Where the buck stops
Senior banking executives are facing increased scrutiny over their responsibility for failings on their watch
At the time of writing, Barclays is the only bank to have been fined over the Libor fixing scandal. More will no doubt follow – and it’s difficult to believe that Barclays, despite the unusually aggressive, rule-bending culture which the UK Financial Services Authority criticised, was the only one of the Libor-setting banks to have been lying about its borrowing costs. A criminal investigation led by the Serious Fraud Office (SFO) is now under way, as are civil suits in the US.
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