Dr. Doom: Break Up The Banks Or Hang Someone In The Streets

BusinessInsider reports: What can we do to prevent banking scandals? In a recent interview, Bloomberg's Caroline Connan asked Nouriel Roubini what he thought about the Barclays LIBOR rate-fixing scandal.

Rather than addressing it directly, Roubini argued that many of the structural issues that caused the financial crisis have not yet been addressed since the financial crisis.

"The incentives of the banks is still to cheat and do things that are either illegal or immoral," he said.  "The only way to avoid that is to break up these financial supermarkets. When you have within the same firm commercial banking, investment banking, asset management, prime brokerage, insurance, underwriting , derivatives...there are no Chinese walls and there are massive conflicts of interest."

Roubini thinks its wiser to address the system than the players….

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