PM launches bank rate scandal probe

This Is Wiltshire: Barclays boss Bob Diamond shows no sign of quitting over the rate-rigging scandal Barclays boss Bob Diamond shows no sign of quitting over the rate-rigging scandal

David Cameron has launched a full parliamentary inquiry into the rate-rigging scandal amid a wave of criticism of British banking.

The Prime Minister batted away calls for a Leveson-style inquiry into the issues, insisting he wanted to reach the truth quickly.

The comments, in a statement to MPs, came after Barclays boss Bob Diamond admitted he was disappointed that the rate-rigging scandal happened on his watch.

However, he signalled that he would fight for his job, saying he wanted to "make sure that it cannot happen again".

Barclays chairman Marcus Agius resigned on Monday morning and announced an internal review into the bank's "flawed" practices.

Mr Cameron said the Serious Fraud Office were looking at whether any criminal prosecutions could be brought.

He went on: "I want us to establish a full parliamentary committee of Inquiry involving both Houses chaired by the Chairman of the House of Commons Treasury Select Committee.

"This Inquiry will take evidence under oath have full access to papers, officials and Ministers - including Ministers and Special advisers from the last government and it will be given, by the government, all the resources it needs to do its job properly."

Mr Cameron added: "This is the right approach because it will be able to start immediately it will be accountable to this House and it will get to the truth quickly, so we can make sure this can never happen again.

Labour leader Ed Miliband told MPs vowed to continue pushing for a "full and open" independent inquiry.

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Comments (2)

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4:32pm Mon 2 Jul 12

fossilmole says...

Here are the snorting trough- dredgers who sit in their shiny offices and charge the rest of us a fortune just to allow them to 'play' with our money.

I am geting sick and fed up of Politicians saying they are going to 'do something' about these '..ankers' when really they have absolutely no intention of 'doing something' that may upset their 'mates-in-the-City'

This is another round of the type of banking behaviour that has just about scuppered our economy, caused the shut down of many of our services and resulted in many decent folks being thrown out of work.

It is about time some of the sharks responsible for these outrages were given a period of reflection at Her Majestie's pleasure.
Here are the snorting trough- dredgers who sit in their shiny offices and charge the rest of us a fortune just to allow them to 'play' with our money. I am geting sick and fed up of Politicians saying they are going to 'do something' about these '..ankers' when really they have absolutely no intention of 'doing something' that may upset their 'mates-in-the-City' This is another round of the type of banking behaviour that has just about scuppered our economy, caused the shut down of many of our services and resulted in many decent folks being thrown out of work. It is about time some of the sharks responsible for these outrages were given a period of reflection at Her Majestie's pleasure. fossilmole
  • Score: 0

5:23pm Mon 2 Jul 12

dawn patrol says...

Along with anybody that supports them.
Along with anybody that supports them. dawn patrol
  • Score: 0
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