Tuesday, 31 July 2012

LIBOR: When the circus comes to town.

So the Interest Rate fixing kerfuffle has crossed the Atlantic, with another set of indignant and surprised investigators and commentators, but I am left to wonder what all the fuss is about.

A bunch of large corporations manipulate a market to their mutual advantages, so what's new?

Laws are broken and trust is abused, but that's why we pay for police and regulators. 

And it's not just the Financial Sector that's guilty, almost every business, and a great many individuals, will do dirty deeds if left to their own devices; but that is precisely why we legislate against monopolies and why business ethics are essential to free enterprise.

The only surprising thing here is the pretend outrage and ignorance that it goes on.