- self-regulation, Le GRAND
as lies go, none is greater than the one that suggests banks are capable of self-regulation.given authority over their own affairs, through fantasies such as self-reporting, ceos, cfos and coos who travel in limousines, wear very expensive suits and give to all the right charities will do what comes naturally to them: lie.indeed, they will engage in practices so deceitful that, the governor of the bank of england, sir mervyn king, says they meet my definition of fraud.king's level of bluntness with regard to the scandalous behavior of international bankers has yet to enter into the mainstream discourse of the united states, where most politicians (with notable exceptions such as former new york attorney general and governor eliot spitzer and congressman dennis kucinich) remain determined to do the bidding of their wall street paymasters — and where most media can't be bothered to cover stories about the costs these cozy relationships impose of society.but the conversation about crooked banks and lying ceos is getting more interesting in britain — so much more interesting that it is all but certain to have an impact on the united states. why sort of impact? hopefully, it will be a recognition that the so-called bank reforms of 2010 were, as former senator russ feingold, congresswoman marcy kaptur and others suggested, dramatically insufficient.the biggest story of recent weeks in london is that of a banking scandal so extreme and so sweeping as to confirm that, when afforded a free hand, the most powerful bankers in the world will create self-serving structures that distort and ultimately undermine free markets. indeed, argues the economist magazine, lies by international banksters have put banking in crisis.teddy roosevelt was right when he argued that strict regulation was needed to prevent the bad players of the private sector from creating monopolies so over-arching that they could destroy not just competition but — through their exercise of political and media power — democracy itself.roosevelt's observations take on a new urgency with each news report from britain, a country that has been shocked into something akin to consciousness by the revelation that some of the biggest banks in london (and the world) had — when given leeway to manage information critical to the functioning of financial markets — cheated. they filed false information to, in the words of london's independent newspaper help mask losses and help improve their own financial positions.the banks did this by fixing the libor — the average interest rate at which banks say they lend to one another. the libor forms the basis for lending rates charged in countries around the world, it effectively defines the cost of money. when the libor is fixed via false submissions by crooked banks and the crooked bankers who run them, the global economy is suddenly operating not on facts and figures but on fantasies.obviously, this is not just a british problem.the scandal has spread to the united states, with the revelation that key us players such as treasury secretary timothy geithner knew about the potential for massive wrongdoing by big banks. when he headed the new york federal reserve in 2008, geithner alerted british authorities to the prospect that banks might be deliberately misreporting libor submissions.unfortunately, geithner's warnings did not lead to action that might have averted the deliberate misreporting.geithner now faces questions about what he knew and when he knew it, and about whether he followed up sufficiently on his 2008 warning. inquiries about due diligence will become incredibly significant, as investors lost tens of billions of dollars as a result of the manipulations by the men who manage the false constructs that we refer to as too big to fail banks. (despite the claims made about the banking reforms implemented in 2010 by congressional democrats and the white house, the too big to fail threat remains; which is why feingold and other serious reformers opposed the legislation.)federal reserve chairman ben bernanke on tuesday admitted to congress that the libor system is structurally flawed. inconveniently for bernanke, he is giving his semi-annual report to congress this week. he told the senate banking committee tuesday morning that the whole scandal has undermined confidence in the financial services industry.
- 2011-07-30
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