Special Report: How gaming Libor became business as usual

Comments (4)
CMEBARK wrote:

Much of this goes back to the Greenspan et al belief that the markets will police themselves. It has now become obvious that greed trumps any self constraint and continued vigorous regulation is what is needed. Always remember that money talks and BS walks.

Nov 20, 2012 9:14am EST  --  Report as abuse

Since the beginning of time the libor rates have controlled mortgage interest rates at least that is what the bank told me when I questioned how they could charge such high rates when rates were high. Since we now know they were controlling libor rates to control future profit coming from interests rates that the banks swore that they were the lowest that they could afford to give you. I think that all home owners that were ever ruthlessly given these higher interest rates should be given their money back with (compounded interest). Wouldn’t that put a damper on the financial markets if this could ever actually take place and the consumer actually got a break. Who you have in your back pocket gets a minority of the American people what they want.

Nov 20, 2012 10:40am EST  --  Report as abuse
Sanity-Monger wrote:

It’s so easy to steal when your hands are invisible.

Nov 20, 2012 11:06am EST  --  Report as abuse
niueroo wrote:

@Sanity-Monger – agree! now I get it…so that’s what Smith was talking about all along – transparency. And with Friedman’s contribution, Libor created the hologram – you can see it but cannot touch.

Nov 21, 2012 4:33am EST  --  Report as abuse
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