Over across the pond, the British banksters have been fixing the Libor rates. Libor is used to determine the interest rates for a lot of loans, especially variable rate loans. Barclays Bank has paid about $450 million in fines to settle charges that they were manipulating the Libor. The CEO of the bank eventually offered to forgo his bonus to show his contrition, but instead, he lost his job.
Boo fucking hoo. When are some of these guys going to start going to jail?*
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* And not just for good old insider trading, either.
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3 comments:
Thing is, ordinary people actually *benefited* from the fixing. See, the interest rate was being fixed *lower* to understate the bank's actual cost of getting money (LIBOR was/is an inter-bank interest rate, so the lower LIBOR went, the lower the bank's expenses looked like on paper). Of course, the end result was by disguising the fact that banks were actually losing money hand over feet, it made too-big-to-fail banks too-sick-to-succeed banks once the game of musical chairs stopped, but (shrug). It was a good ride for ordinary consumers while they were spinning the LIBOR, anyhow.
- Badtux the Libored Penguin
It's almost funny. I will never make even a million dollars in what life I may have(I am 58 now). If I ever did it would only be by criminal activity. I have no doubt if I made 'just' a million I would go directly to jail. These guys make millions unto billions illegally and they will Never Go To Jail.
File under "life just ain't fair"
w3ski
w3ski's comment reminds me of a Legal Aid lawyer friend who used to upbraid his criminal clients who committed armed robberies, typically of a corner bodega for the nine dollars in the cash register.
"Idiot!" he said, "For the same 25 years in jail you're facing now, you could have knocked over a bank for five million bucks."
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