Sir, – Barclays admits that it submitted false information for Libor, and a dozen other prominent banks suspected of similar manipulations are being investigated (Breaking News, July 3rd). The prevention of such fraudulent behaviour in future should begin with legislation requiring that all transactions be reported to the respective financial regulators.
How could such a requirement be enforced? An effective way would be to attach a small tax to each transaction, thus turning failure to report into the more serious offence of cheating the tax authorities.
Faced with further proof that the financial sector is not to be trusted, the British chancellor should drop his opposition to a financial transaction tax. This would remove the obstacle that prevents the Irish Government from supporting the emerging consensus within the Euro Group in its favour. – Yours, etc,
Sir, – So the ex-chairman of Barclays Bank is to head the hunt for a new chief executive to replace the old Diamond geezer? A better method would be to stick a pin in the last British census and go with whoever comes up – dead or alive. – Yours, etc,