Tuesday 10 July 2012

LIBORgate: less than full disclosure?

Diamond accused of not being fully open with MPs walks with a now-confirmed £2m severance package.

Link.

He'll walk; Tucker'll walk - they always do. When complete global financial collapse is the alternative to fraud, the law will turn into a pragmatist. This is clear from the fact that countless subprime loans were linked to LIBOR, which is to say that the rate of interest at which incredibly risky borrowers borrowed (the so-called NINJA loans - no income, no job, (no) assets. WHAT THE FUCK WERE THEY THINKING?) was linked directly to the rate at which banks received short loans from other banks in order to lend. It was a patriotic act to fudge LIBOR and continue the illusion that it was safe for banks to lend short to each other (rather than knowingly pass around an HIV-infected needle at a bag and spoon party). patriotic to capital and Smithsian self-interest, that is.


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