After Barclays Bank were found guilty of trying to manipulate the interest rates at which banks lend to each other, the number of people facing arrest for highly immoral activity within the banking sector is expected to stay at zero.
With other banks facing similar investigations for interest rate rigging it is believed that 0 arrests could indeed stay at 0 arrests for the foreseeable future.
Barclays have been fined £290m for what has been described as “systemic dishonesty”, but with profits last year in the region of £2.45bn and at £6.07bn in 2010, it is unclear whether this will be considered a punishment or a minor inconvenience.
chief executive of Barclays, Bob Diamond, has revealed that he will give up his bonus for this year, leaving him to struggle by on his personal fortune.
Responding to criticism that if he had any shame he would resign, Mr Diamond said: “I am currently looking into whether I have any shame, but the details are unclear at this stage.”
“I’m giving up my bonus for this year, but bearing in mind I have about £105m to fall back on, I’m not sure exactly how sad this will make me feel.”
“I’ll use this as a gauge for my shame and then get back to you.”
Barclays scandal
Mr Diamond also responded to claims by former City minister Lord Myners that it was the most corrosive failure of moral behaviour he had seen in a major UK financial institution in his career.
“Really?!” he said
“If he thinks this is bad, he should wait until all the other stuff comes out.”
“Seriously, it’s going to blow his mind!”
