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
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CuriosityCat: The Anglo Tapes: Give us the %$%%$# moolah
The tapes that have started a firestorm this week in Ireland do more than reveal the attitudes of the senior bankers involved in the destruction of Ireland’s financial system during the 2008 financial meltdown. They also show why the recommendations of the UK Parliament on legal standards of conduct for
Continue readingCuriosityCat: Milan prosecutor locks employees of foreign banks out of their offices
Talk about direct action! The chief prosecutor of Milan was complaining about major UK and EU banks selling derivative products to Italian cities, with the cities taking on significant risks that were not properly explained. However, the banks simply ignored him, until he took direct action: Alfredo “Lock the doors!”
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