Deutsche Bank is now being investigated by regulators for Libor rate fixing and is just totally godsmacked that two of their employees may have been involved in such shenanigans. This awkward revelation required an outside auditor to uncover because obviously the biggest bank on the planet could just not possibly be expected to be able to discern what its own traders are doing.
And while all of that is fun and stuff, can we just fast forward to the moment where Jamie Dimon once again tells his Congressional muppets that LIeBOR is meaningless, and to look for their Christmas Libor-adjusted donation checks in the next few months.
The silence from Washington D.C. on Libor has been positively deafening, hasn’t it? We have the biggest financial scandal ever unfolding and our politicians are mute, probably terrified that this could mean an end to those big “donations” as well as to prospects of multi-million dollar “consulting” jobs when they leave office.