Here's Why No One Cares About The LIBOR Scandal

Bob Diamond

Photo: Dan Kitwood/Getty Images

That’s the question Matt Taibbi asks at Rolling Stone.  Yves Smith calls the LIBOR scandal a “huge deal”.  And Robert Reich says this is the “scandal of all scandals”.I’ve gotten very angry at some of the actions of the financial sector over the last 10 years, but I am having troubling finding a good reason to “freak out” over this.  I know it’s popular these days to get mad at banks every time they do something even remotely wrong, but I have a feeling the media is making a mountain out of a molehill here.

My reasoning is rather simple.

Read the rest at Pragmatic Capitalism >

NOW WATCH: Money & Markets videos

Want to read a more in-depth view on the trends influencing Australian business and the global economy? BI / Research is designed to help executives and industry leaders understand the major challenges and opportunities for industry, technology, strategy and the economy in the future. Sign up for free at research.businessinsider.com.au.