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Posts Tagged ‘failure of supervision on Wall Street’

Libor Scandal: “Biggest Financial Fraud of All Time”

Posted by Larry Doyle on December 13th, 2012 2:00 PM |

With news leaking that Union Bank of Switzerland is poised to pay a $1 billion fine for its involvement in the manipulation of Libor, we once again are led to the conclusion that, for those involved in running the major global financial institutions, “CRIME PAYS.”

It is insulting to those who have even an ounce of decency in their body to think that institutions such as Barclays, UBS, and certainly many more can engage in the “biggest financial fraud of all time” and simply write a check for their complicity.

The “biggest financial fraud of all time,” LD?  Yes, I have defined this price rigging racket in just such a fashion many times. Those are not merely my words today. Who else joins me and echoes those sentiments?  (more…)






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