Bankers Own the World

July 8, 2012 at 6:30 PM Leave a comment

Back in 2009, Senator Dick Durbin (D-IL) told a uncomfortable truth when he said, “frankly,” the banks “own the place,” meaning the the United States Senate (or maybe even Washington itself).

Honest as what Durbin said was, and brave and forthright as he seemed at the time, he might not have been telling the whole story or he himself might have been naive.  It’s beginning to look like banks own the world.  Check this out about the Libor rigging scandal involving the UK’s Barclays.  (I’ve read some articles over the weekend — here’s one — that suggest the Libor rigging can’t possibly be limited to Barclays; that it’s probably systemic.)

We’re Powerless to Get Truth About Bankers, Says Key MP

Politicians have been virtually “useless” so far at getting to the truth behind the banking scandal, one of the MPs responsible for investigating the affair has admitted.

Andrea Leadsom, whose forensic questioning of the former chief executive of Barclays, Bob Diamond, led to his only uncomfortable moments during last week’s cross-examination by the Commons Treasury Select Committee, said: “I don’t think we felt we did a fantastic job. It’s a fair criticism to say, ‘You guys were useless’.

“We had great weaknesses in that we didn’t have email trails. We didn’t have recordings of the morning meetings where you could point to what had been said. All we really had were the regulators’ reports, what we’d seen in the media.”

Her frank remarks, in an interview with The Independent, will raise doubts about whether the larger parliamentary inquiry being set up to investigate the banking scandal will be able to uncover the whole truth.

More…

 

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