Monday, 9 July 2012

UK Banks are 'in denial' and are 'morally bankrupt'

Did_bob_diamond_know_about_lie

http://online.wsj.com/article/SB10001424052702304022004577514764116556848.html# 'Maybe over time, the day the details of the Barclays Libor rate-fixing scandal emerged will be seen as the equivalent of the day Lehman collapsed: the moment the moral as opposed to financial bankruptcy of a large part of the modern financial system was exposed. But right now, there is still widespread denial in the industry over the seriousness of the scandal. Some complain the resignations of the chairman, chief executive and chief operating officer of Barclays were the result of a media witch hunt; others argue the worst abuses were limited to a handful of traders in one loosely regulated corner of the market years ago. Powerful voices in London insist now is not the time for self-flagellation and warn of the risk of an over-reaction that could damage the industry and the economy. But what has already been revealed is too corrosive to be swept under an official carpet....'

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