The blood-letting begins – but who will benefit from burying the banks?


Destroying the self-belief, the creativity and the vast economic contribution of the financial sector is an insanely reckless strategy

By Nick Evans

So they shot the right man – but for the wrong reason. Bob Diamond and his top acolytes at Barclays may have epitomised the culture of greed, self-satisfaction, self-interest and arrogance that has been so repellent to the man in the street ever since the music stopped in 2007.

But the charge of rigging interbank rates seems like the wrong crime to pin on them, and at the wrong time. The Libor-fixing (and Euribor-fixing) scandal is, of course, reprehensible on many levels – and the systematic manipulation of rates over very many years leading up