Elizabeth Warren on Libor
July 20, 2012 5 Comments
Definitely worth a read:
But the heart of accountability lies deeper. It rests on acknowledging that we cannot trust Wall Street to regulate itself — not in New York, London or anywhere else. The club is corrupt. When Mitt Romney says he will move to repeal all of the new financial regulations, he supports a corrupt system. When members of Congress grill regulators for being too tough on Wall Street and slash the budgets of the regulators charged with overseeing Wall Street, they prop up a corrupt system.
Financial services are critical to the economy. That’s why everyone — every family and every business — has a stake in an honest system. The fantasy that reducing oversight of the biggest banks will make us safer is just that — a dangerous fantasy. The Libor fraud exposes rot at the core. Now, who will stand up to fix it?
Listened to a really good Diane Rehm show the other day on this topic. I came away with the conclusion that until some of these corrupt, greedy bankers and financial wheeler-dealers start going to jail, nothing’s really going to change. Those acting this way know there’s very little consequence for their horrible (and very illegal) behavior. Until that changes, forget about anything getting better.