Economía marxista para el Siglo XXI


Michael Roberts Blog

In a recent post I added to the never-ending saga of  the criminality, corruption and incompetence of global banks (see http://thenextrecession.wordpress.com/2013/10/25/bad-bankers-bad-debts-and-bad-banks/).  Within days of that post, yet more scandals and subsequent fines on banks by the respective national banking regulators have been announced. There were fresh revelations from UBS and Deutsche Bank, which became the first banks to admit their involvement in the manipulation of the supposedly ‘free market’ in foreign exchange.

At the same, Dutch bank Rabobank agreed to pay a $1bn settlement over its role in the Libor-rigging scandal (see my post, http://thenextrecession.wordpress.com/2013/02/07/a-right-royal-banking-fiddle/). It had rigged Libor and other important benchmark rates for six years.  As many as 30 employees of Rabobank, including seven managers, from New York to Utrecht and Tokyo made more than 500 improper documented requests to change Libor and Euribor.  The bank’s chief executive was forced to resign as he said he…

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