Libor Scandal Essay Example | Topics and Well Written Essays - 1000 words

Libor Scandal - Essay ExampleThe dishonesty that was exposed by the authorities was very inglorious and that the ultra conservatives needed to exploit the public by weeping into public gallery. When the authorities ignore incessant warnings about the true health of the organization, they merely drive to be on the sidelines yet the problem continues to spiral out of control. The society must constantly drive for more control, through several bodies and commissions and their agencies, they seem to draw in under the weight pressure of such scandals. The system of relationship between the authorities and business is a network of personal interests complicated by the mutual rules and regulation g all everywherening such a relationship and underpinned by a culture of too big to fail. The authorities must use their discretions to penalize those manipulating the system for profit fully, and this must be conducted without fear and favor. As a consequence the most important lesson the soc iety should have learned from the Libor scandal is the perpetrators press release out of business, but then again this might cause further pain for non- participants of the scandal such as their customers and shareholders. However, the real perpetrators such as the traders and the brokers should flavor the full force of the law for their actions in manipulating the Libor rate therefore, they must be charged with criminal offence. When muckle argue about the evils of capitalism, they fail to nonice that the system cannot manipulate itself it takes the people effort to do that. The source of the post decries the weight that the system carries, he notes when a scandal breaks out, the system bears the blame yet people cause such scandals. On the other hand,... When people argue about the evils of capitalism, they fail to notice that the system cannot manipulate itself it takes the people effort to do that. The writer of the post decries the weight that the system carries, he notes when a scandal breaks out, the system bears the blame yet people cause such scandals. On the other hand, the telephone circuit Week claims that the Libor scandal had the consequence of destroying the entire worlds financial structure this is because several people relied on the Libor rate as the benchmark rate. The rate is standard for over 360 trillion of securities loans including students and bonds, and its manipulation might have enormous results. The paper reported that there are several lawsuits filed seeking compensation from the worlds outperform banks such as Bank of America, JP Morgan Chase, Barclays, and Citigroup amongst other banks. Predictably, the banks moved to court to counter the suit by application to the court for dismissal of the suit, and these banks faced an uphill chore of winning back their clients back after the enormity of this scandal was revealed. Consequently, these banks are likely to face protracted cases in court by aggrieved parties from all over the world at least thirteen different suits have been filed in the US. The paper further persuades the investors not to take lightly the importance of the issue Investors should not minimize the importance of this matter. The authorities must always have the interests of the wider public at heart.