SkyNews is reporting:
An urgent independent review into the inter-bank lending rate is to be set up by the Government next week following the interest rigging scandal.
The review will consider the future operation of the Libor rate and the possibility of introducing criminal sanctions, a Treasury source said.
Bob Diamond, the chief executive of Barclays – the first bank to be exposed in the scandal – has been summoned to appear before the Treasury Select Committee next Wednesday.
Prime Minister David Cameron said issues like whether bank bosses would be questioned under oath would have to be “carefully considered”.
The Labour leader said the industry was plagued by an “institutional corruption” that could only be eradicated by introducing a tough new code of conduct and jail sentences for immoral bankers who abuse the system.
Heh. ‘Abuse the system?’ The fact is that this sort of thing is widespread, pervasive, and most definitely not limited to the UK. Hell, on this side of the pond, we had a full-length, feature movie detaling the massive fraud and corruption (Inside Job), and still nothing has been done.
Well it appears some enterprising Brits would like to make their voices heard.
Public Inquiry Into Wrongdoing and Ethics of Bankers
Responsible department: Her Majesty’s Treasury
We the undersigned call for an independent, judicial public enquiry into fraud, wrongdoing and ethics of British banks, their management and their staff, and the role of the British Bankers Association. The terms of reference of this inquiry should also include the manipulation of interest rates on about £225 trillion of assets. The inquiry must have full powers to compel witnesses to appear on oath, and to obtain all forms of evidence.