Anorak News | LIBOR Climbs Aboard The Titanic

LIBOR Climbs Aboard The Titanic

by | 15th, November 2008
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I KNOW, just when you thought it was safe to go back into the water, sorry, financial markets, the vultures are circling as the rate at which banks lend dollars to each other, dollar LIBOR, starts climbing again.

If I were really cynical I would view this as a concerted attempt at persuading the Group of 20, who are meeting this weekend, to throw yet more taxpayers’ money at the banks so that they can continue their inalienable human right of paying themselves huge bonuses whilst presiding over the biggest f*ck up since the Great Depression.

On second thoughts, rescind that; it suggests that the bankers are competent enough to actually come up with a plan, and that the US Treasury might see something wrong with the taxpayers’ stumping up for the fat bonuses.

So, why is it happening?

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Posted: 15th, November 2008 | In: Money Comments (4) | TrackBack | Permalink