Vickers is not enough to stop another Libor scandal
nick cowen, 10 July 2012
By Laurence Kotlikoff
In response to the latest banking scandal – Barclays’ rigging of Libor rates – David Cameron is calling for better banking culture. Good luck with that. What the prime minister should do is rethink the feckless reforms of the Independent Commission on Banking. This is a throwback to the Glass-Steagall Act, which prompts much nostalgia, but will not and cannot keep banking safe, as the eurozone crisis shows.
Read the rest in the Financial Times (registration required).
Laurence Kotlikoff’s book, The Economic Consequences of the Vickers Commission is available from the Civitas shop and on Amazon Kindle.
We all are aware of Banking scandals. Even I got several emails regarding such scandals. We all must be careful from such banking scandals.
Well, we need to do necessary reforms in the law machinery so that we can avoid the probability of scams and scandals.
In the current scenario, whenever we hold the newspaper in our hands, we come across the news about scandals and scams. I wonder when all these things is going to stop.
Regards,
Christian