Market abuses like Libor helped to precipitate and exacerbate the economic crisis that has beset the world over the last few years. Yet, while the victims of this sort of fraud can be measured in millions and damages in billions, convictions remain only too rare and sentences are often lenient, considering the scale of the crimes.
I'm not advocating taking a torch to your local bank branch in California, but if you're going to face thirteen years for drawing with chalk, objectively, it makes more since to make sure the building is empty of people and just burn the bank down. That, more than anything, should show the absurdity of the charges these activists are facing and the creeping authoritarianism of the state.
If you believe the official hype, the FSA's apathetic conduct while the Libor scandal developed was entirely proper, despite being told explicitly by market participants that manipulation was afoot.
It is now six months since the LIBOR scandal erupted - and we are still trying to assess how much damage that and other scandals have done to public trust in the banks.
I have a simple solution to avoid the next financial scandal whether it's CDOs or Libor - hire more women. I mean it. Seriously. Some of women's self-questioning, collaboration and prudence would act as a much needed balance to men's more gung-ho approach.
Telling us that the deficit is the priority when families are homeless and starving shows a government astonishingly out of touch. It needs to back its early promises, and understand that redistributing money to those that need it from those who don't deserve it (some might even say from perpetrator to victim, in a roundabout way) will demonstrate that this we really are all in this together and that it isn't redundant, dogmatic ideology that is providing the impetus.
Leaving aside the alleged and unresolved illegalities, what we are witnessing is an ongoing transfer of wealth upwards, often from those who cannot afford it to those who do not deserve it. It cannot go on forever, and steps need to be taken now to stop this flow.
The truth is that for truly bad things to happen on the scale of any of these nightmares - Armstrong, Savile, PPI, the Catholic Church, BP, Barclays, HSBC etc - you need hundreds or thousands of people to turn a blind eye. Which we very reliably do.
There's a question that has been bobbing around like a party balloon since it was first aired at the 2009 World Economic Forum in Davos: would the global financial crisis have occurred if, instead of Lehman Brothers, there had been Lehman Sisters.
What do we learn from the Olympics? The badminton players got booed for poor sportsmanship but were also expelled from the Games. One lesson simply is that regulations can work.
In light of recent damaging reports on the banking industry, and the role banks and bankers have played globally in accelerating the credit crisis, Lo...
Ed Miliband went to the City on Monday of this week to give a speech on the banking crisis. There was not much unusual about that, you might think. But the way he opened his address said almost everything you need to know about Ed Miliband's leadership and his sense of where his party is headed.
Presumably Bob Diamond, the former Barclays boss, was touched to see his daughter speak up for him on Twitter the other day. But it's not clear that her more profane comments (look them up) were entirely helpful.
Appointing a trader to run Barclays, one of Britain's finest retail banking names, was a big mistake
The dominant economic approach of the last 30 years is now on its last legs. Letting the market rip and an indifference to inequality are now seen as important causes of the greatest economic crash since the 1930s.
The LIBOR rigging scandal was the story of the last week, but this tale has some surprising parallels with the demise of Rangers. Of course the original crimes were very different, but both their supporters cited the 'greater good', as arguments for the continuation of the status quo.