"It also admitted that its traders improperly influenced the rate submissions from 2005 to 2008 to make money on derivatives."
On the one hand, said Barclays, rogue traders committed fraud. On the other, bank executives submitted lower daily Libor rates than true costs to assure higher profits.
In the wake of the scandal, Chairman Marcus Agius and CEO Bob Diamond resigned. They and other banking crooks should be prosecuted and imprisoned.
Since banker caused crisis conditions erupted in fall 2007, no senior executive faced charges. Expect none now to be held criminally liable. At most complicit banks are assessed hand-slap fines. They're then free to steal again. It's standard practice.
On June 30, London Guardian writer Will Hutton headlined "Let's end this rotten culture that only rewards rogues," saying:
"The Barclays rate-rigging scandal has once again exposed a world where men and women with little skill and no moral compass can become very rich very fast."
"Investment banking is an organised scam masquerading as a business. It is defined by endemic conflicts of interest, systemic amoral behaviour and extreme avarice."- Advertisement -
"Many of its senior figures should be serving prison sentences or disgraced -- and would have been if British regulators had been weaned off the doctrine of 'light touch' regulation earlier and if the Serious Fraud Office's budget had not been emasculated by Mr. Osborne (UK Chancellor of the Exchequer)."
"It is a tax on wealth generation and an enemy of honest endeavour -- the beast that is devouring British capitalism."
It's far more than Britain, of course. It's global, unchecked, and hugely destructive. Regulatory oversight is absent. Mary Schapiro heads America's SEC.
She turns a blind eye to fraud and abuse. She protects Wall Street, not investors. She lets banks self-regulate, and why not. She's a consummate insider.
As former head of the Financial Industry Regulatory Authority (FINRA), she promoted self regulation. She also ran the the National Association of Securities Dealers' (NASD) and Commodity Futures Trading Commission. She's an expert at quashing fraud investigations.
So are UK Financial Services Authority (FSA) officials. Instead of regulating, they collude. Political leaders from major parties are involved. Duopoly power runs Britain and America.
Tories, New Labor, Republicans and Democrats prioritize what serves bankers. The economies of both countries are financialized. Casino capitalism runs them. Whatever bankers want they get. Stealing is legitimized without saying so.