Property News · January 31, 2016

‘Lord Libor’ reveals financial system where bad apples have the midas touch


Former traders in London trial may have been cleared, but case highlights financial industry’s superstars are also among the most toxic employees So it turns out that “Lord Libor” and “Big Nose” didn’t do it, after all. Translation: a British jury acquitted six men of helping former trader Tom Hayes rig the world’s mortgage markets.The idea that someone can rig the London inter-bank lending rates (Libor) should terrify us all. It’s estimated that $300tn (£192tn) of contracts are based on Libor, setting borrowing rates for businesses and consumers from Sydney to New York and London. Continue reading…

Source : theguardian.com
Read more…‘Lord Libor’ reveals financial system where bad apples have the midas touch

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