Tuesday, July 10, 2012

Although we've never stood higher in our own estimation

 Lord Sacks

We can't be trusted to do what is right, the LIBOR scandal being the latest proof of this.   Since trust is the foundation of commerce, it is no wonder that worldwide commerce is flagging so notably.   It wouldn't surprise me if it doesn't revive.  So far the wisest analysis of the LIBOR scandal has come from a rabbi, Lord Sacks.   The estimable Dr. Oddie wonders why no Catholic leader has addressed the issue.

RELATED: In case you were thinking more regulators might be a solution for such rampant dishonesty, it turns out regulators were part of the problem.   Indeed, current Treasury Secretary Timothy ("Tax Cheat")  Geithner, as head of the New York Federal Reserve in 2007, was not only in charge of monitoring Barclay's during the period in question, but had been told "at least 12 times" that LIBOR was artificially low.  Whatever action Geithner took, if any, was certainly inadequate.   To quote an acute observer of the human condition, "A mug is a mug in everything." 

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