LIBOR Scandal Shakes Up the British Establishment

If you’re not really aware of or only half paying attention to the Libor scandal, this piece at the BBC might make you get into it a bit more:

The chairman resigns to save the CEO. The CEO makes a public threat to drag the central bank into the mire. And the previous government. And the Treasury.

Next morning, the CEO resigns and the chairman re-installs himself to “oversee transition”. The police, who said they could not prosecute, now say they might.

You have just seen the British establishment operating at a level of panic and indecision on a par with the Norway disaster in 1940. And it is not over.

Keep reading:

Behold, the British establishment, panicked (BBC)

Or how about this one, from the inside:

An anonymous insider from one of Britain’s biggest lenders – aside from Barclays – explains how he and his colleagues helped manipulate the UK’s bank borrowing rate. Neither the insider nor the bank can be identified for legal reasons.

Oh shit, keep reading:

Libor scandal: How I manipulated the bank borrowing rate (Telegraph)

 

 

 

 

 

 

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