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HomeLibor Scandal: This is Racketeering, Folks!!
Posted by Larry Doyle on December 10th, 2012 9:00 AM |
If it looks like a racket, and smells like a racket, and feels like a racket, it is probably a racket.
Those involved in the Libor scandal either directly or on the periphery certainly have little interest in this scandal being defined as a racket and thus subject to the RICO Act. Yet if we are going to have a degree of integrity in defining just what the hell goes on in our financial markets, then we had better hold the bar at the appropriate level if we ever care to root out the cronyism that is eroding our public interest.
The key point there being whether those charged with regulating our markets are truly willing and able to do just that. What is racketeering? (more…)
