Bloomberg View columnist William Cohan and “Viewpoint” host Eliot Spitzer analyze the Libor manipulation scandal. The New York Fed claims documents scheduled to be released tomorrow will prove it acted swiftly four years ago to address problems with Libor, a benchmark for interest rates worldwide.
“You know better than I that there’s been no prosecution on either side of the Atlantic,” Cohan tells Spitzer of both the Libor scandal and previous banking debacles. Barclays, which has admitted to manipulating Libor, was fined $451 million, but no criminal charges have been filed.
“Nobody is going to stop their bad behavior until there is serious prosecution. Throw away the keys on these guys,” Cohan concludes.
