Down the rabbit hole: The Barclays scandal grows
The scandal at Barclays continues to grow as emails dating back to 2005 attest to a pattern of greed and corrupt business practices. What is not well known is what the final cost could be to the world's financial institutions, and these costs could be enormous.
The scandal at Barclays continues to grow as emails dating back to 2005 attest to a pattern of greed and corrupt business practices. What is not well known is what the final cost could be to the world's financial institutions, and these costs could be enormous.
The mechanics of how Barclays traders were able to manipulate a rate that was the benchmark for some $800 trillion in loans and borrowings are by now well-known.聽 And documented, they have emails going back to 2005 right up through the present.
What is not well known is what the final cost could be to the world's financial institutions.聽 It is starting to become apparent that these costs could be enormous.
From The Economist:
For the whole picture of how widespread this manipulation may have been, I highly recommend reading the whole piece.聽 Make popcorn.