Barclays and the LIBOR

On 6 November 2011 (see below), I reported on Bob Diamond’s Today lecture and his subsequent appearance on the programme the following day (that interview was uploaded to this blog). Well, now we find that Barclays made a lot of money from manipulating the inter-bank lending rate at the expense customers and citizens. The corporate price to pay is roughly £290m with £60m as a straight fine. Job done!

Well, not quite. Was this illegal? The suggestion is that this practice was systematic; i.e. orchestrated by the senior managment of the bank in which CEO Bob Diamond, at the time, was certainly a player. If so, surely it is time for a criminal prosecution? Giving up a bonus will not do.

Some of the reporting from this morning’s Today Programme, including a clip from Bob Diamond’s lecture on corporate culture, an interview with a former Barclays CEO, Martin Taylor, and the inevitable Robert Peston comment can be heard here.

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