Saturday, July 14, 2012

LIBORstench is building (Naked Capitalism)

basic securities fraud.  criminal misconduct.  criminal indictment.  unethical.  immoral.  As the Economist wrote ~ is this the 'tobacco moment' for the finance industry?

Below is an excerpt from the comments section on Naked Capitalism.  The point made by the commenter is exactly along the lines of my thinking.  So I replied as such.  Each and every action and decision is made by someone or some committee.  These are people with conscious minds.  These are people that are well educated, leaders of society.  I do not buy the notion that their behaviour was somehow NECESSARY.  If I don't understand the system, and that represents some of that understanding.  Then I don't want to understand it.

indio007 says:
I am so sick of people saying “JP Morgan did this.” and “The government did that.”
No they didn’t . Those are fictitious entities.
MEN AND WOMAN did this and that.
When these people act outside their official capacity and duties they are acting “outside their office”.
The gov’t didn’t turn a blind eye.
Tim Geithner did.
Barcley’s didn’t game LIBOR.
The institutions might be too big to fail , but the people working there aren’t.
  • Tahoe58 says:
    I believe this is exactly the point. Each and every ‘action’ or ‘decision’ is made and taken by some conscious mind ~ or so we hope ~ each and every one of these minds know the difference between what is right and what is wrong. These minds are making conscious choices ~ and they are choosing wrong. Some where, someone is driving this process.  And I suppose it is important to acknowledge it is wrong, because I value honesty, integrity, and fairness. And it is my view that much of modern society seems to have migrated far from those values.

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