Banksters are being exposed one after another for indulging in widespread interest rate manipulation, power market collusion and municipal bond bid rigging.
All these allegations are disheartening so it was with some relief that, on the other hand this week, scientists announced they had found the ‘‘God particle’’, whatever that is. Unfortunately, no one can define this or describe where it is, but it’s certainly missing on Wall Street, the City of London and the world of finance.
The most recent scandal concerns the Libor, an acronym for the London inter-bank offered rate, which affects the setting of worldwide interest rates. Police and regulators maintain major banks around the world gamed this process to profit. Heads have fallen at Britain’s Barclays Bank PLC over this, the institution has been levied with a US$450-million fine for its shenanigans and its stock plunged 16%.
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