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July 19, 2012

NYT: The Federal Reserve and the Libor Scandal

” The Libor scandal is different in some ways than other recent financial fiascos; it involves egregious, flagrant criminal conduct, with traders caught red-handed in e-mails and on tape. This is the definition of a “smoking gun.”

As Dennis Kelleher of Better Markets told Eliot Spitzer this week… “Slapping handcuffs on these traders has to be the next step,” adding, “Handcuffs, squeeze them, handcuffs, squeeze them and move up the chain.” Mr. Kelleher continued, “This is an open and shut case” and “this is egregious criminal conduct.”

He went on: “There’s never been any accountability on Wall Street. Wall Street’s a high-crime area and the criminals are just let to run free. This would never be tolerated anywhere else in America, and it’s time to end the two sets of laws.”

This is what should have been done years ago for all the illegal behavior that led up to the crisis. “

 

Read Simon Johnson’s full New York Times story here.

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