Too Big to Fail? Too Big to Care? Or Are We Living in Different Worlds? A vast gap has grown up between the financial industry and the rest of us. The evidence is piling up – and it’s not just a matter of wealth. In London, the scandal over the manipulation of the Libor rate, the interest banks charge for borrowing from each other, has forced the resignation, first, of Barclays’ chairman and now, its CEO. Moreover,The Daily Mail, reported: “Since January 2011, Barclays has been found guilty of ripping off the elderly, avoiding up to £500million in tax, manipulating interest rates, mis-selling payment protection insurance and systematically exploiting small firms with the sale of complex loans.” The Guardian, reporting on the Libor scandal, concluded: “Only through a thorough-going examination of how Britain’s banks have been allowed to metamorphose from sober, conservative guardians of our savings to high-stakes gambling dens run by overpaid alpha males will we see how our own society – and economy – have been warped and corrupted by that process.” (See, “Banking scandal: our whole society has been warped by the City.”)... Continue to read.
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