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Economy

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UK Politicians: Banking System Is Corruption

June 30th, 2012 1:01 pm Associated Press

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.”

U.S. and British agencies on Wednesday imposed fines totaling $453 million on Barclays for submitting false data used in setting the London interbank offer rate (LIBOR), a key market index, between 2005 and 2009. The fines sparked outrage in Britain.



  • http://pulse.yahoo.com/_6FRFMASE7UDGFMWKQLXSUBIZOY Angel

    KEEPING IT THOUGHTFULLY HONEST: Barclays, one of Britain’s leading banks, is facing criminal investigation from Britain’s Serious Fraud Office after reports revealed that it, along with about 20 major British and American banking Cartel, “had manipulated the LIBOR, the inter-bank borrowing rate used as a benchmark for private and corporate loans to charge us! Investigators revealed a culture of artificially fixed rates arranged in deals between traders and banks between 2005 and 2009, covering the years of the worldwide financial crisis” and all this under the guidance of the American-born Diamond headed Barclays Capital, the investment branch of the bank as well as Jaime and the other boys on Wall Street during those crucial years. I guess Bob Diamond and Jamie Diamond, both chief executives have more than just a same name in common! THE INCONVIENT TRUTH: Back to the Future (since last U.S. economic depression), where continued expansive corruption continues unchecked! Is there a need for new culture of responsibility in banking with new govt. regulations? British Prime Minister Cameron called for reviewing banking laws and regulations. Hum, this does sound familiar here in USA? British Chancellor Osborne was “telling the BBC that it was. … I hope this is the first step toward a new culture of responsibility in British banking.” But, how about accountability?