The G-20 claims to have a newfound concern for financial market turbulence. Yeah, sure. Don't expect them to own up to the years of misapplied monetary and fiscal stimulus that contributed to the growing risk of market collapse. It's really funny to think the US will lecture Europeans on fixing their banking system when we haven't even fixed our own. Those of us in the know about the US-UK bank resolution plan, which IMHO is a much better concept than anything policymakers did in 2008, can ignore the hot air from the G-20.
The G-20's FSB is just now getting around to examining foreign currency benchmarks. They sure took their sweet time. It's been like, what, months since this scandal broke? Regulators are not serious at all about stopping market manipulation. The multiple ongoing investigations would duplicate effort without the FSB's oversight, but maybe that was the plan until someone decided the FSB could lend the whole mess a veneer of credibility. Developing countries who complain about being left out of this action would be better off starting their own economic bloc.
If you need more evidence that the developed economies aren't serious about solving problems, note that the EU is delaying action on a new law to curb financial benchmark abuse. The need for more study is a silly excuse. The law's authors have plenty of data from the Libor probe. The lessons for investors are clear. Nothing is fixed and no one is serious about fixing anything.
If you miss the LOLcats I used to put in here for a few roundups, I don't want to hear about it. Make your own LOLcat blog if you're upset.