Yes, this is what we need the EU for
Posted in Another Look on May 21st, 2013.
On the morning of May 14, EU competition officials raided oil companies BP, Shell, Statoil and oil price agency Platts, in search of evidence for price colluding. Suspicions are they´ve been fixing the price for crude oil for at least ten years. While we´re waiting for the investigation to tell us if they´re guilty or not (Yes, yes, we are all thinking the same thing here), we can send a happy thought to the lawmakers that decided Europe needs a competition authority with sharp teeth, taking on the really, really big guys. Who is taking on the big banks? The EU competition people are. They´re investigating the Libor set-up whereby big banks (Barclays, Royal Bank of Scotland, Deutsche Bank, Rabobank…) have been colluding to arrange the interest rates on loans so it benefits them… at ...