LIBOR Scandal

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aztec70
Coordinator

Posts: 8,067

LIBOR Scandal Jul 6, 2012 19:22:21 GMT -8

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Post by aztec70 on Jul 6, 2012 19:22:21 GMT -8

www.economist.com/node/21558281

Stuff like this needs to be severely punished. Those involved need to do serious jail time. Fines, and retirement to their country estates, will not curb this corrosion in the financial markets. A message needs ro be sent. I hope we can all agree on this issue.

How selfish soever man may be supposed, there are evidently some principles in his nature which interest him in the fortune of others, and render their happiness necessary to him, though he derives nothing from it except the pleasure of seeing it. Adam Smith

aztecwin
Coordinator

On Vacation - A LONG Vacation

It is hard to be humble when you are an Aztec

Posts: 16,312

LIBOR Scandal Jul 7, 2012 7:59:30 GMT -8

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Post by aztecwin on Jul 7, 2012 7:59:30 GMT -8

Dang! We agree! The recommended fix at the end seems fairly simple. If you read that link in detail you can see just how complicated banking is. I always think, when I hear about derivatives, just how easy it is to obscure the true nature of the issue.

This kind of thing also makes me think about the function of the FED and if we would not be better off without it. Don't know the answer for sure, but shining a little light on the Federal Reserve System would sure help a lot of us to have more confidence in what they do or it might expose a deep problem.

It's hard to be nostalgic when you can't remember anything.