Is It Time to Start Locking Up Bankers?

 

Telegraph
June 28, 2012

Two hundred and ninety million pounds – that’s how much Barclays has been fined for attempting to manipulate the Libor interest rate. That’s not much less than the estimated £300m cost of last year’s riots in London, and it may only be a small fraction of the total damage Barclays has caused. As Philip Aldrick noted yesterday, loans with a value of $10 trillion are indexed using Libor, while over-the-counter derivatives indexed to Euribor, the European Libor equivalent, total over $220 trillion.

But what is the most severe punishment that anyone will suffer for this massive, immense wrongdoing? Bob Diamond may lose his bonus; he may even be sacked. So too may a few Barclays executives. But no one will be imprisoned for this colossal abuse of the financial system. No one will pay in anything approaching a proportionate level to the damage done.

Because some on the Left tend to see finance as an enormous, destructive and parasitical “vampire squid”, the Right has traditionally defended finance. They are right to do so: the importance of a robust and innovative financial system to a strong economy is often underappreciated. As Labour’s first prime minister, Ramsay MacDonald, put it: “finance is the nervous system of capitalism”. Innovations like derivatives are not (only) designed to allow rampant speculation – they give firms real benefits, like the ability to “hedge” against price increases in their raw materials. Reducing uncertainty, supplying capital and spreading risk creates real economic growth.

But that doesn’t mean that outrageous, greedy behaviour should be tolerated. And there is a growing chorus of voices from the Right calling for more bankers to be thrown in jail. The Conservative MP Matthew Hancock has proposed “a law which makes it possible to prosecute executives for serious financial recklessness”, which this manipulation would surely come under…

Read full article here

 
Check out the member blogs, videos, and discussions @ http://12160.info

Views: 399

Comment

You need to be a member of 12160 Social Network to add comments!

Join 12160 Social Network

Comment by Maria De Wind on June 30, 2012 at 10:15pm

IMHO long overdue

Comment by Epinoia on June 30, 2012 at 4:48am

This case has not received the attention it so desperately deserves. LIBOR rates are the rates upon which the Adjustable Rate Mortgages (ARMs) are based. My own mother saw her mortgage payment jump to nearly double what it had been in just the span of about a year. And it was all due to these bastards pushing it up as high as they could, in order to break the system -- and then positioning themselves after the resultant crash to make even more money on the way down.

They should all be imprisoned -- every last one of them with even the slightest bit of involvement in this LIBOR manipulation scandal.

Comment by Freedomrox on June 30, 2012 at 3:54am

Sorry James, but the apathy runs too deep. If you can't get the People to repudiate a debt that they absolutely said "NO!" to in 2008, then none will call for Banksters to to account. Just like the dog and pony show about Holder. Who is stupid enough to actually think the Just-Us Dept. would ever bring charges it's own head? MORONS! 

I can honestly say that I weep, because I was alive when Americans got pissed over any Govt., or Market manipulations, and beat back the Agenda by years....but what I see today, makes me want to puke! Present company excluded, of course.

Comment by apeman2502 on June 30, 2012 at 3:30am

America's financial and 'homeland security' catbox is long overdue for a change. The guests are staying home and the skittish are moving out. The CFRtv has most of America 100% hypnotized.I can't believe Janet Napolitano is anyone's idea of a security manager. So I will not. She does have 450 million rounds of killer hollow-point rounds for those who won't flirt back. If she was not so intent on molesting, she would not be so frustrated. Poor woman. Maybe she can share a cell with a banker.

Comment by youhavetoforgiveme on June 30, 2012 at 3:14am

At the very latest-- four years ago back when the housing bubble burst and they realized the bullshit sham of "sub-prime" mortgages....

Comment by Nikki on June 29, 2012 at 4:11pm

It's way overdue!

"Destroying the New World Order"

TOP CONTENT THIS WEEK

THANK YOU FOR SUPPORTING THE SITE!

mobile page

12160.info/m

12160 Administrators

 

Latest Activity

tjdavis posted a video

“What’s His Motive?” - Inside The Mind of George Soros

In this short clip, Patrick Bet-David, Sebastian Gorka Adam Sosnick, and Tom Ellsworth George Soros and what motivates him to do the things he does. FaceTime...
Thursday
Doc Vega posted blog posts
Wednesday
cheeki kea favorited Bob of the Family Renner's photo
Tuesday
cheeki kea commented on Doc Vega's blog post Plausible Explanation Behind Recent Cryptid Sightings in the Wild!
"If you're ever out there Doc V and notice giant two legged birds roaming the wilderness be…"
Tuesday
Doc Vega posted blog posts
Tuesday
Burbia commented on TommyD's group The Chuckle Hut
Monday
Doc Vega posted blog posts
Aug 24
Doc Vega posted photos
Aug 23
Doc Vega posted a blog post

Ashrams and Moonies Perfect Case for Mind Control

 In the late 60’s and into the 70’s we saw a strange phenomenon emerge! That was the rise of cults…See More
Aug 22
Doc Vega posted a blog post

Modern Progress

 From some things you just can’t come backNot everyone has your backIt might just be a nuclear…See More
Aug 21
Bob of the Family Renner favorited tjdavis's photo
Aug 21
Less Prone favorited Sandy's discussion Sick sci-fi sex fantasy written by Epstein's first benefactor people say inspired his twisted island... before author's SON ended up arresting him
Aug 21
Doc Vega commented on tjdavis's photo
Thumbnail

Now Playing

"They sure as hell are! "
Aug 20
Doc Vega commented on Doc Vega's blog post Plausible Explanation Behind Recent Cryptid Sightings in the Wild!
"cheeki kea, yes they have already produced a Wooly Mammoth by crossing DNA from frozen remains in…"
Aug 20
Less Prone favorited tjdavis's photo
Aug 20
Less Prone favorited Bob of the Family Renner's photo
Aug 20
Less Prone favorited tjdavis's photo
Aug 20
Less Prone left a comment for Misteri
"Welcome back!"
Aug 20
tjdavis posted blog posts
Aug 19
tjdavis posted photos
Aug 19

© 2025   Created by truth.   Powered by

Badges  |  Report an Issue  |  Terms of Service

content and site copyright 12160.info 2007-2019 - all rights reserved. unless otherwise noted