Wednesday, 19 December 2012

The mark of the idiot

UBS corrupt payments exposed as bank pays £940m to settle Libor claims
...on 18 September 2008 a trader explained to a broker: "If you keep 6s [ie, the six-month Japanese yen Libor rate] unchanged today ... I will fucking do one humongous deal with you ... Like a 50,000 buck deal, whatever ... I need you to keep it as low as possible ... if you do that .... I'll pay you, you know, 50,000 dollars, 100,000 dollars... whatever you want ... I'm a man of my word."

It becomes tedious to highlight reports such as these, it becomes the mark of the idiot who has no place under this amazing panoply of corruption, greed and veniality, where the perpetrators apparently feel no necessity to hide their doings, where they subborn the very language of the ethics they betray, where no individual - certainly not those in any senior position - is held to serious account in a way that discomforts them, where corporations may be 'fined' but are beyond the criminal law, where men of substance and leaders of nations can hardly be unaware of what lies beneath their feet and into which the latter comfortably descend on their retirement from public office.