Banks Break Ranks – Hilarity Ensues
- Joshua M Brown
- August 6th, 2012
Look at 'em scramble!
Major banks, which often band together when facing government scrutiny, are now turning on one another as an international investigation into the manipulation of interest rates gains momentum.
With billions of dollars and their reputations on the line, financial institutions have been spreading the blame in recent meetings with authorities, according to government and bank officials with knowledge of the matter. While acknowledging their own wrongdoing, institutions are pointing out actions at other banks that they believe are worse — and in some cases, extend to top executives.
"Yes, I threw a party while you were out, Mom and Dad - but my brother was the one who called the pot guy! And my sister was the one who brought a guy into your bedroom!"
This is gonna get funner.
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The Reformed Broker is a blog about financial markets and the economy. Joshua Brown is a New York City-based investment advisor for high net worth individuals, charitable foundations, retirement plans and corporations... More.