Wall Street's High Crime Area, Libor Scandal Expands, Confidence Crisis, and More

The Libor scandal continues to spread, with more banks and regulators being placed under the microscope for their involvement in rate rigging. Meanwhile, Wall Street's image continues to take a pounding while UBS Americas' chairman strikes out on his own.

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1. Your Wish Is My Command

It's hardly news that the New York Fed was doing the bidding of the banks. One of the biggest problems we had in the lead up to the crisis was that all of these regulators were captives to the banks ... and they understood their job as servicing the banks and being their advocate.

— Dennis Kelleher, President & CEO, Better Markets, Inc., on the news that Tim Geithner was aware of possible LIBOR rigging back in 2008

Source: Viewpoint with Eliot Spitzer: Will Banks be Held Accountable for LIBOR Manipulation?

Greg MacSweeney is editorial director of InformationWeek Financial Services, whose brands include Wall Street & Technology, Bank Systems & Technology, Advanced Trading, and Insurance & Technology. View Full Bio

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