Scapegoats aren't enough: a Leveson for the Banks?
Workaround: In current version of Panels 3.8, it seems this body field needs to be populated in order for title above to appear. This note is hidden by custom CSS style. Jack Latimer.
Researchers at CRESC have been arguing since the start of the great financial crisis in 2007 that there are fundamental defects in our financial system, and that these won’t be solved by short term hunting down of scapegoats. Now they have drawn on their research to demonstrate exactly this point about the Libor scandal. Politicians, bankers and regulators have responded to the scandal with the traditional Claude Rains defence: like Captain Renault, the character played by Rains in Casablanca, they are shocked, truly shocked, to discover that illicit gambling has been going on in the casino of the City of London. But CRESC research shows that the problems won’t be solved by firing a few top bankers, prosecuting a few white collar criminals, or even by conducting an inquiry into the workings of Libor – necessary though all these are. We need a root and branch reform of the system so that banks become properly functioning public utilities governed by social purposes, not players in casinos.20127