discipline and by the way there's nothing regulated about libel or this is something that the british bankers association created for their own purposes and now we know gimmick for their own purposes so no back in the day in the eight hundred was not some wonderful time in banking you had is the leading cause of bank failure in that era insider fraud at the most senior level of the banks and that led to periodic great depressions with much more frequency the one we see in the modern era so the idea that this is some kind of golden age back during imperialism and colonialism is again bad history you know we've had economics and if there's so much regulation why was why didn't the regulators pick up on this the manipulation of organized it may take on if there's over regulation well apparently they mean there were there were rumors for several years and apparently the regulates is where informed that something dodgy was going on so i mean that's really a question for them but i i think actually makes the point that the idea that regulators and politicians should be entrusted with these issues is a fallacy

>> it means in the past, the rate-setting process has been overseen by the british bankers associationich is a trade group, not by regulators. now, presumably, somebody like the fsa or the bank of england, a hard, real regulator, is going to oversee the process. >> we'll see if that impacts the way, of course, that rate is handled. regulators clearly looking to move away from it entirely, but it's too late for the derivatives, products already tied to it. >> $300-plus trillion worth of transactions. how easy would it be if they decided the right thing to do is shift the regime? how easy would that be and what would the friction costs be? that's an issue he brings up and nobody knows the answer to. >> they're going to look at all the other ways that are set, or prices that are set by sort of mutual disclosure. >> exactly. >> so we'll see if that's dragged into it meanwhile, manchester united will start trading on the new york stock exchange today. the initial price offering saw shares priced at $14 apiece, below the original $16 to $20-a-share profit. the glazer company will keep around