The banking system is reeling from admissions by senior bankers that they acted in concert with other bankers to fix the setting of the interbank interest rate (LIBOR), so as to make dishonest profits. The BBC is running a series of shows on the culture of corruption that crept into international banks over the . . . → Read More: CuriosityCat: LIBOR Scandal: UK banker: “We’re clean, but we’re dirty-clean, rather than clean-clean.”
Very interesting article which puts into numbers the cost of the financial meltdown and the recession:
In much of the industrial world, what started as a financial problem is becoming a structural one. If growth in the US and Europe had been maintained at its average rate from 1990 to 2007, . . . → Read More: CuriosityCat: This recession has cost you $12,000 per year
In 2008 the world trembled on the brink of an international financial meltdown. Stock markets sank; banking systems were almost frozen; house prices plummeted; and most people wondered what the hell was going on? Who was doing what to whom to cause this crisis? We are about to find out. The Greed Trigger: The trigger . . . → Read More: CuriosityCat: JP Morgan & The Sack of Not Very Nice Stuff: Are the Chickens coming home to roost?
Seems American voters want more than simply I am not the other guy from their presidential contenders, even when the country is suffering from a deep recession with high unemployment, which should doom the incumbent president:
In their seminal book, This Time Is Different: Eight Centuries of Financial Folly, Harvard economists Carmen Reinhart and . . . → Read More: CuriosityCat: Mitt Romney’s failure: The Recession is Not Enough
At last we see a serious move in Europe to start the much needed process of reining in the many useless financial transactions that are part of the unregulated morass that landed us in the 2008 financial meltdown. James Tobin
Hollande’s first budget is introducing a Tobin tax on trading and swap transactions: . . . → Read More: CuriosityCat: President Hollande of France leads the way with a Tobin tax