Some new developments in some of the stories in this book have emerged as the book was going to press, and these are discussed below. For private investors who are eager not to get cheated in the future, it pays to study how frauds were perpetrated in the past, but we should not forget that frauds are never going to disappear. There is no ‘closure’ in these matters; some of the guilty will go jail, and others will avoid it, but in the next financial boom it is a racing certainty that there will be new frauds, however hard the regulators try to prevent it. This is simply the way of the world; as private investors we need to remember that fraud is an ever-present possibility, and to do our best to watch out for it.

The LIBOR scandal ...

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