I'm so glad they're finally putting a whipping boy on trial.<p>Now, I know some of you are a little skeptical about the efficacy of punishing whipping boys, but let me explain. We can't possibly whip banking executives when they do something wrong because we live in a civilized society that respects the "divine right of banking executives". Instead, we assign each executive a whipping boy and the executive then develops a strong emotional bond to the whipping boy. When the executive does something wrong, he will be forced to watch his close companion, the whipping boy, suffer for his crimes.<p>This will act as an effective deterrent for any future wrong doing for the executive and send a strong message to other executives their crimes might jeopardize the well-being of their own whipping boys. Some may call me optimistic, but I think this single act of justice will have the desired effect of transforming our banking system. If bank executives know they're putting their whipping boys in real jeopardy, I think that will force their hand to rethink their organization's incentive systems and institute checks and balances into their organization to reward honesty, transparency and compassion.<p><a href="http://en.wikipedia.org/wiki/Whipping_boy" rel="nofollow">http://en.wikipedia.org/wiki/Whipping_boy</a>
It sounds like the trial will focus on Mr Hayes, but this was only possible because of the collaborative effort of other banks. His co-conspirators should be tried as well.
There's a whole network of nasty crooks behind this. I demand more blood.<p><a href="http://graphics.wsj.com/libor-network/#item=Hayes" rel="nofollow">http://graphics.wsj.com/libor-network/#item=Hayes</a>
if any hacker wants to help disrupting the banks: <a href="http://mapthebanks.com/" rel="nofollow">http://mapthebanks.com/</a>
this trial will change nothing; whole financial system is a circus of stupidity. the "scandals" will never end. people will always try to game the system and that's normal. this guy is basically on trial for not being ethical.