"Much of the talk about bad behavior on Wall Street since the financial crisis has been about mortgages...
...But there is another scandal that has come out of the financial crisis that at least to me makes the mortgage underwriting scandal look like small peanuts, and it has been heating up lately. Two weeks ago, the government disclosed that it is looking into bringing criminal cases against traders and banks that manipulated a key bank lending rate, called LIBOR....
...Consider what went on here. Banks took a rate that they artificially set themselves, and then went out and convinced municipalities and pension funds and others to bet against them on the rate.... "
Read the whole thing and tell me you are surprised? Or gee, maybe this article from 2003 was a clue?
I'm not surprised, especially since I have had a cautious at best and hateful and disgusted at worst attitude towards traders, and their disdain for government regulations.
Remember those Enron energy traders and what they did to Californians? I sure as fuck do, I hated those arrogant little pricks.
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