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LIBOR rigging: Difference between revisions
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It might not be edifying, but employees have fiduciary obligations to their shareholders, and if everyone acts according to those fiduciary obligations — or even their own personal self-interests — the selfishness cancels itself out. This is ''exactly'' the logic of Adam Smith’s [[Free market|invisible hand]]. | It might not be edifying, but employees have fiduciary obligations to their shareholders, and if everyone acts according to those fiduciary obligations — or even their own personal self-interests — the selfishness cancels itself out. This is ''exactly'' the logic of Adam Smith’s [[Free market|invisible hand]]. | ||
==== | ====The inherent conflict of interest in marking your own homework==== | ||
{{drop|I|ndolent teachers at}} the JC’s school — there weren’t many other kinds — would sometimes tell pupils to mark their own homework. This never worked very well, unless the teacher hit upon the idea of asking the pupils to mark ''each other’s'' homework. | |||
It is not clear what the theory underlying the LIBOR prosecutions was. We can speculate, but none survive close inspection. | It is not clear what the theory underlying the LIBOR prosecutions was. We can speculate, but none survive close inspection. | ||