Barclays aggression turns sour

Barclays, one of the most aggressive banks on the block, has bounced back from plenty of controversies. But its Libor scandal may be a different matter.

Barclays’ record £290 million ($A450 million) settlement with UK and US regulators over the attempted manipulation of key benchmark interest rates is yet another example of a reckless investment bank operating under its own set of rules. The fact that numerous traders involved were able to falsify related data over a four-year period highlights the warped culture that has evolved in the bank in recent years.

As the extent of the attempted manipulation becomes more evident, and indications arise that many more banks were involved, it’s looking increasingly likely that the Barclays settlement is just the tip of the iceberg.

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