Sheila Bair, who served as acting chairman of the U.S. Commodity Futures Trading Commission in the 1990s and as chairman of the Federal Deposit Insurance Corp. from 2006 to 2011, says the scope of the scandal points to the flaws of light-touch regulation on both sides of the Atlantic. “When a bank can benefit financially from doing the wrong thing, it generally will,” Bair says. “The extent of the Libor manipulation was eye-popping.”I'll be out of town tomorrow, so no longread will be posted. Hope you all have a great weekend!
"Libor Lies Revealed in Rigging of $300 Trillion Benchmark" by Liam Vaughan & Gavin Finch
Published in Bloomberg Markets Magazine, January 28, 2013
Eric
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