From Conspiracy Theory to Fact

Its already been commented on elsewhere, but the admission that LIBOR rates were being manipulated puts us closer and closer to the moment when large swaths of the investing public note how the emperor has no clothes. It was quite a sight to see so many elites in Britain decry the actions of one of their leading banking institutions. Or possibly it was a case of “the fraud is so big we can’t possibly be silent.” But its important to remember how talking is one thing; and doing something about it is another.
Of more interest to me, this morning on CNBC there was an oblique reference to the manipulation of the silver market, where a couple of the commentators seemed to admit the obvious. Of course, several months ago I also found it interesting how that network had Bart Chilton of the CFTC coming on and pointing out he felt something was fishy in that market. But, again, talk is one thing; actions another.
Tonight there is news that Bob Diamond of Barclays (the firm involved in the Libor scandal) is basically going to blackmail Parliament into leaving him and his industry alone, so I guess I shouldn’t get my hopes up that all that much has changed.
But I hope everyone is taking notes, and keeping a list of all of the fraud, if only as a reminder of what an outsized financial system is capable of, and how many within it will justify their actions until the end.