Monday, 3 August 2015

Price Rigging

See here.

So, why aren't Carney and the rest of his crew and international mates also up before the beak?

8 comments:

Bayard said...

Because that sort of thing doesn't happen. Hayes is a sacrificial lamb. I wonder who he got on the wrong side of.

Lola said...

B. My thoughts exactly. The poor bloke is a Patsy. The DT report on the case quotes the Judge as saying that Hayes' behaviour was condoned and encouraged by his superiors.

Random said...

L, read this article. Absolutely.
http://neweconomicperspectives.org/2015/07/libor-historys-largest-financial-crime-that-the-wsj-and-nyt-would-like-you-to-forget.html

Bayard said...

L, just how stupid do TPTB think we are? All that Libor rigging was done by one man? Really? Who'd 'a thunk it?

Random said...

"just how stupid do TPTB think we are?"
Pretty stupid. And they are right.

Mark Wadsworth said...

As I said three years ago:

"What doesn't raise any eyebrows at all, is that when The Powers That Be became aware that Barclays et al were deliberately pushing down LIBOR to make the banks look more credit worthy than they were, instead of The Powers That Be doing something to stop it, they just turned it into official government policy - bailing out banks via Credit Guarantee Scheme and Special Liquidity Scheme, investing £66 billion in the most bankrupt two, reducing the base rate to 0.5% (well below inflation) etc etc."

Lola said...

MW. You and me thought that LIBOR was set by bank A saying at what price it would lend to bank B. Whereas that 'market' process had been morphed into Bank B being asked at what rate it could borrow from Bank A. From memory 'regulators' had a hand in that 'reform'.

Not going to end well was it?

Lola said...

R that link deserves the widest possible audience.

Fat chance.