The revelation of attempts to manipulate LIBOR and other rates is truly shocking.
Not just because of the impacts on financial contracts ranging from mortgages to derivatives. There is also a deeper reason. Capital markets require trust if they are to work well. If you cannot trust the intermediaries who make up those markets to operate with integrity, that has a corrosive effect on the whole system. Investment managers need well-functioning markets if they are to be able to invest their clients' money optimally. And that requires high standards from the intermediaries, in particular the investment banks. This episode - and no doubt the revelations that are still to c...
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