Tuesday, July 3, 2012

Diamond resigns

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.

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