That snapping, crunching sound you’ve been hearing of late is not just from the femurs of unfortunate horses participating in the chuckwagon races in Calgary. No, it’s a much bigger vehicular wreck called Barclays. The latter is a massive British bank recently revealed to have rigged what is called LIBOR. This is the rate of interest at which banks lend each other money.
It’s a big one kids, …again! Yet another looting-from-the-top-down failure of morality in the global banking system with bad implications for society at large. It really will never end with these institutions until there is nothing left to loot. It isn’t like younger managers are drawn to careers in finance so that twenty years from now when they have risen to the top they will lower their wages and bonuses is it?
The only good news we can see is that this one is not open to interpretation. The dishonesty is plain and in clear sight now. Baltimore is one of the American cities that, along with state governments and public agencies, has done business with Barclays. Baltimore has now taken the lead in a massive lawsuit to recover what amounts to money stolen from their taxpayers. Incredible, since much of the Great Recession has been expressed in the US in the form of cutbacks to state and municipal services. Money that should have gone to public agencies, their services and employees, is in the coffers at Barclays.