Libor Scandal Essay Example | Topics and Well Written Essays - 1000 words

Libor Scandal - Essay ExampleThe dishonesty that was exposed by the authorities was very lurid and that the ultra conservatives needed to exploit the public by weeping into public gallery. When the authorities ignore eternal warnings about the true health of the formation, they merely choose to be on the sidelines yet the problem continues to spin out of control. The society essential constantly drive for more control, through several bodies and commissions and their agencies, they seem to draw in under the weight pressure of such scandals. The system of kindred between the authorities and business is a network of personal interests complicated by the mutual rules and regulation goerning such a relationship and underpinned by a culture of too big to fail. The authorities must use their discretions to punish those manipulating the system for profit fully, and this must be conducted without fear and favor. As a consequence the most central lesson the society should have learne d from the Libor scandal is the perpetrators going out of business, but then again this point executive cause further pain for non- participants of the scandal such as their customers and shareholders. However, the real perpetrators such as the traders and the brokers should palpate the full force of the law for their actions in manipulating the Libor site therefore, they must be charged with criminal offence. When hoi polloi argue about the evils of capitalism, they fail to notice that the system cannot manipulate itself it takes the people effort to do that. The generator of the post decries the weight that the system carries, he notes when a scandal breaks out, the system bears the blame yet people cause such scandals. On the other hand,... When people argue about the evils of capitalism, they fail to notice that the system cannot manipulate itself it takes the people effort to do that. The writer of the post decries the weight that the system carries, he notes when a scan dal breaks out, the system bears the blame yet people cause such scandals. On the other hand, the personal credit line Week claims that the Libor scandal had the consequence of destroying the entire worlds financial structure this is because several people relied on the Libor rate as the benchmark rate. The rate is standard for over 360 trillion of securities loans including students and bonds, and its manipulation might have large results. The paper reported that there are several lawsuits filed seeking compensation from the worlds top banks such as Bank of America, JP Morgan Chase, Barclays, and Citigroup amongst other banks. Predictably, the banks moved to court to counter the suit by finish to the court for dismissal of the suit, and these banks faced an uphill task of winning back their clients back after the outrageousness of this scandal was revealed. Consequently, these banks are likely to face protracted cases in court by aggrieved parties from all over the world at leas t thirteen different suits have been filed in the US. The paper further persuades the investors not to take lightly the importance of the issue Investors should not minimize the importance of this matter. The authorities must always have the interests of the wider public at heart.