Lies, Damn Lies and LIBOR
> We need to rethink as a society what banks are for, what exchanges are for, and what clearing houses are for. If they are for the profit of the few at the expense of the many now, that is because it is the business model we have permitted.<p>Is that really true compared to Silicon Valley? Do banks concentrate wealth a lot more than a Google or a Facebook? If not, how would you feel about some random dude commenting on his blog: "We need to rethink as a society what tech startups are for, what angel investors are for, and what venture capitalists are for. If they are for the profit of the few at the expense of the many now, that is because it is the business model we have permitted."?<p>Regardless, if banks are "concentrating wealth" they must be doing something right since after all, the ultimate purpose of a business is to make money. If they do so through illegal means (fraud, deception, etc.), we already have a legal system in place to deal with that. If they don't serve us well, we have the ability to vote with our money and move to another bank which treats us well.<p>If those two mechanisms are failing us, as some people claim, I'd be genuinely curious to know why it fails specifically for banks while it works wonders in other industries such as tech. I'm tempted to think that it is because the barrier to entry to the banking industry is so amazingly high <i>largely due to regulations</i> that it favors a few large banks at the expense of eventual competitors. I'd be curious to hear what others here think and welcome rebuttals.