Liebor

The “TBTF” banks seem to be incapable of making an honest dollar, or at least unwilling to try. The “Liebor” scandal is just the latest example in a long string of scandals and there are doubtless many more undiscovered. As usual, there will be a fine or settlement – as far as the banks are concerned, just a cost of doing business, like buying politicians. Until breaking the law is punished they will continue to ignore rules, regulation and simple ethical behavior. And it will not be punished because they are more than enough corruptible politicians and bureaucrats who can sweep their crimes under the rug.

Kelleher argues that the Libor scandal is proof that the financial industry “is corrupt and rotten to its core.” “The same executives [using] the same business model that crashed the entire financial system in ’08 are still running these banks,” he says.

How can this be stopped before the whole ugly mess collapses? Maybe it just can’t be.

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