Posted by: CLDS
August 12, 2012 |
The last banking scandal, engulfing Barclays and potentially others, hinges on alleged rigging of inter-bank lending rates, a pillar of a stable and effective banking system. This set of events follows endless others, including very high levels of bank borrowing without the volumes of capital to support it and issuing mortgages to people without checks on credit-worthiness or availability of savings, both of which were a major factor in the global financial crisis which erupted in 2008/9.
The people are understandably furious at the banks: their perceived greed and incompetence is made all the more...