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Roosevelt Institute Senior Fellow and Rediscovering Government director Jeff Madrick appeared on Viewpoint with Eliot Spitzer this week along with Financial Times correspondent Tracy Alloway to discuss who should bear the blame for the growing LIBOR scandal. Responding to evidence that Fed officials knew the banks were up to no good, Jeff says in the clip below that “this culture of manipulation and acceptance of manipulation I think went very deep throughout Wall Street.”

Jeff says that given these revelations, “any idea any longer that one can trust bankers or investment bankers or mortgage brokers to do the right thing and set the right rate rather than make a very easy buck should be out the window.” In the online exclusive below, he adds that “the idea they let this happen should anger people on top of all the other financial crisis we’ve had… They should be demanding some form of justice.” But he notes that banks shouldn’t be the only ones sharing the blame — there’s plenty to go around for regulators “if it turns out they really fully understood it was going on, and I think they understood enough that was going on that they should be held responsible.”

Cross-Posted From Rediscovering Government.

The Roosevelt Institute is a non-profit organization devoted to carrying forward the legacy and values of Franklin and Eleanor Roosevelt.

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Jeff Danziger lives in New York City. He is represented by CWS Syndicate and the Washington Post Writers Group. He is the recipient of the Herblock Prize and the Thomas Nast (Landau) Prize. He served in the US Army in Vietnam and was awarded the Bronze Star and the Air Medal. He has published eleven books of cartoons, a novel and a memoir. Visit him at DanzigerCartoons.

Senate Majority Leader Chuck Schumer

Washington (AFP) - Republicans in the US Senate prevented action Thursday on a bill to address domestic terrorism in the wake of a racist massacre at a grocery store in upstate New York.

Democrats had been expecting defeat but were seeking to use the procedural vote to highlight Republican opposition to tougher gun control measures following a second massacre at a Texas elementary school on Tuesday.

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