Friday, June 29, 2012
The thing that stands out most about the Barclays ( & others ) interest rate (libor) manipulation scandal is the lack of prosecutions. There is certainly a lack of taking responsibility at the top.
Remember manipulating interest rates arbitrarily robs some people to benefit the manipulator. Mortgages get more expensive - who knows how many people will have been forced over the edge by having to had pay more more on their loans ?
Yes its time to start making those who do the crime pay.
Inspector Yates might like to go after Melvyn King, Alistair Darling, Gordon Brown and George Osborne - who should be doing the perk walk for QE and artificially lowering interest rates ( the victims being savers and pensioners, especially those having to buy annuities ), despite knowing that inflation has always remained over target.
After all if its crime for the Banker's, then it crime for the politicians and civil servants.
Perhaps this is why we don't have many prosecutions right now ....