The case for lawyers to head up the banking inquiry

‘Bob’ – we are all on first name terms now – Diamond wrapped the MPs on the Treasury Select Committee around his little finger yesterday. Despite it taking 3 hours, it was an incoherent tame affair largely because there was no strategy to the questioning by the MPs. To be fair, they are not trained interrogators, but there were some rudimentary errors made. For example, Robert Peston on yesterday’s World Tonight programme asked, when did Diamond actually learn about LIBOR fixing – when he first read the report last week as he claims or earlier when he in 2008 claimed that all banks were busy fixing the LIBOR? If he knew in 2008, why did he not intervene? And why did he say to the Committee that he learned only last week? And why did the MPs not pick him up on that contradiction? The now infamous Tucker exchange was also unsatisfactorily investigated.

Click on Peston above to hear the interview.

If ever there was a case for a lawyer led investigation, yesterday’s hearing made it.

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