A Bank too Far

reblogged from i-thorts' i-Politics

Stephen Hester, "bankers are
Master of the Universe..."

Stephen Hester, chief executive of the Royal Bank of Scotland, confirmed that RBS is one of the banks currently being investigated over allegations of manipulating Libor interest rates (which Barclays has already been fined for).

Mr Hester greed that bankers "thought they were masters of the universe".

Sir Mervyn King, the Bank of England Governor, called for a

"real change in culture".

He would not comment on whether he would or wouldn't back Bob Diamond, Barclays chief exec. But did launch a scornful attack on the nature of banking, during the (five-year) financial crisis. He also admitted something had gone "very wrong" with British banks.

And with more than £4bn wiped from the value of the bank shares since the rate-fixing scandal emerged, there is no wonder that Ed Balls, the Shadow Chancellor, believes an inquiry is needed. Mr Balls admitted Labour should have been tougher on the banks. Commenting that he was appalled at their "staggering arrogance".  He went on to state:

"The governor is right ... there is a real cultural problem in our banks which these latest scandals expose..."

While, other MPs have been calling for Mr Diamond's resignation, Ed Miliband commented:

"...it is pretty clear that change is required at Barclays and very hard to see that lead by Bob Diamond".