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I wouldn't call him either a patsy or a ringleader. He seems like something in between -- a linchpin. LIBOR manipulation was already happening, those above hi
by lotharbot 11y ago
I wouldn't call him either a patsy or a ringleader. He seems like something in between -- a linchpin. LIBOR manipulation was already happening, those above him wanted it to happen, which means he wasn't the ringleader. But he was the guy who made the connections to make it happen more effectively, not a mere footsoldier, but a critical piece of the apparatus.
- dsmithatx 11y agoIf manipulation was already happening how could he suddenly be the linchpin? Wouldn't it make more sense that he was one of many who paid to manipulate the rate and profit? I think he just found an opportunity others had already been exploiting. I'd call him the scapegoat who ended taking up most of the blame.
- lotharbot 11y agoif he significantly increased the level of manipulation (by systematizing it and coordinating between multiple banks, when prior manipulation had been each of the banks working independently) he would absolutely qualify as a linchpin.
- gnoway 11y agoIn the same way anyone who comes into a situation where they are more competent than the people they replace become a linchpin. If you come in and make a thing a lot better than anyone else in your organization is capable of making it, you become the go-to person for that thing.