Robert Diamond, the architect ofBarclays Plc (BARC)’s investment banking expansion, stepped down as chief executive officer, succumbing to political pressure after the bank admitted to rigging global interest rates.
Comment: Finance has become rotten from the top to the bottom. Modern state capitalism is based on an intimate symbiosis between government and finance and it was only a matter of time until the inherent corruption of government would infect fnance. What's needed is more than just a few rolling heads. The whole system needs to be changed. Money must be taken away from the state.