Freeing the Scapegoat

Plus: Golden Age of Banking, Apollo, PayPal

“We didn’t stop burning witches because we invented science; we invented science because we stopped burning witches.” — René Girard

For banks and their investors, the Libor scandal may seem like ancient history. Starting ten years ago, banks paid a series of escalating fines to settle accusations they had rigged benchmark interest rates. Barclays was fir…