Relevant:
- "Reprehensible" Lloyds Bank Agrees To $105 Million Wristslap For Manipulating LIBOR
- Matt Taibbi: 'I Can't Imagine How A Sane Person Could Possibly Describe This As A Victimless Crime' (LIBOR)
- Why Didn't the SEC Catch Madoff? It Might Have Been Policy Not To - Matt Taibbi
- The Deutsche Bank Settlement is Meaningless
- Will banks be held accountable for Libor manipulation? - Viewpoint with Eliot Spitzer // Current TV
2013-11-06 — rollingstone.com
One gets the feeling that governments in all the major Western democracies would like to sweep these manipulation scandals under the rug. The only problem is that the scale of the misdeeds in these various markets is so enormous that even the most half-assed attempt at regulation will cause a million-car pileup.
There's simply no way to do a damage calculation that won't wipe out the entire finance sector when you're talking about pervasive, ongoing manipulation of $5-trillion-a-day markets. That's the problem -- there's no way to do a slap on the wrist in these cases. If they're guilty, they're done.
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