Barclays has just been find $450 million for attempting to manipulate a key market interest - LIBOR. This is the rate that determines many other rates including those on credit cards fees, government bonds, and corporate loans.
How did the headman at the Bank - Bob Diamond- respond when he had to acknowledge the appalling misbehaviour of senior management?
"I am sorry some people acted in a manner not consistent with our culture and values."
What exactly is the culture in Barclays? What are the values of the Bank. If asked, Mr. Diamond would probably puff out his chest and go through a litany of nouns; honesty, integrity, probity, trustworthiness and truthfulness... and so on...
However the track record suggests that the bank operates by only one principle - greed. Mr. Diamond can spin this story as much as he likes. No one seriously believes that Barclays is anything more than a cabal of ravenous bankers trying to screw every penny it can from its customers.
Despite the scandal and the scathing judgement from regulators, Bob Diamond will be keeping his job. Is there any accountability at Barclays? Is Bob man enough to stand up and take responsibility? Is he ready to take the long walk in order to answer for the degenerate behaviour of the bank while he was the man in charge?
No, no, no....personal accountability isn't valued in Barclays. It isn't part of the corporate culture. Large unmerited pay packages are part of the Barclays corporate infrastructure. Last Year, Bob Diamond walked away with a £25 million pay packet.