But to me what’s missing from all of this is the “Holy Fucking Shit!” factor. This story is so outrageous that it shocks even the most cynical Wall Street observers. I have a friend who works on Wall Street who for years has been trolling through the stream of financial corruption stories with bemusement, darkly enjoying the spectacle as though the whole post-crisis news arc has been like one long, beautifully-acted, intensely believable sequel to Goodfellas. But even he is just stunned to the point of near-speechlessness by the LIBOR thing. “It’s like finding out that the whole world is on quicksand,” he says.
Tuesday, July 3, 2012
Matt Taibbi asks "Where's the Outrage?"
The LIBOR scandal rolls on... Where's the outrage? I know it's obscure, but remember when nobody knew what CDOs were? How about Credit Default Swaps? Yeah, those are part of our daily vocabulary now. It would be good if LIBOR joined them sooner, rather than later.