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| CHICAGO, IL - OCTOBER 18: Will Schaefer (L) and David Schwebke protest with Occupy Chicago outside the Bank of America building October 18, 2011 in Chicago, Illinois. Bank of America reported a third quarter profit of $6.2 billion today, but lost it's status as the nations largest bank with JPMorgan Chase and Co taking it's spot. (Image credit: Getty Images via @daylife) |
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| CHICAGO, IL - OCTOBER 18: Protestors with Occupy Chicago demonstrate outside the Bank of America building October 18, 2011 in Chicago, Illinois. Bank of America reported a third quarter profit of $6.2 billion today, but lost it's status as the nations largest bank with JPMorgan Chase and Co taking it's spot. (Image credit: Getty Images via @daylife) |
BlackCommentator.com: The Financial System’s Rotten Heart - Left Margin - By Carl Bloice - BC Editorial Board:
"Contemporary capitalism seems to just get worse and worse."
Left Margin
The Financial System's Rotten Heart
By Carl Bloice - BC Editorial Board
Black Commentator
July 12, 2012
http://www.blackcommentator.com/480/480_lm_rotten_heart_share.html
Reich throws cold water on the idea that this is a
solely British scandal. "So far, the scandal has been
limited to
Barclay's, a big
London-based bank that
just paid $453 million to U.S. and British bank
regulators, whose top executives have been forced to
resign, and whose traders' emails give a chilling
picture of how easily they got their colleagues to rig
interest rates in order to make big bucks," he wrote.
"But
Wall Street has almost surely been involved in
the same practice, including the usual suspects -
JPMorgan Chase,
Citigroup, and
Bank of America -
because every major bank participates in setting the
LIBOR rate, and Barclay's couldn't have rigged it
without their witting involvement," Reich continued.
The Economist said, "looks less like rogue trading,
more like a cartel."
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