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Barclays Scandal?

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ahall12 Posted: Thu, Jul 5 2012 4:08 PM

So I keep hearing about this particular scandal of the English bank on NPR every morning on my drive. The only bit of information I've heard from them is that the bank was fined for manipulating/fixing interest rates. They never mention whether they fixed the interest rates too high or too low, but the general idea I'm getting is they fixed interest rates too high in an attempt to gain solvency and that is why they're being demonized. I have yet to read up on it online as I have sparse time, but is that basically all there is to this story?

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London banks were "fixing" the London Inter-Bank Offered Rate.

Liberals seem to want to jump on it more because it is in the private market and they can attach it to the Adustable Rate Mortgage scandal; a tug at the publics heart type deal.

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Bogart replied on Fri, Jul 6 2012 12:23 PM

This whole scandal which has grown beyond Barclays is simply an example of what happens when you have regulated businesses.  That is the businesses control the regulators who run things and when the businesses behave badly, instead of having them lose customers like the rest of us, these businesses just pay a fine, really a bribe, to allow them to continue to play in the regulated banks win, or tax payers and currency holders lose world.

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