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Barclays turns to Sullivan as backlash over Libor scandal intensifies

I think it depends on your definition of the 'low ranking employees' which you say are frequently committing fraud without instruction from management. As far as I am aware, these 'low-ranking employees' do not have the means to alter such significant data, such as the Libor Rate. Moreove, I seriously doubt that 'low-ranking' journalists would benefit from having a casual phone-hacking kit at their disposal. In conclusion, it's certainly not the case that 'low-ranking employees' are involved in this in anyway. I think perhaps Ben has forgotten what 'low-ranking' means from up there in his Ivory Tower... I am not saying that this is some sort of fraudulent scheme set up by the full cohort of upper-management at the firm (as I am aware that certain high-ranking individuals would be unaware of the manipulation), I simply maintain that those with the means to manipulate the financial market in such ways are unlikely to end up being a sneaky little 'low-ranking' Customer Services Assistant, while his manager remains oblivious.

29-Jun-2012

11:08 am