Bank scandals can aid Financial Literacy

BURLINGTON Vt. (MarketWatch)—Since the financial crisis began in 2008, Americans have witnessed a constant stream of scandals and settlement by the financial services industry. Banking, securities, consumer protection, commodity, asset management and brokerage regulators have all fined and penalized large institutions for putting profit and personal economic gain ahead of the law and doing the right thing for their clients.

The LIBOR scandal by itself is shocking enough. Large global banks manipulated the London interbank offer rate on products worth an estimated $800 trillion, and The Wall Street Journal estimates that these banks could face legal liability of $176 billion, excluding regulatory penalties...

To continue reading, view John's full article from November 12, 2012 on Marketwatch here.