In response to:

Casino Capitalists Playing With Fire

roguelephant Wrote: Jul 10, 2012 8:03 AM
Lest we begin to hear the relentless laments that capitalism is inherently evil, please remember that this level of manipulation and corruption could not endure without the complicity of a government extended beyond its proper provence and infested with the same type of "operenteurs".
alopekos teumesios Wrote: Jul 10, 2012 8:50 AM
I think that most readers of this site are sophisticated enough to understand that we don't live in a purely free market economy and that government tinkering and "crony capitalism" has been the norm for many decades.
Comes now news from across the pond that executives at one of the world's most respected banks, Barclays, rigged Libor. Even the venerable Bank of England is apparently being investigated.

For sports fans, this is like fixing the Super Bowl or doping a horse in the Derby. But it is rather more serious. For the London Interbank Offered Rate is the benchmark interest rate for trillions in loans around the world.

Manipulate Libor a small fraction of a point, and lenders reap millions more in interest income on hundreds of billions in loans.

How many more such blows to their credibility...

Related Tags: Corruption Big Banks