Rough Diamond

Oh dear, the banks have been caught at it again. This time it is Barclays; the one bank that looked strong and seemed to give the impression that it had managed its books well to escape a public takeover. How looks are deceiving. Traders under Bob Diamond’s watch were blatantly manipulating inter-bank lending rates to ensure a larger profit margin.

Wasn’t it Bob Diamond who spoke about cultural reform in the banking sector following the global financial crisis? How the pot is calling the kettle black.

I remember him sitting so smugly at the Independent Commission a couple of years ago as one of the few banks that need a public bailout. No wonder, you were rigging the rates and making billions out of it.

Is a fine enough? Well for once I agree with Labour leader, Ed Miliband and am pleased to see criminal investigations proceeding. The FSA’s report is extremely thorough and has uncovered extremely damning email trails that clearly show a disregard for rules, protocol and values.

I don’t know if Bob Diamond knew what was going on. The culture always starts from the top, but I also know that people at the top are not always told the truth. However, it seems unlikely that he knew nothing of how the company was making millions in profit whilst others were going under.

If there is a Leveson like inquiry into the banking industry, god only knows what it will uncover and whether banks as we know them today will even exist.

As Barclays share prices plummet and other banks including HSBC are now being investigated for similar activities, I feel this is just the tip of the iceberg.


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