BRITISH LEADER: The UK’s Banking System Is ‘A Massive Cesspit’

Saturday, June 30, 2012
By Paul Martin

BusinessInsider.com
Jun. 30, 2012

LONDON (AP) — British politicians were harshly criticizing the country’s banking system after British bank Barclays was fined for manipulating data to make its financial position appear stronger.

Ed Miliband, leader of the opposition Labour party said in an interview published Saturday in the Times of London that the country’s financial system was “institutionally corrupt” and called for an independent inquiry “to find out what is going on in the dark corners of the bank.”

Business Secretary Vince Cable describes the country’s financial sector as “a massive cesspit.”

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