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HomeLibor Scandal: RBS Managers Condoned/Participated
Posted by Larry Doyle on September 25th, 2012 7:11 AM |
Crisis management 101 would maintain that during periods of turmoil a problem should be ring-fenced and a proper firewall developed so that the fallout does not spread. I believe that senior Wall Street management is utilizing that exact game plan in the midst of the Libor-manipulation scandal.
Wall Street would welcome paying token fines and sacrificing a handful of ‘rogue traders’ for the rigging of Libor. Those penalties would be exceptionally cheap prices to pay for the largest financial scandal in Wall Street history. If token fines being levied and a small cadre of traders being fired and perhaps prosecuted are how justice is defined in this scandal then American justice and America itself will have sunk to a new low. (more…)
