I was astounded when the LIBOR scandal broke, as I'd never seen any evidence of banks behaving in this way. At the time there were claims that Brown had instructed the banks to do it.
They were reducing the libor quotes, which made lending cheaper. If there were to be compensation claims it would be for people paying the fixed side of interest rate swaps.
Not my experience, which is why I was so shocked when the libor scandal was revealed. This sort of thing is totally alien to what normally happens in banks. For sure you get the odd rogue trader that isn't caught (but not so likely now) but it's not endemic
Makes me more angry than almost anything that nobody is imprisoned for fraud on such a scale. We should be seizing the assets of those who've profited from this and using that to pay off the fucking deficit.
Shame those who profit are those who fund the party of government.
I'm not aiming that at the Tories. No party can get into power without significant financial and media backing from private interests. We live in an oligarchy.
Not my experience, which is why I was so shocked when the libor scandal was revealed. This sort of thing is totally alien to what normally happens in banks. For sure you get the odd rogue trader that isn't caught (but not so likely now) but it's not endemic
I stand by my view. It's a proven fact that closeness to large amounts of money effects people negatively when it comes to honesty and altruism.
I'd assume that people ripping others off don't go around advertising the fact, so Im not sure anyone's anecdotal evidence is worth much.
Bunch of overpaid Nancy boys who on the whole do no better than chance. The very embodiment of a privileged few using their connection to stay top of the pile.
Fuck the finance industry. Second only to marketing as a hive of shit heads that have negative value added to humanity.