Fixing Libor’s battered image

The Libor-fixing scandal is the latest blight on the reputation of an international banking system already under considerable siege.

Unlike other scandals where banks have gotten away with monetary fines with no notable scalps claimed, the severity of this matter was manifested by the resignation of no less a man than the chief executive of Barclays Bank, Bob Diamond, himself. The question some would ask him is why he would resign over Libor, a mere benchmark?

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