Sense on Cents

The real tragedy of the scandal is the apparent lack of ethics or self-restraint among the people involved. Following billions of dollars of trading losses at JPMorgan Chase & Co.’s out-of-control London unit, the latest installment of big-bank follies offers yet more proof that the industry shouldn’t be trusted to regulate itself.

The earthquake that rocked Wall Street and the global financial markets in 2008 continues to reverberate today. Just ask Bob Diamond, CEO of Barclays . . . or I should say, former CEO of Barclays.

Diamond, the once high-flying American banker was dethroned overnight as the chief executive of the UK-based bank as public pressure and outrage grow over the current Libor price-fixing scandal. Do not think for a second that the CEOs of other large global banks are not sufficiently concerned of their own standing this morning. As well they should be. (more…)