Philip McBride Johnson on why the Libor scandal calls for a shareholder rebellion.
Barclays Banks' $450 million settlement with regulators over
alleged LIBOR tampering (used to price hundreds of trillions of
dollars in financial transactions) claimed as its principal
victims - again - its shareholders. Not only did the settlement
come from their pockets but a major decline in their share
prices added to the grief.
So, where are they? Many are large institutional investor
entrusted with your retirement savings and mine, or husbanding
charitable donations, or eager to amass billions from small
investors. Meekness may be a biblical virtue but it is time for
them to push back.
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