Can you imagine your bank inviting you to come and talk about your interest rate?
None of this will come easy. But this report lights the way. It should be repeated in city after city, in state after state, so that everyone can see just how Wall Street is impoverishing the richest country on Earth.
When banking is so powerful that the very business the banks are chartered to serve cannot discipline its business unfriendly behavior through market pressure, we are in a serious state of affairs. What to do?
Regulators in the United States, Hong Kong, Singapore, the United Kingdom, Switzerland and elsewhere are investigating potential manipulation of the market for foreign currency, sometimes called FX or foreign exchange.
JPMorgan Chase stands accused of essentially funneling funds to Wen Jiabao's only daughter to win business in China, bringing a federal probe. Yet the takeaway here merely reinforces a truth that has long been evident to those paying attention to the pungent interplay of money and power in China: Despite the prattling of global business leaders that their presence in China is a wholesome boon to justice and right, they have frequently enriched themselves by engaging in the very dirty doings they claim to disdain.
Rabobank's $1.1 billion dollar settlement can serve as an opportunity to take stock again of what the Libor manipulation represents and where it stands.
What has become of our center? If history is any guide, business leaders themselves have a critical role to play.
Hello Congress, Federal Reserve, Commodities Futures Trading Commission, Federal Trade Commission, Department of Justice, 1600 Pennsylvania Avenue, is anybody listening? Or do the Big Boys just get to play while we pay and pay!?
The question is, do taxpayers want to have their public monies in a bank that has been proven to be defrauding them?
What does "evidence of a major digital attack looming" look like? There are no convoys to see from a spy plane, no fleet heading sailing towards Hawaii. Without an idea of what this evidence is, the guidelines seem to justify preemptive attacks against just about anyone at any time.
When what you do is make money from money, it seems as if breaking or avoiding laws and rules create victimless crimes. It's all a big game, where each person is trying to out-hustle the other. It's him or me so what does it matter if we both cheat a bit?
That regulators condone the continued use of VAR models and get pushed around on tougher capital and liquidity limits can only mean one thing: they have concluded that it's simply too dangerous to the system to reveal that the emperor has no clothes.
Where is Phil Gramm hiding? The former Republican senator from Texas has not been heard from since his bank got nailed by the G-men. Or, as the Times put it, UBS now has the distinction of being "the first big global bank in more than two decades to have a subsidiary plead guilty to fraud."
It's a good thing we have all decided not to care about the Libor scandal, or Tim Geithner might be looking kind of silly right now.
To my knowledge, no one has taken a look at the symptomatology leading up to the 2008 crash from the perspective of Wall Street's prevailing corporate culture, with the insights only these two authors can provide.
We just keep learning new ways that everybody on earth, aside from Tim Geithner, knew of the risk of Libor manipulation years and years ago.