This type of gaming of the Libor and Euribor rates (as well as the Tokyo-based Tibor) was being carried out by virtually all of the major international banks. A dozen regulators around the world are investigating somewhere between 12 and 20 other banks, including HSBC, Royal Bank of Scotland, Deutsche Bank, Credit Suisse, UBS, JPMorgan Chase, Citigroup, Bank of America, Bank of Tokyo-Mitsubishi and Sumitomo Mitsui. … This, like so many other market mechanisms, is intrinsically corrupt and riddled with conflicts of interest. Any claim that this cesspool of avarice and corruption can be “reformed” is the product of ignorance, self-delusion or deliberate deceit. The bankers who have committed fraud … Continue reading Barry Grey