British media recently revealed that Britain's Barclays Bank and many other big banks are often manipulated by fraudulent means interbank offered rate, and deceived small businesses to purchase non-performing financial products. This occurred in the opening of the London Olympics countdown less than one month the occasion of the financial scandal shocked the British society.
 
Barclays chairman Marcus Aguilar Erskine announced his resignation on July 2, and said that "responsibility stops here". Alleged that Aguilar Erskine and Barclays Bank had to make every effort to keep Barclays CEO Bob Diamond, Diamond news of the resignation of the morning of the 3rd came. The British Government has asked the Diamond and Aguilar Erskine attended the hearing held by the British Treasury and Independent Commission on the 4th and the 5th.
 
According to BBC reports, British Prime Minister Cameron announced to set up a commission of inquiry to investigate the banking and borrowing market. Cameron said in the House of Commons, announced his decision to the Commission of Inquiry on oath forensics, access to all relevant documents, can summon the officials of the previous government, Minister and Special Adviser to the Committee to testify. Most of the investigation hearing will be held in public, the survey report's recommendations will be incorporated into the newly enacted Finance Act.
 
Cameron said the investigation will ensure that Britain has the most stringent and transparent financial sector regulatory rules, any acts of misconduct by bankers, who will be punished. British Chancellor of the Exchequer, Osborne, also accused the British banking industry is too greedy, he asked for the Commission of Inquiry to submit a report to enable the Government to amend the law to prevent a repeat of the scandal of the manipulation of interest rates before the end of the year. British Broadcasting Corporation reported that the British Serious Fraud Investigation Bureau is considering whether a criminal investigation against the officers concerned.
 
The scandal became public a statement released by the U.S. Commodity Futures Trading Commission on June 27. The statement identified the officer of Barclays Bank from 2005 to 2009 trying to manipulate the London interbank interest rate to the market to conceal the bank in financial difficulties. The statement also said that senior management of the bank, and some traders artificially raise or lower interest rates valuation often manipulate the interest rate pricing mechanism, the increase in derivatives trading profits or reduce losses, while there is a deception to mislead small businesses to purchase non-performing financial products behaviors.
 
Bank of England governor Mervyn King, the biennial financial stability report, released in June 29, severely criticized the senior management of Barclays Bank and traders to shady fraudulent means to conceal the London and European banks interbank offered rate, and manipulation of the most important bank interest rates. Mervyn King, in his speech called for a thorough reform of the UK bank corporate culture, he requested to take immediate and long-term means to reform the structure of the British banking sector. The scandal of the exposure to many UK small businesses have suffered losses, the British authorities on this Barclays Bank to take disciplinary measures liable to a fine of ? 290 million.
 
British media said the beginning, involved in the scandal, HSBC, Lloyds, Royal Bank of Scotland, three British banks, on the 3rd to the BBC claimed that the banks involved in the scandal should have more than a dozen. In addition, are under investigation include the U.S. Citibank, JP Morgan Chase, Deutsche Bank and Union Bank of Switzerland.
 
Manipulation of the interest rate scandal hit the United Kingdom have been proud of the financial services industry. Martin Taylor, the former CEO of Barclays Bank, said more bluntly, the British banking industry, widespread systemic fraud. "London Evening Standard, the editorial said," rogue bankers "directed by a scandal, the depth of damage Interbank Offered Rate interest rate the credibility of this important financial damage the reputation and image of London as an international financial center.



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