LIBOR Scandal Shakes Up the British Establishment

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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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