Wall Street's High Crime Area, Libor Scandal Expands, Confidence Crisis, and More

The Libor scandal continues to spread, with more banks and regulators being placed under the microscope for their involvement in rate rigging. Meanwhile, Wall Street's image continues to take a pounding while UBS Americas' chairman strikes out on his own.
July 20, 2012


5. Living in the Past

Libor was intended for an international lending market that has long since past. The whole concept of interbank lending died after Lehman Brothers collapsed.

— Pete Hahn, a finance professor at the Cass Business School in London

Source: Libor Scandal Shows Many Flaws in Rate-Setting

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