This is really a case for

Michael Maiello — Sat, 23 May 2015 04:13:25 +0000

In reply to The fines that they paid was

This is really a case for smaller banks.

Absolutely. While I find it ridiculous that LIBOR is set the way it is, as a rig-able assortment of bank expectations, I also think that such a system would be less rig-able if it depended on the views of thousands of small banks rather than a few influencers.

Same for the currency market rigging... it's possible because so few institutions have such sway over massive markets. A system of smaller dealers and trading desks will have its own drawbacks, including higher transaction costs and less pricing efficiency, but those drawbacks might not be so bad as the power wielded by tier one banks.

The fines that they paid was

trkingmomoe — Sat, 23 May 2015 02:41:25 +0000

In reply to Re-Free Martha Stewart

The fines that they paid was very small considering what they made rigging the rates every night. They underpin $350 trillion dollars worth of money in the world with borrowing rates. You can make millions of dollars everyday by fixing the rates in your favor. This price fixing started back in the early 90's. It is staggering how much was made dishonestly and how a group of traders benefited personally from it.

When this story first caught my attention, I was still active in a quilting group about 5 years ago. I remember telling the ladies about it and explaining what LIBOR was and what that office did in London. This would be probably a big international banking scandal. There was a couple that was interested and chatted along about it. Later after we were leaving one other women took me aside and told me not to talk liberal politics. Politics was never mentioned all evening. It was only about how interest rates that are set for banks to borrow back and forth. This person saw it as a liberal plot to undermine the banks and hurt her investments. She could not comprehend that banks could be anything but on the up and up. It was just too complicated for her to follow.

I think this is why people aren't upset with these kinds of deals. They just don't understand them. It is the size of this that protects the banks from punishment that fits the crimes. The deals are made to protect the consumers from turmoil that will happen when a bank is forced to give up customers and there is a run on all the banks. This is really a case for smaller banks. They don't have to be this large we have the Federal Reserve to be the big dog.

New LIBOR rules went into place in 2013 to try to keep this from happening again. Big banks can and do hurt people and countries.

The way I see what happened to Martha was over ambitious persecutors trying to get a conviction under the attitude of putting women in their place. She was high profile personality. How about sending some of these bank CEO's to jail. Martha never hurt anyone. I have learned many things from her that have helped me to get through the day.

Well done, Michael.

Oxy Mora — Fri, 22 May 2015 22:46:16 +0000

In reply to Re-Free Martha Stewart

Well done, Michael.

Great DB piece!

Michael Wolraich — Fri, 22 May 2015 18:15:20 +0000

In reply to Re-Free Martha Stewart

Great DB piece!

dagblog - Comments for "Re-Free Martha Stewart"

This is really a case for

The fines that they paid was

Well done, Michael.

Great DB piece!