After Fraud, the Fog Around Libor Hasn’t Lifted

Reforming the UN is hard–but so is fixing the global financial system. If you knew a major measure was broken, wouldn’t you assume that it would get fixed?

This is the story of Libor at present:

Unfortunately, nothing fundamental is being changed. Libor lives on. Regulators who wanted to change that, most notably Mr. Gensler, have been outmaneuvered by those who did not want to risk damaging one of the biggest and most lucrative markets around.

http://www.nytimes.com/2013/11/01/business/after-fraud-the-fog-around-libor-hasnt-cleared.html

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One thought on “After Fraud, the Fog Around Libor Hasn’t Lifted

  1. I know that what I’m about to say sounds extreme, but banking/fiscal crimes of such magnitude should be punished more severely. In my view, fraud at this level may as well be treated at least as seriously as manslaughter. In our era, economic downturn is one of the most catastrophic things mankind experiences. In fact, recession has always been catastrophic, but globalization causes recessionary ripple effects that end up hurting the entire world. A statement must be made, through proper judicial processes, that this type of fraud will get you broke and in jail if you commit it.

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