Her Majesty's Government 1, Banksters 0 – Heads Roll in British Banking Scandal

From The Telegraph (UK)

Move over, Jamie Dimon and JP Morgan.

A new banking scandal has exploded across the water. The fallout continues from the revelations that British mega-bank Barclays PLC manipulated the setting of Libor (London Interbank Borrowing Rate), one of the key reference interest rates in the world of finance.

The scandal has triggered the resignation of Barclays CEO Bob Diamond, under fire for his buccaneering leadership of the famous British institution. More resignations are likely.

The scandal has political implications as well, because the manipulation of interest rates is a standard operating procedure of government policy makers worldwide, and observers are keen to explore the acquiescence of Britain’s last Labour government in the affair.