From the CNBC show Squawk Box – August 10, 2012http://video.cnbc.com/gallery/?video=3000108212
Stephen: This IS amazing! A stand-in finance reporter for CNBC, Kevin Ferry from Kronus Futures Management – after being told, bizarrely, by Squawk Box host Joe Kernen, twice, “whatever you do don’t screw this up” – has just disclosed that the current financial system and, importantly, the Libor, is about to be overhauled.
After saying that a Pandora’s Box is going to be opened up in the Libor area (in reference to the separate story posted below on the subpoenas now heading JP Morgan Chase’s way) Kevin Ferry told Joe Kernen – and the rest of us: “I think what they’re going to do, Joe, is basically put the old system in a coma, and work to devise something that’s a little bit better, and it’s going to be tricky.”
Essentially, he is saying that things are going to be seriously overhauled.
Separately, I have personally heard from several different sources in the past two days, that big things are about to happen this coming week with regards the world’s financial system. A good weekend indeed!