This, they believe goes against the competition law. At a point this may not be true because the labor is not a commodity and it is not a competitive market. It is not the lowest rate from the banks that is chosen but an average of all the rates collected from the banks. However, the competition laws important objective Is to protect the interest of the consumers. In this case, the interests of the customers and investors were not protected. The banks were thinking about themselves and how to make profits. Just Like the Enron case, It comes down to a matter of greed.

The traders and executives who were the masterminds in this scandal were very greedy and thought of only themselves. In relation to economic and social development, the labor scandal lowered the level of development. The level of employment reduced since a lot of careers were destroyed. A lot of people were affected; taxpayers paid more than they were supposed to pay on interests, students who went for student loans were also affected because the Interests they will pay/pall on the loans had not been the true values. Investors who lent their money to the banks by buying short term bonds were also affected.

The banks paid them less interest than they should have been paid. Despite all these people who have been affected, there Is little done about the situation. It comes back to the economic inequality; if you do not have money to get a good lawyer for yourself, your case will not be persecuted. The labor which is like the ‘supreme law for the banks to set their interest rates has now lost credibility as a benchmark. Bank of England and the New York Fed knew about what was going on but did not do anything about the situation because they claimed they did not have accessibility of overseeing the labor.

They Ignored suggestions that they should change the way they calculate the rates. This tells us that they did not have the interests of the people in mind. They are leaders but did not act as leaders in that situation. The situation was not only unethical but was not morally right All the banks involved should be face punishments. BY Chitchat’s labor. This, they believe goes against the competition law. At a point this may not be from the banks. However, the competition laws important objective is to protect the profits.

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Just like the Enron case, it comes down to a matter of greed. The traders and affected because the interests they will pay/paid on the loans had not been the true Despite all these people who have been affected, there is little done about the situation. It comes back to the economic inequality; if you do not have money to get ‘supreme law’ for the banks to set their interest rates has now lost credibility as a responsibility of overseeing the labor. They ignored suggestions that they should situation. The situation was not only unethical but was not morally right. All the

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