Sir, – The revelations that Barclays and possibly other banks were involved in attempted price fixing for London interbank interest rates (Business This Week, June 29th) should serve as a timely reminder of how the self- regulated market has left the world economy in a mess and is rotten to the core. What’s more disturbing is the fact that the only sanction being sought for those at the top is voluntary resignation. These actions fueled a credit bubble which has destroyed the economies of Europe and for which ordinary citizens are paying on a daily basis.
Politicians should be arguing for immediate government-backed regulation of the financial sector, a transaction tax to ensure society gains from the speculative gambling and adequate punitive sanction for breach of these regulations. Instead we get hand- wringing on moral questions and a fear of confronting vested interests.
Why is coverage limited to the business pages instead of forming the content of heated editorials? Are the mainstream media also reluctant to confront these issues or naively ignorant of reality? – Yours, etc,