LIBOR affair shows banking's big conceit

Sometimes in life it feels sweet to say "I told you so". This week is one such moment. Five long years ago, I started trying to expose the darker underbelly of the Libor market.

This sparked furious criticism from the British Bankers' Association, as well as big banks such as Barclays; the word " scaremongering" was used. But now we know that, amid the blustering from the BBA, the reality was worse than we thought. As emails released by the UK Financial Services Authority show, some Barclay's traders were engaged in a constant and pervasive attempt to rig the Libor market from 2006 on, with the encouragement of more senior managers ... READ MORE

Released by the Financial Times - 28 June 2012