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From The Socialist newspaper, 5 August 2015

Fiddling finance capital in the dock

A judge's gavel, photo by Brian Turner (Creative Commons)

Photo by Brian Turner (Creative Commons)   (Click to enlarge)

The trial and conviction of former UBS and Citigroup trader, Tom Hayes, has revealed the huge scale of the 2012 Libor rate fixing scandal perpetrated by the major banks.

Many of these banks are also facing another tranche of hefty fines for fixing the Forex - the foreign exchange currency rates - for at least a decade.

Hayes appears to be the fall guy, taking the rap for banks who have been fined by UK and US authorities over the scandal. And while another eleven traders await trial, none of the banks' top fat cats have been charged.

Libor stands for the London Inter-Bank Offered Rate. It is an average interest rate calculated through submissions of interest rates by major banks in London.

The Libor prices the loans made to either building societies or commercial loans to small companies.

In attempting to fix the Libor rate, the banks rigged the market in its favour, making bigger profits.

It's clear that even when news of the scandal first surfaced the banks' traders continued their crooked dealings. The chances are that new dodgy dealings involving finance capital will be exposed in the coming years.

But while the Tory government will use Hayes' 14-year conviction as evidence of its 'get tough' approach to the banks, it ignores the only meaningful course of action to prevent these money grubbing parasites re-offending, ie the nationalisation of the banks, under democratic workers' control and management.

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In The Socialist 5 August 2015:


Socialist Party news and analysis

Jeremy Corbyn: Thousands rally to anti-austerity appeal

Health trusts told 'don't fill posts' - stop NHS cuts!

Abolish the House of Lords!

Police spying: campaigners demand full disclosure

Fiddling finance capital in the dock

Rent hikes make housing unaffordable

Them & Us


Socialist Party features

Human tragedy of Calais crisis

Personal care budgets: more choice for service users?


Socialist history

Hiroshima - 70 years on


International socialist news and analysis

China at a turning point


Workplace news

Kill the bill! Join the NSSN lobby of the TUC

National Gallery strike: all-out art action

Rail shutdowns step up: second tube strike, 72-hour Great Western walkout

National Museum Wales strike against pay cut

Traffic wardens strike for sick pay

Workplace news in brief

Fighting the anti-union laws


Socialist Party comments and reviews

Bath: behind the elegant walls


Socialist Party reports and campaigns

Campaigning to end the housing crisis

Lincoln demonstrators defy far-right threats

TUSC lobbies 'Labstainer'

Thousands gather at Leeds Pride

Socialist Party Summer Camp


 

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