Chancellor George Osborne has called the manipulation of LIBOR rates by Barclays traders "a shocking indictment" of the greed of the financial sector.
The bank was fined a total of £290m yesterday, including a record £59.5m from the FSA. Speaking in the House of Commons, Osborne said the manipulation highlighted "systematic greed at the expense of financial stability - and the Government at the time were clueless about what was going on." There were three questioned still to be answered, the Chancellor said: how were such failures allowed to continue unchecked; what changes are needed in the regulatory system in the future; and what further sanctions are needed at Barclays specifically. The Financial Services Bill will create "a ...
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