Saturday 30 June 2012

Cameron's Libor review needs to reach further

I am pleased David Cameron has called for a review of the Libor scandal.  Ed Milliband's call for a public enquiry is entirely opportunistic and, in truth, the last thing we need is a process that will last for ages and will report long after the fuss and the awareness has faded from the public mind.

However, one aspect of what Ed Milliband has said does make sense.   The Libor review needs to look wider than just what went on over abuse of inter-bank lending.    The whole scandal shows a complete lack of ethics and responsibility in the banking industry.   Someone needs to be looking at how the industry has operated, investigate where other opportunities for abuse existed and find out if those opportunities were exploited.

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