HJ: This article managed to break through the media blackout on the LIBOR scandal. As the crisis deepens, we see them resorting to the ‘everyone for themselves’ mentality. What is interesting here is that they were all in collusion while manipulating the LIBOR rate– as long as everything was going the way they wanted, everything was fine. Now, however, as the ship begins to sink, they are suddenly turning on each other. – Truth
Ever since Barclays paid a huge settlement for manipulating the LIBOR last month, investigators have been looking into manipulation at all major Wall Street banks.
But this hasn’t been a time for solidarity (which is weird on the Street). Instead, Azam Ahmed and Ben Protess of The New York Times report, “banks are emphasizing that ‘we’re not as bad as the next guy.”
In short: It’s kill or be killed. Here’s how we know — for one thing, the bank lawyers aren’t helping each other (from the Times):
With the rate investigation, institutions are not sharing information or even discussing the case with rivals, according to lawyers involved in the matter. In part, they do not want to appear to have close ties with their rivals, since such cozy relationships are part of the government’s inquiry.
Read the rest of the article here: Business Insider