[BITList] who cares?

[x50type at cox.net]

OMG – do the multi-millionaire executives really care?

after months, even years of enquiries into various nefarious happenings in the financial/political world, has anyone been jailed or fined heavily or even censured?

I bet the greedy london lawyers are just lapping all this up..........more days more dollars

ct


U.K. Scandal Unleashes a Political Backlash
Libor Investigation Creates Collateral Damage for Conservatives and Labour Alike, and Headaches for Bank of Englanda.. Article a.. Stock Quotes a.. CommentsMORE IN WORLD »a.. smaller
   a.. LargerBy CASSELL BRYAN-LOW
LONDON—Britain's latest banking scandal is creating collateral damage for many important figures in the U.K. political establishment, underscoring a deep distrust of banking executives among the British public.

The firestorm over interest-rate manipulation, which this week cost Robert Diamond his job as Barclays BARC.LN -0.63% PLC chief executive, could complicate succession at the Bank of England, thanks to an episode involving an official of the central bank.

It is also creating new headaches for both the Conservative Party, the lead partner in the U.K.'s governing coalition, and the opposition Labour Party. Labour was in power when the Libor manipulation occurred. But Conservatives have long faced the perception that they are the party of the banking industry.

Leaders of the two parties engaged in a heated exchange over the matter Wednesday in Parliament, shortly before Mr. Diamond faced criticism during an appearance before a U.K. parliamentary committee.

At the root of the scandal is an interest-rate benchmark, known as the London interbank offered rate, or Libor. Hardly a household name in the U.K., it has become more familiar in the past week since Barclays paid $453 million to settle with U.S. and U.K. regulators investigating manipulation of the rate in 2008.

The regulatory issue has snowballed into a political story that taps into a long-standing distrust of bankers. That resentment intensified with a taxpayer bailout of several large banks following the 2008 financial crisis.

A big potential new problem is at the Bank of England, where Paul Tucker, a top official and potential successor to bank Gov. Mervyn King, has been drawn into the picture with the suggestion that he may have pressured Barclays to change its Libor submissions.
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