Apr 152013
 

The interest rate swap scandal will probably go down in British financial history as one of the more embarrassing moments when bank management let themselves be led by greed rather than smart business.

Like most schemes, the idea seemed great at the time and very profitable. However, society has a long history of tipping the scales when an abuse goes too far. And in the case of the interest rate swaps fiasco, that’s exactly what happened.

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