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(Guardian)   Prime Minister David Cameron orders speedy inquiry into LIBOR rate fixing scandal. Expects a response in 7-10 working days   (guardian.co.uk) divider line 4
    More: Ironic, libor, work days  
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301 clicks; posted to Business » on 03 Jul 2012 at 11:40 AM (2 years ago)   |  Favorite    |   share:  Share on Twitter share via Email Share on Facebook   more»



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2012-07-03 12:18:01 PM
This is known as "kicking something into the long grass". There'll be no criminal investigations whilst an inquiry is underway, so this is a nice way for David to thank his paymasters and convince the plebs that he's 'doing something' whilst the story is fresh in a way that results in zero change or consequences.

In Britain government inquiries are a great way for discovering how nobody was actually to blame after all. I can't recall a single prosecution following from any of the big ones we've had in the last 10 years or so (although please enlighten me if you know otherwise).

Also, from the inquiries I've seen on TV, "I have no recollection of that," seems to be the ultimate in unassailable, unchallengeable responses. Finally, I think it tends to be panels of MPs that chair these things and ask the questions (as opposed to knowledgeable experts that might uncover something useful) so they start off by being hamstrung and it just gets worse as it rolls along. And boy, do they roll along. For years and years and years...
 
2012-07-03 02:22:27 PM
Meh. The financial sector has long since captured its regulators. Since this story has hit the MSM, that means a few low-level scapegoats will be trotted out, and perhaps fines will be imposed amounting to less than 10% of the ill-gotten gains.

Sucks to be you, citizen. You've already been ripped off by the libor manipulation, and now you'll be denied justice too.
 
2012-07-03 02:46:21 PM

Breathe Laugh Twitch: Meh. The financial sector has long since captured its regulators. Since this story has hit the MSM, that means a few low-level scapegoats will be trotted out, and perhaps fines will be imposed amounting to less than 10% of the ill-gotten gains.

Sucks to be you, citizen. You've already been ripped off by the libor manipulation, and now you'll be denied justice too.


Chair and CEO have resigned over this, rightfully so.

And fine of $450m was prob much more than any gains from the libor manipulation.
 
2012-07-03 04:08:39 PM
Possibly the greatest theft in the history of the world.

Rates on $450 trillion dollars being manipulated over long periods of time.

Proof positive that financial terrorism should be a capital crime.
 
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