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Time for Banksters to be prosecuted
Key Excerpts from Article on Website of Washington Post
Posted: July 17th, 2012
http://www.washingtonpost.com/opinions/katrina-vanden-heuvel...
Once more the big banks are exposed in systematic fraudulent activity. When Barclays agreed to a $450 million fine for trying to rig the Libor, its CEO offered the classic excuse: Everyone does it. Once more the question remains: Will CEOs and CFOs, as well as traders, be prosecuted? Or will they depart with their multimillion dollar rewards intact, leaving shareholders to pay the tab for the hundreds of millions in fines? The Barclays settlement exposed that traders colluded to try to fix the Libor rate. This is the rate used as the basis for exotic derivatives as well as mortgages, credit card and personal loan rates. Almost everyone is affected. Fixing the rate even a few hundredths of a percentage point could make Barclays millions on any single day money taken out of the pockets of consumers and investors. Once more the banks were rigging the rules; once more their customers were their mark. The collusion was systematic and routine. Investigations are underway not only in the United Kingdom but also in the United States, Canada and the European Union. Those named in the probes are all the usual suspects: JPMorgan Chase, Citibank, UBS, Deutsche Bank, HSBC, UBS and others. This wasnt rogue trading, ... it was more like a cartel. The Economist writes that what has been revealed here is the rotten heart of finance, a culture of casual dishonesty.
Note: For key investigative reports on the criminality and corruption in the financial industry and biggest banks, click here.
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