A number of years ago under President Clinton, he questioned the word “IS”. What is “IS”? Now we have fallen yet another step down with the questioning of—what is “Fair” and “Just” action. Listen to this defense of the attitude and what is being done.
“The men and women who run these corrupt banks and brokerages genuinely believe that their relentless lying and cheating, and even their anti-competitive cartel style scheming, are all legitimate market processes that lead to legitimate price discovery. In this lunatic worldview, the bid-rigging scheme was a system that created fair returns for everyone. If a bunch of Pennsylvanians got 5.00 percent return on their money instead of 5.04 percent, and GE and CDR just happen to split the extra .04 percent that was a fair outcome, because that’s what the parties negotiated. True, the Pennsylvanians had no idea about the extra .04 percent, and true, they had hired CDR precisely to make sure they got that extra 0.4 percent. But hey, it’s not they were complaining: Until someone told them they were being brazenly cheated, they were happy with their bond service. And besides, it’s not like ordinary people understand this stuff anyway. So how is it the place of some busybody federal prosecutor to waltz in here and say what’s a fair price?”
Read the whole article here:
We have a culture problem, according to Simon Johnson in his article “Lie more, as a Business Model”
In the article he quotes Mr. Kelleher as saying:
“ The controversy that brought down Mr. Diamond had to do with deliberate and now acknowledged deception by Barclays staff with regards to the data they reported for “Libor”, the London Inter bank offered rate.”
In the same article Johnson quotes “The Financial Times” June 28 “Shaming the Banks in to Better Ways”.
“But few have shone such an unsparing light on the rotten heart of the financial system.”
Johnson goes on to say we have a “…cultural problem…” and adds insult to injury by says “… it had become acceptable…”.
Johnson quotes Martin Wolf Senior economics columnist at the “The Financial Times” in an editorial he writes;
“ The bankers involved have betrayed an important public trust…”
The “Libor interest rate” and the setting of it is no small thing. According to the “Better Market” blog site and what was said about the Libor rate—-
“…the libor that was rigged is used to set rates for some $800 trillion in global financial transactions from derivatives to consumer lending.”
It involves 20 or so of the world’s largest banks in the world—–manipulating one of the most important rates in the world.
Now to summarize the above words, allow me to make some broad brush statements, if when thought on——-may in fact come pretty close to being true.
1/ These 20 or so largest banks have destroyed the trust of not so much the lower common people.———But the larger middle class management in corporation who thought they could trust their banking arrangements. This deception by the large banks put a fatal wound into the system which will only begin to show up as things start to show for the worse, and in a cynical sort of way this wound will force things to turn worse.
2/ The Libor scandal will force the people, even though they know nothing of the “How” and/or the “What” happen in it, to look with a mistrust at their government—–even more so then they currently do, thinking they (A) should have protected us (B) kept the financial system and the big Banks in line (C) The government and politicians are the problem (D) Finally they say—–I don’t trust government nor the banking system at all.
As you look at and ponder the 2 points of connection between the situation and issue, we find the problem but one of many issues wrong—-through out government and the governing system. The culture within the different governing systems has or is breaking down——-not because of the system but because of the people running them. Culture has turn on to the wrong path and is heading in the wrong direction.
We need to seek the Lord rather then attempt correction of issues. Without the Lord the problems will continue to grow until the problem shows us we can not deal with the situation and we will be forced to seek Him on His terms and on His path. Would it not be better if we were on a Biblical, Righteous path rather then to be seeking after money through greed and lust—knowing full well there is no correction of anything on those paths——-We will continue until Destruction and Hell comes upon us?
We Shall See—don’t you think????? Keep your eye on the Libor scandal it will grow and kill, the financial system and the American way.