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HomeLibor Scandal: “Companies Do NOT Commit Fraud, People Do”
Posted by Larry Doyle on February 7th, 2013 6:19 AM |
I will tell you what it means. It means that free market capitalism is losing, and cronyism in the financial system is simply becoming more deeply embedded. Do you disagree? (more…)
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…)
Libor 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…)
