A picture is worth a trillion words! Thanks Economist (print edition) for the July 7, 2012 cover story:
The LIBOR affair
How Britain’s rate-fixing scandal might spread–and what to do about it
“SINCE we have not more power of knowing the future than any other men, we have made many mistakes (who has not during the past five years?), but our mistakes have been errors of judgment and not of principle.” So reflected J.P. Morgan junior in 1933, in the middle of a financial crisis. Today’s bankers can draw no such comfort from their behaviour. The attempts to rig LIBOR (the London inter-bank offered rate), a benchmark interest rate, not only betray a culture of casual dishonesty; they set the stage for lawsuits and more regulation right the way round the globe. This could well be global finance’s “tobacco moment”.
It’s nice to see that some segment of MSM (mainstream media) is reporting objectively.