The UK Parliamentary Commission on Banking Standards has just released its 500+ page report “Changing Banking for the Good.” Among the report’s more intriguing proposals is the creation of a new criminal offense:  “reckless misconduct in the management of a bank.” Certainly, convicting someone who brought down a bank for “reckless misconduct” would be satisfying.  … Read more

Not far enough

The International Organization of Securities Commissioners (IOSCO) published a report this week calling for the London interbank offered rate (Libor) and other such benchmark interest rates to be tied more closely to actual transactions. Sadly, the proposal does not go far enough. I have written about Libor on a number of occasions (see here, here, … Read more