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Posts Tagged ‘Thomas Hayes’

Libor Scandal: How Executives Must Have Known

Posted by Larry Doyle on December 20th, 2012 9:03 AM |

The intrigue surrounding the greatest financial fraud “of all time” could fill many a book and many a movie theatre. While the intrigue may make for riveting reading and viewing, the simple fact is this fraud comes with an exceptionally high cost for investors, consumers, and society as a whole.

How did the web of this manipulation grow so large? Where were the regulators and internal compliance people to snuff it out and bring some semblance of order to what can only be defined as “organized racketeering?”

While little focus has yet been shone on the regulators or those in compliance at the banks involved, we now begin to see some cracks in the Libor rigging foundation in terms of addressing the fact that senior executives were aware and involved in this manipulation. (more…)






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