20th Jul 2012
Matt Taibbi explains his view on the recent LIBOR scandal on Democracy Now.
The most important lesson is maybe, that rigging the LIBOR rate could not have been done by a single bank or a couple of them, since the 4 highest and 4 lowest submissions are removed. We may have come to realize that the very core of our financial system is in the hands of private corporations that can manipulate it at will. Fines and even jail won’t really solve the problem, moreover we may have to change the global financial system from ground off. However, unlikely to happen anytime soon…
