You win some, you lose some...
Could it get any worse ?
It is always exciting to overhear the conversations of people planning to do something bad, and there is something disturbingly compelling about reading the emails and instant messages exchanged by Barclays bankers in the process of rigging interest rates for their own gain.
New face required.
WestLB AG, the 180-year-old German state-owned lender that gained notoriety by trying and failing to make it as a global investment bank, ceased operations last week. Its demise is a lesson in hubris to its peers.
Vince Cable has urged shareholders in UK banks to rise up and purge their companies of corrupt executives, who he says have allowed 'systemic abuse' to take root in the banking system.
Last month, lawmakers from the ruling Democratic Party of Japan announced they will convene a panel to figure out how to stop an insider-trading problem they have been working on since 2006.
Barclays has this morning announced the resignation of its Chairman, Marcus Agius. Who's next ?
Even if he hasn't yet debased the coinage, Bob Diamond has certainly done his bit to debase further the language of British public life. Confronted with a clear ruling that Barclays traders had lied and cheated in seeking to rig a key interest rate used to determine everything from mortgages to credit card bills, Diamond put his hands up and conceded that the traders' action had been "wholly inappropriate".
The government will ban the bosses of failed banks from working in the financial industry, the chairman of the City regulator has said.