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The Financial Times headlined "Barclays boss discussed Libor with BoE," saying:
"The bank admitted that it lowballed estimates of its borrowing costs from late 2007 to May 2009 because it wanted to reassure investors of its strength during the financial crisis and it believed other banks were doing the same.""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."
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