When I first posted about the alleged rigging of Libor, the London Interbank Offered Rate — a key interest rate in the global finance world which is set by banks using the honor system — I didn’t know how mad to be. First off, I didn’t really understand the allegation that the rate was set artificially low — it’s determined by banks themselves so isn’t it artificial from the get-go? — and secondly, as a borrower and not an investor, I may have won out with a lower interest rate.
But I just watched the Daily Show and Colbert Report coverage of the scandal (which featured a soundbite from our mayor and some wildly incriminating emails from bankers) and I am fully on board with the city — this is crazy! To think that Baltimore may have lost millions of dollars from these financial hijinks is completely infuriating — especially as we find ourselves in the pathetic position of shutting down fire companies. And I’m proud that Baltimore is leading the fight to hold these banks accountable.
And by the way, does anyone still think that we’re better off with banks unregulated?!
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