Bottom line: The Libor scandal is enormous, it affects people around the world, and it reflects the lawlessness and recklessness that is pervasive in the financial sector.
21st Century Economics: 1. Rampant fraud and reckless mismanagement in the financial sector, 2. Public bailouts of the worst actors in the financial sector, 3. Private debt and liability imposed on taxpayers, 4. Monetary policy aimed at recapitalizing insolvent and recidivist banks, 5. Promotion of business leaders and policy-makers who are chronically compromised, 6. Conglomeration of Systemically Dangerous Institutions into a more empowered menace.
Thursday, July 19, 2012
Matt Taibbi: Libor Scandal is on its Way to USA
Bottom line: The Libor scandal is enormous, it affects people around the world, and it reflects the lawlessness and recklessness that is pervasive in the financial sector.
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