LIBOR: A Question of Trust

Peterson Institute for International Economics ^ | July 11, 2012 | Ted Truman

[Brown Deer]

Edwin M. Truman explains why the spreading LIBOR scandal has the potential of raising new doubts over the reputations for honesty of many large financial institutions.

[Brown Deer]

Edwin M. Truman, senior fellow since 2001, served as assistant secretary of the US Treasury for International Affairs from December 1998 to January 2001 and returned as counselor to the secretary March–May 2009. He directed the Division of International Finance of the Board of Governors of the Federal Reserve System from 1977 to 1998. From 1983 to 1998, he was one of three economists on the staff of the Federal Open Market Committee.

[SueRae]

And I read today that a group of these banks are looking to “settle”...in which case they get to plead neither guilty or innocent. I hope any judge worth is salt knocks that down. These big guys get away with a fine that they include as ‘the cost of doing business’. BS! to that...I want criminal charges and jail time. No wonder people are opting for the banks of Stearns & Foster. Zero confidence in the system because of bad actors. Greedy rat bat-turds.