July 2012

Date Archive

Sara Bice“We’re all doomed, you know. The whole, silly, drunken, pathetic lot of us. Doomed by the air we’re about to breathe.” Or so says Julian Osborne in an Apocalyptic Melbourne in the doomsday classic On the Beach. The vehemently debated July 1 introduction of Australia’s first carbon tax enacts an effort to save ourselves from such a dire fate* and sends a global signal about the growing importance of ‘polluter pays’.

Sara BiceTrust lay at the centre of Adam Smith’s vision for a free market. “Every man (and woman) lives by exchanging,” Smith observed. And trust – in one-another, in our financial institutions and our governments – is vital to the exchange necessary to free market systems. In the fall-out of Barclay’s $US360 trillion Libor rate-fixing scandal, trust in the systems which support free exchange has been shaken to its core. And possibly irreparably damaged.

So Barclays and GSK don’t quite have sustainability in their DNA after all.

What a shame.

Barclays (a bank which is listed in the top 10% of the DJSI leading companies, with a score of 92% on the FTSE4Good, 10th best company on the 2011 Bloomberg Green Bank Rating, gold entrant in the BITC CR Index – and a lot lot more) has manipulated the London and the Euro Interbank Offered Rate, LIBOR and EURIBOR respectively: apparently Barclays’ traders did this to make the bank look more secure sometimes, and to make a profit quite often. For at least four years. On a daily basis. Quite serious.

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