LIBOR rigging part 2: Difference between revisions

LIBOR rigging part 2 (view source)

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 == Upshot ==
-{{Drop|N|one of this}} is to suggest that the financial services industry is without sin, nor that the LIBOR submitters some monastic order of chaste knights acting only in the selfless pursuit of a noble, holy quest. But to the extent they were not, their behaviour was normalised, tolerated and, we dare say, ''exalted'' throughout the industry. Especially by their employers. Tom Hayes posted his LIBOR desires each day on ''Facebook'', for heaven’s sake: this was hardly some [[Clavam Hominum Senum Pallidorum|secret society]].
+{{Drop|N|one of this}} is to suggest that the financial services industry is without sin, nor that the LIBOR submitters were some monastic order of chaste knights acting only in the selfless pursuit of a noble, holy quest.
-His submission — that it is absurd to regard this as some kind of conspiracy amongst a cabal of [[Bad apple|bad apples]] conducted away from the eyes of witless employers — has the ring of truth. It jibes with Sidney Dekker’s extraordinary work on [[The Field Guide to Human Error Investigations|human error investigations]]: the system is always incentivised to blame the [[meatware]].
+But insofar as they were not, their behaviour took place within a ''context''.  We cannot conveniently ignore that in the interests of making an example.
-Whether Tom Hayes’ appeal will be heard by the Supreme Court remains to be seen, but, given the Court of Appeal’s professed inability to gainsay its own prior judgment, it is hard to see how a rational judicial system could do anything else.{{Sa}}
+The LIBOR submission process was normalised, tolerated and even ''exalted'' throughout the industry. Banks vied for Tom Hayes’s services. He was offered, and paid, seven figure salaries. In his twenties. Nor did he make any secret of what he did: he posted his LIBOR desires each day on ''Facebook'', for heaven’s sake. This was hardly the actions of some [[Clavam Hominum Senum Pallidorum|secret society]].
+ It is absurd to regard this as some kind of conspiracy amongst a cabal of [[Bad apple|bad apples]] conducted away from the eyes of witless employers.
+A global system so badly conceived, configured and operated as to be defenceless  — even inadvertent — in the face of these travesties; that for a period of decades it could neither see nor stop what we are now asked to accept was systemic, widespread, criminal activity  — surely this is the elephant in the room we ignore by obsessing about Tom Hayes. We do ourselves, and not just Tom Hayes and his fellow defendants, a disservice if that is the convenient view we take.
+Whether Tom Hayes’ appeal will be heard by the Supreme Court remains to be seen, but, given the Court of Appeal’s declared inability to gainsay its own previous judgments in Hayes’ case, it is hard to see how a rational judicial system could tolerate anything else. We will have to see.
+{{Sa}}
 *[[LIBOR rigging]] part 1
 *[[LIBOR lowballing]]
 *[[Interest rate swap mis-selling scandal]]
 {{ref}}