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Liberal Conspiracy - Why the Barclays Libor scandal was straight-forward fraud

As far is my understanding, there were two periods of Libor fixing at Barclay and elsewhere; one prior to 2008 which involved manipulating Libor to boost trading profits indirectly and a second after 2008 where they manipulated Libor to prevent themselves going under.

First of all, disclaimer for Barclays, "they" were all at it, Barclays were just the most thorough in their investigations and the quickest in settling with various regulators. Bob Diamond's ire is somewhat justified for that.

What Bob Diamond is not justified in doing is conflating the two sorts of Libor fixes in which banks were involved.



keep to the Fen Causeway
by Helen (lareinagal at yahoo dot co dot uk) on Thu Jul 5th, 2012 at 06:06:50 AM EST
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What occurred before 2008 however was just awful. But what has to be clear is that this isn't down to individuals, when you have simultaneous actions across a system you should blame the system. But before 2008 it was out and out fraud and there should be criminal proceedings. After all, we live in a country where you can go to jail for stealing £3.50 worth of water.


If you are not convinced, try it on someone who has not been entirely debauched by economics. — Piero Sraffa
by Migeru (migeru at eurotrib dot com) on Thu Jul 5th, 2012 at 06:18:27 AM EST
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After all, we live in a country where you can go to jail for stealing £3.50 worth of water.

Maybe, but like tax, the rule of law only applies to little people

keep to the Fen Causeway

by Helen (lareinagal at yahoo dot co dot uk) on Thu Jul 5th, 2012 at 06:48:52 AM EST
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