|It happens when you interfere with the Free Market|
The investigations are continuing at the other banks but Barclays was the bank which co-operated most fully with the investigation.
The British Bankers Association is 'shocked' according to their press release
"The British Bankers’ Association is shocked by yesterday’s report about LIBOR. The banks which contribute to the LIBOR rate must meet the necessary obligations to their regulators. The BBA has proactively co-operated with the authorities at every stage and will continue to work with the regulatory investigations into LIBOR, submitting information and making staff available for interview.Well they must be the only ones who are, the world is well aware that there has been wholesale manipulation of all major markets for many years.
"The current LIBOR review, with which our authorities are fully engaged, has been underway since March this year and is considering all aspects including the setting process. As part of this review we will now be asking the authorities to consider in what manner the LIBOR setting mechanism should be regulated in the future."
Al Jazeera has compiled the best coverage of the event
There will of course be no prosecution against these fraudsters.
Unfortunately greater regulation only serves as a barrier to entry to the market, enshrining the monopoly of the world banks and so calls for ever more regulation perversely serve only the existing multi-nationals. No wonder the British Bankers Association favours it.
Banking has two distinct streams, normal retail banking (that is keeping our money in accounts, making and receiving payments, lending for mortgages and business loans all of which serve the economu) and trading - also known as gambling with your money which serves no one but the banksters.
The big banks make bets against each other on 'derivative products' also known as debts. When they make bad bets they lose money and when they make good bets they win money. Of course we all know that they have all lost money, that is why our governments have had to give them more so that they can go on losing it and of course taking huge salaries and bonuses at the same time. Banks aren't really interested in normal banking operations.
The free market states that when businesses fail, they die but for some reason the governments of the world have been overkeen to interfere to try to prevent this, as with any five year old if there is no negative consequence to negative behaviour they will never learn.
Max Keiser on how to get the banks back on course