How to get away with fraud (2018)

The article discusses the intricacies of financial fraud, focusing on the Libor rate-fixing scandal involving Barclays and other major banks. It highlights how fraud can go unnoticed for years due to its nature of working outside the normal field of vision. The piece delves into the specifics of the Libor scandal, where traders were caught discussing illegal activities in chat records, leading to fines and regulatory sanctions. The narrative also touches on the concept of trust in economic systems and how fraud thrives in environments with low trust. The article concludes by emphasizing the importance of managing trust in modern industrial economies to prevent fraudulent activities. It provides insights into the flaws of the Libor system and how it contributed to the financial crisis of 2007-2008. The piece offers a critical analysis of the financial sector's vulnerabilities to fraud and the need for robust systems to safeguard against such misconduct.