Entertaining LIBOR interview
Thanks to Simon for this very good clip from Aljazeera on the LIBOR. Max Keiser, American broadcaster and former equities broker, does get very excited in this interview. However he makes some very valid points regarding the lack of regulation/supervision and that we have gone from Free Market Capitalism to Rigged Market Capitalism. Phillip Booth suggests that strict standards of ethical conduct must be imposed on bankers by the Financial Services Authority and by criminal law. Keiser also intimates that Britain has been subsidising its banking system to stay competitive. Definitely worth a look and a bit of light relief for that first period back tomorrow.