It certainly was an interesting week for Barclays PLC, and not in a good way. The multinational bank is still reeling from the fallout of its attempt to rig the daily settings of London Interbank Offered Rate (Libor) and the Euro Interbank Offered Rate and subsequent fine of 290 million Pounds. And there was no midweek holiday respite for the London-based bank, as the notorious British press continued to blast the financial institution. For your enjoyment, Bank Systems & Technology has compiled the most provocative quotes related to the Barclays LIBOR scandal.
July 06, 2012
5. Private Banks Have Failed
Only if the largest banks are broken up, the part-nationalised outfits turned into genuine public investment banks, and new socially owned and regional banks encouraged can finance be made to work for society, rather than the other way round. Private sector banking has spectacularly failed, and we need a democratic public solution.
— Seumas Milne, columnist and associate editor, The Guardian, in his column "Private Banks Have Failed -- We Need a Public Solution."
Source: The Guardian
