscow.com <vision2020@moscow.com>; <br>
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<span style="font-weight:bold:">Subject:</span>
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Re: [Vision2020] More Whores At Work <br>
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<span style="font-weight:bold;">Sent:</span>
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Wed, Jul 4, 2012 6:18:13 AM <br>
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<td valign="top" style="font:inherit;"><div style="color:#000;background-color:#fff;font-family:arial, helvetica, sans-serif;font-size:12pt;"><div style=""><span style="">Wayne,</span></div>
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<div style=""><span style="">Why do keep slandering the reputations of whores by associating them with corrupt bankers? </span></div>
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<div style=""><span style="">Donovan J. Arnold</span></div>
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<div style="BORDER-BOTTOM:#ccc 1px solid;BORDER-LEFT:#ccc 1px solid;PADDING-BOTTOM:0px;LINE-HEIGHT:0;MARGIN:5px 0px;PADDING-LEFT:0px;PADDING-RIGHT:0px;HEIGHT:0px;FONT-SIZE:0px;BORDER-TOP:#ccc 1px solid;BORDER-RIGHT:#ccc 1px solid;PADDING-TOP:0px;" class="hr"></div><b><span style="FONT-WEIGHT:bold;">From:</span></b> Art Deco <art.deco.studios@gmail.com><br><b><span style="FONT-WEIGHT:bold;">To:</span></b> vision2020@moscow.com <br><b><span style="FONT-WEIGHT:bold;">Sent:</span></b> Tuesday, July 3, 2012 11:23 AM<br><b><span style="FONT-WEIGHT:bold;">Subject:</span></b> [Vision2020] More Whores At Work<br></font></div><br>
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<div class="yiv634973588timestamp">July 2, 2012</div>
<h1>Rigged Rates, Rigged Markets</h1>
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<div><b>Update:</b><i>After this editorial went to press, <span id="misspell-0" class="mark">Barclays</span> announced that its chief executive, Robert Diamond Jr. had resigned, effective immediately, and that Marcus <span id="misspell-1" class="mark">Agius</span>, who had resigned as chairman of <span id="misspell-2" class="mark">Barclays</span> on Monday, would become chairman again and lead the search for a new chief executive.</i> </div>
<div>Marcus <span id="misspell-3" class="mark">Agius</span>, the chairman of <span id="misspell-4" class="mark">Barclays</span>, <a rel="nofollow" title="Dealbook article" target="_blank" href="http://dealbook.nytimes.com/2012/07/01/chairman-of-barclays-is-expected-to-resign/">resigned on Monday</a>, saying “the buck stops with me.” His was the first departure since the British bank <a rel="nofollow" title="A DealBook posting" target="_blank" href="http://dealbook.nytimes.com/2012/06/27/barclays-said-to-settle-regulatory-claims-over-benchmark-manipulation/">agreed last week to pay $450 million to settle</a> findings that, from 2005 to 2009, it had tried to rig benchmark interest rates to benefit its own bottom line. </div>
<div>Mr. <span id="misspell-5" class="mark">Agius</span> was right to go and the bank’s chief executive, Robert Diamond Jr., should follow him out the door. But the investigations cannot stop there. </div>
<div>The rates in question — the London interbank offered rate, or <span id="misspell-6" class="mark">Libor</span>, and the Euro interbank offered rate, or <span id="misspell-7" class="mark">Euribor</span> — are used to determine the borrowing rates for consumers and companies, including some $10 trillion in mortgages, student loans and credit cards. The rates are also linked to an estimated $700 trillion market in derivatives, which banks buy and sell on a daily basis. If these rates are rigged, markets are rigged — against bank customers, like everyday borrowers, and against parties on the other side of a bank’s derivatives deals, like pension funds. </div>
<div><span id="misspell-8" class="mark">Barclays</span> is only one of more than a dozen big banks that provide information used to set the daily rate for <span id="misspell-9" class="mark">Libor</span> and <span id="misspell-10" class="mark">Euribor</span>. The settlement, struck with regulators in Washington and London and with the Department of Justice, indicates that the bank did not act alone. It shows that unnamed managers and traders of <span id="misspell-11" class="mark">Barclays</span> in London, New York and Tokyo colluded with or prevailed upon bank employees who provide the benchmark data to make false reports. The aim was to bolster <span id="misspell-12" class="mark">Barclays</span>’s trading positions and to aid or counteract other banks’ attempts at manipulation. </div>
<div>The evidence, <a rel="nofollow" title="A pdf" target="_blank" href="http://www.corporatecrimereporter.com/documents/Barclaysstatementoffacts.pdf">cited by the Justice Department</a> — which <span id="misspell-13" class="mark">Barclays</span> agreed is “true and accurate” — is damning. “Always happy to help,” one employee wrote in an e-mail after being asked to submit false information. “If you know how to keep a secret, I’ll bring you in on it,” wrote a <span id="misspell-14" class="mark">Barclays</span> trader to a trader at another bank, referring to an attempt to align their strategies for mutual gain. </div>
<div>If that’s not conspiracy and price-fixing, what is? </div>
<div>The Justice Department has left open the possibility of prosecuting officers or employees of <span id="misspell-15" class="mark">Barclays</span>. But it has agreed not to prosecute the bank itself, in part because <span id="misspell-16" class="mark">Barclays</span> was the first to cooperate in the investigation and has agreed to keep cooperating. Such an agreement makes sense only if that cooperation will allow prosecutors to nail other banks that have been involved in setting the rates, including potential cases against <span id="misspell-17" class="mark">Citigroup</span>, <span id="misspell-18" class="mark">JPMorgan</span> Chase and <span id="misspell-19" class="mark">HSBC</span>, and people who work there. </div>
<div>To date, the Justice Department has not distinguished itself in prosecuting major banks or their executives for conduct leading up to and during the financial crisis. But with <span id="misspell-20" class="mark">Barclays</span> now cooperating, the “<span id="misspell-21" class="mark">Libor</span> scandal” is another chance for government prosecutors to unmask and punish financial wrongdoing. </div>
<div class="yiv634973588articleCorrection"></div></div><br clear="all"><br>-- <br>Art Deco (Wayne A. Fox)<br><a rel="nofollow" ymailto="mailto:art.deco.studios@gmail.com" target="_blank" href="javascript:return">art.deco.studios@gmail.com</a><br><br><img src="http://users.moscow.com/waf/WP%20Fox%2001.jpg"><br><br></div><br>=======================================================<br>List services made available by First Step Internet,<br>serving the communities of the <span id="misspell-22" class="mark">Palouse</span> since 1994.<br> <a rel="nofollow" target="_blank" href="http://www.fsr.net/">http://www.fsr.net/</a><br> <span id="misspell-23" class="mark">mailto</span>:<a rel="nofollow" ymailto="mailto:Vision2020@moscow.com" target="_blank" href="javascript:return">Vision2020@moscow.com</a><br>=======================================================<br><br></div></div><var
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