Libor Blamed On Wild London Culture - Business Insider

Libor Blamed On Wild London Culture - Business Insider 

Business Insider and the US press is following the LIBOR scandal, but apparently is not following the interest rate swap scandal in the UK.

But the UK press is and I wrote this article about it (see link above). Time for US companies to settle Interest Rate Swap deals too. The interest rate swap scandal is more damning, more revealing and more costly to the banks in the long run. They are related, as the LIBOR scandal made more money for the swaps business.

The Swaps scandal has to do with excessive profits off of interest rate declines as the Fed kept chopping interest rates, making the swaps even more lucrative for the banks. This justice should be applied to US banks too, as small and medium businesses and local government really got screwed by these swaps.

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