John Ward – Derivatives Rate Fixing : The Toxic ethics Of Michael Spencer – Would You Hand Over Control Of A $64 Trillion Financial Sector To This Man And Four Untrustworthy Banks? – 11 July 2012

Yesterday’s post about Iswap and its openness to broadscale derivative-rate manipulation was, more than anything else, asking questions on the ‘fit and proper people’ dimension. Given it’s a joint-venture company largely owned by four international banks – and given it answers to nobody for the veracity of its quoted rates – then in the light of Libor (Barclays) jiggery-pokery about Lehman Brothers (JP Morgan-Chase), or wobbliness (Bank of America), the criminal attitude and motive is there for all to see.