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View Diary: Bank of England knew about Libor fixing as early as 2008 (9 comments)

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  •  For the moment, let's accept... (1+ / 0-)
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    Noor B

    ...that this motivation:

    "We know that we're not posting um, an honest Libor," he told Fabiola. "And yet we are doing it, because if we didn't do it, it draws unwanted attention on ourselves."
    is (somehow) ethically defensible.

    How do you unwind/undo that deception without "drawing unwanted attention on yourself" at some later date, presumably when things are "back to normal?"

    Short answer: you don't. Too many positions have been taken and too much money has been allocated based on what you have represented as "market-driven" fact. You rationalize that any positions that have been based on your deception will run their course, and that no one will notice.

    When you are right you cannot be too radical; when you are wrong, you cannot be too conservative. --Martin Luther King Jr.

    by Egalitare on Sat Jul 14, 2012 at 07:41:53 AM PDT

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