Libor Can’t be Trusted? It is not Libel When its True

10 Jul

The culture of many global banks and hedge funds has been continually under fire for their handling of rates information, investment holdings, or even interbank activities. This has caused a lot of officials to take a second look at their activities as a whole of what they actually do domestically. Mr. Diamond Jr, and his latest admission is nothing new to the war on banking ethics around the world, it is just another example of how far things have come.

There is no further need of more regulations which build bureaucracies and then creates loopholes for those very same institutions. The fact is that most of the executives in recent scandals have faced little, if any scrutiny, but have maintained their status. Bonuses are still being handed out to crooks, which hide behind “fiduciary” responsibility toward their stakeholders. This is madness when small time thieves get 20 years for stealing $100. These bankers have technically embezzled billions, even trillions through fraudulent account statements and false accounting.

At some point these criminals need to be brought to justice and when their employees lie as well they should be held to the fire. There is no room for allowing such activity to persist, while those who perpetrate them are rewarded.


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