Bob Diamond resigned from Barclays on July 3 and as I write this, some three weeks later, bankers are starting to talk in hushed tones about the “Libor rigging scandal” being the financial industry’s “tobacco moment”.
A number of senior bankers have been paraded in front of the House of Commons Treasury Select Committee and had metaphorical tomatoes thrown at them. Jerry del Missier, the former Barclays’ chief operating officer, was accused of monumental incompetence.
Paul Tucker, deputy governor of the Bank of England, was scolded by the committee chairman, Andrew Tyrie.
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