Lets review what has happened so far.....
Resignations - None
Arrests - None
Criminal investigations - err, maybe or then again maybe not.....
Public Inquiries - None
Fines - £59.5 million (now you might have heard a larger number, but check out the FSA statement for the facts).
So, if you were Barclays, would you do it again. Lets look at the numbers. Profits before tax last year was £5.8 billion, while operating expenses were £20 billion. That fine represented about 1 percent of profits and 0.3 percent of costs. This fine wasn't even a blip on their balance sheet.
None of the senior management was fired. While this reprehensible scam was going on, they were pulling in multi-million pound salaries. Would Barclays do it again? The incentive structure strongly favours repetition.
This is so wrong in so many ways, it is difficult to know where to channel the outrage. However, lets just focus on the big picture. Something is rotten at the heart of this country. Deceit goes unpunished. Our economy is ruined in order to enrich a tiny minority.
Diamond and his sorry crew continue to get away with it. They always do.