Share on Google Plus Share on Twitter 1 Share on Facebook 2 Share on LinkedIn Share on PInterest Share on Fark! Share on Reddit Share on StumbleUpon Tell A Friend (3 Shares)  

Printer Friendly Page Save As Favorite View Favorites (# of views)   No comments

Corruption and Fraud in the Financial Industry Gets Worse and Worse

Quicklink submitted By       Message Amanda Lang     Permalink
Related Topic(s): ; ; ; ; ; , Add Tags

View Ratings | Rate It

opednews.com

Author 5
Become a Fan
  (9 fans)
Replace Insecure https://www.opednews.com/populum/uploaded/corruption-20121219-560.jpg
Copyrighted Image? DMCA
Felix Salmon explains that we have only begun to plumb the depths of financial industry corruption:
You want to know why pretty much the entire financial sector is still trading at less than book value? This is why: the number of investors who trust the banks is now zero, and banking seems to have become a game of picking up fraudulent nickels in front of a relentless justice-department steamroller.
This is a reaction to the latest shoe to drop in the LIBOR scandal. UBS, it turns out, wasn't just shaving its own submissions in order to manipulate the LIBOR rate (as Barclays did), it was actively bribing everyone in sight to do the same thing. "If Barclays was dreadful and UBS was much worse than Barclays," says Felix, "it's hard to imagine that anybody has clean hands here." True. More to the point, if corruption around LIBOR was so widespread and extended so far into the executive...

Read the rest of the story HERE:

At www.motherjones.com

- Advertisement -
- Advertisement -