Ethics and governance in the European Financial centers

Some European jurisdictions like Switzerkand or Luxembourg or the UK may be upset and think that the USA are willing to kill their business.

The USA raises actual problems with Libor or the use of banking secrecy in Switwerland or Luxembourg.

However I wish the USA and Obama were more balanced by admitting their own responsibilities in the current mess and taking corrective actions :
- It seems that the subprime issue was hushed up.
- Jurisdictions like Delaware are not controlled and it seems there is no will to control.

In medio stat virtus.

Britain is still the money-laundering capital of the world, according to a special six-page investigation published in this fortnight’s Private Eye.

This it not a surprise despite FSA does a pretty good job of communication on issues compared to some regulators in other jurisdictions.

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As BBC explains "Libor is the the inter-bank lending rate set every day by the British Bankers' Association (BBA). Libor sets the price for trillions of pounds of hugely valuable derivatives deals in the City - complex trades designed to, for example, insure banks against risk or allow them to make a bet on the future value of assets. it is also the benchmark for pricing some UK residential mortgages, more commonly for commercial mortgages, and increasingly for pricing commercial loans by banks to UK businesses. So, any successful manipulation of Libor would have affected more than just a few money brokers in the City"

Regulators from around the world are probing alleged manipulation by big US and European banks of the London interbank offered rate and other key benchmark lending rates.

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