Thursday, February 7, 2013

LIBOR Scandal - Where's the Anger?

Where is the outrage regarding the LIBOR scandal?

Why are we all not out in the streets with pitchforks and torches like the angry peasants of old? These arrogant traders have robbed you of your money buy manipulating worldwide interest rates.

And all we can see are the tumble-weeds blowing through the quiet streets.

It appears the only retribution we have managed is for the banks themselves to 'punish' the guilty. Punishing them with less bonuses and firing a few. No one goes to prison for defrauding your grandmother out of funds that were hers or stealing your future wealth through your retirement funds.

Oh dear, what have we all become.

Read this from the Telegraph today and weep:

"Emails published by the Department of Justice, Commodity Futures Trading Commission, and the Financial Services Authority showed traders boasting about their ability to profit from rigging interest rates.
“Its [sic] just amazing how libor fixing can make you that much money,” wrote a senior yen trader, who described the market as a “cartel”.
According to the investigators, RBS traders used so-called “wash trades” to pay £211,000 to friendly brokers to reward them for persuading other banks to change their Libor submissions to the benefit of their trading positions.
“Right listen we’ve had a couple of words with them. You want them lower, right?” wrote a broker to one unnamed RBS yen trader. “Yeah,” replied the trader.
In another instant message a trader apologised to a Libor submitter for his repeated requests to raise and lower rates, saying he was acting “like a whores drawers”.
So far 15 employees have been sacked as a result of the scandal and a further six are being put through a disciplinary process by the bank." ...more

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