UK banks plagued by ‘institutional corruption’…(Shocked!!)
Libor Rate Faces Review Amid Barclays Scandal
David Cameron urges “careful consideration” of a banking inquiry as ministers announce a review of the inter-bank lending rate.
Saturday 30 June 2012
An urgent independent review into the inter-bank lending rate is to be set up by the Government next week following the interest rigging scandal.
The review will consider the future operation of the Libor rate and the possibility of introducing criminal sanctions, a Treasury source said.
Bob Diamond, the chief executive of Barclays – the first bank to be exposed in the scandal – has been summoned to appear before the Treasury Select Committee next Wednesday.
Prime Minister David Cameron said issues like whether bank bosses would be questioned under oath would have to be “carefully considered”.