Tuesday, April 2, 2013

Major Banks Not Guilty of Libor Manipilation (So Far...)

The court system has decided that only some of the private claims against the large banks be allowed to continue litigation suing the banks that allegedly manipulated the LIBOR index.  Although some banks have admitted guilt and paid penalties, most of the alleged offenders have yet to pay any penalties. Yet again, the major players that created the current worldwide recession escape responsibility.
 
It's almost like we are in the rabbit hole - what's up is down and what's down is up.  Thing just don't make any sense.  The responsible parties have been identified.  We now know culprits - this financial bust did not happen by accident.  It was manufactured by the ones who gained the most from it's tragic results.  And they go unpunished.
I don't believe ghat every person at every bank or investment house is guilty of wrong doing.  In fact, I believe the 80/20 rule should be used here, just like everywhere else.  In fact, I would go as far to say that 90% of the people working at these firms are completely innocent.  They are honest, hard working people. 

I don't know who, BUT someone has got to be made responsible.  And I don't believe it's the consumer's fault.  Oh sure, greed was rampant, and everyone was a real estate speculator in their own sense, but the cards were stacked against them from the beginning.  The public was NEVER going to profit from the real estate bubble.  This was always going to happen.

I will continue to blog about the unfairness towards banks in the creation and the responsibility of the financial crises until someone changes it...

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