Well, I can’t really say that I’m overly surprised by this news.
[deleted]
Was there not some scandal about this exact thing without state involvement not that long ago, or was it this one, and the state involvement is just coming to light. I deffo remember bankers getting done for fixing the libor rate.
All the traders who got charged / convicted / jailed / lost all their career have a case to sue the government.
BOE bosses – people just need to accept they are poorer
These guy’s
It was rig it or watch it all collapse. And I guarantee it’s happened since.
The whole too big to fail is systemic now. An actual uncontrolled crash without support and bailouts and dodgy dealings will screw everyone and everything. There’s more bubbles in more markets than reality can manage, and so we distort reality to force it to “work”.
Note I’m not defending this, if the system needs so much rigging to be maintained it’s not fit for purpose and needs to change. Sooner or later events will ensure it cannot be propped up no matter how much collusion and that crash will be far far worse than any controlled changes made.
Well well well, looks like the UK government was involved in interest rate fixing.
Gordon Brown’s government and the Bank of England “pressured” (read: coerced) banks to falsify Libor rates at which they could borrow from other banks, yet it was individual traders who took the fall.
An actual legitimate use of phrase *the last Labour Government*
I literally just watched the Big Short last night, crazy shit
We never learnt from the 2008 financial crisis, banks just got better at hiding their activities and the Tories let them get away with it, providing they did not toe the line too much. It is why average people and our economy have suffered so much over the years.
Gee, barely regulated banks are doing the corruption thing again? Who knew!
Am I surprised by this. No
Will anything be done about this.
Also no.
I’m not familiar with UK law, isn’t that a crime? To hide evidence of a crime I mean?
12 comments
Well, I can’t really say that I’m overly surprised by this news.
[deleted]
Was there not some scandal about this exact thing without state involvement not that long ago, or was it this one, and the state involvement is just coming to light. I deffo remember bankers getting done for fixing the libor rate.
All the traders who got charged / convicted / jailed / lost all their career have a case to sue the government.
BOE bosses – people just need to accept they are poorer
These guy’s
It was rig it or watch it all collapse. And I guarantee it’s happened since.
The whole too big to fail is systemic now. An actual uncontrolled crash without support and bailouts and dodgy dealings will screw everyone and everything. There’s more bubbles in more markets than reality can manage, and so we distort reality to force it to “work”.
Note I’m not defending this, if the system needs so much rigging to be maintained it’s not fit for purpose and needs to change. Sooner or later events will ensure it cannot be propped up no matter how much collusion and that crash will be far far worse than any controlled changes made.
Well well well, looks like the UK government was involved in interest rate fixing.
Gordon Brown’s government and the Bank of England “pressured” (read: coerced) banks to falsify Libor rates at which they could borrow from other banks, yet it was individual traders who took the fall.
An actual legitimate use of phrase *the last Labour Government*
I literally just watched the Big Short last night, crazy shit
We never learnt from the 2008 financial crisis, banks just got better at hiding their activities and the Tories let them get away with it, providing they did not toe the line too much. It is why average people and our economy have suffered so much over the years.
Gee, barely regulated banks are doing the corruption thing again? Who knew!
Am I surprised by this. No
Will anything be done about this.
Also no.
I’m not familiar with UK law, isn’t that a crime? To hide evidence of a crime I mean?