No fingerprints in rigging the Libor rate?
Let me start with a familiar scene. Suppose the boss says “I don’t like his face.” His sidekicks exchange quick looks and leave the room without a word. They clearly understand what their boss means and promptly kill the guy in cool mafia fashion.
You probably relate this scene to classic Hollywood mafia movies, in which the sidekicks usually flee the scene right after the murder. When the police show up to find whodunit, nobody including the boss remembers what happened.Unconventional corporate governance combined with plausible deniability.
That is exactly what seems to have happened at the British banking giant Barclays
(Read the entire column here).