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Massachusetts Liberal

Observations on politics, the media and life in Massachusetts and beyond from the left side of the road.

Tuesday, July 10, 2012

Too much libor-ty

Mama, don't let your babies grow up to be bankers.

It's way too early in yet the latest banking scandal to rock the financial world to understand the ins and outs of the Libor system. That's the London Interbank Offered Rate system that sets interest rates around the world,

But its not too early to see how big banks manipulated the system by shaving points off the rate and making substantial profits off the manipulation. Or to see how lax regulation led to the profiteering.

Nor is too early to remind Massachusetts voters which of the US Senate candidates is for tougher oversight of our financial institutions -- and which one would rather talk about his family. And his opponent's family.

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3 Comments:

Anonymous Anonymous said...

Perhaps the first thing we should do is reinstall the Glass-Steagal act that was removed by Clinton.

July 10, 2012 8:59 AM  
Anonymous Anonymous said...

Ouch. It was Clinton's fault.

July 10, 2012 10:38 PM  
Anonymous Anonymous said...

More than enough blame to go around, including all the self absorbed, economically vacuous nitwits who bought houses they couldn't afford and double mortgaged them to live a lifestyle they didn't deserve and now cry because they're underwater. Go live in the tents with the occupy people, oh ya what happened to their resolve?

July 11, 2012 4:52 AM  

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