Bob Diamond forgoes bonus as Barclays fined for Libor manipulation

[centurian]

Well, they'd better have those instructions in writing!!!

Although if there is any truth to this, I certainly wouldn't be the least bit surprised.

[petergriffin]

BBC News - What did Bank of England say to Barclays about Libor?

It looks like they are trying to spin this as the BoE's fault.

How can it not be Bank of England's fault? With interest rates so low (aka financial repression) the only way banks can make a profit is by rigging the game. Simples!

[BrilloPad]

How can it not be Bank of England's fault? With interest rates so low (aka financial repression) the only way banks can make a profit is by rigging the game. Simples!

The banks can borrow money at very low base rate and pass it on at LIBOR plus a whole lot more. My mortgage rate roughly moved in line with base rate until it was 2% - no further cuts. Then 6 months ago they added .2% from nowhere.

And that is just mortgage rate! What about personal loans/credit cards?

The banks have it way to easy - they just make loads of money to hand out to trader bonuses.

The government needs to setup new banks to pass money directly into the economy.