Thursday, July 5, 2012

Bank of England sets standard for dismissing senior executives at banks involved in Libor Scandal

Since the Bank of England flexed its eyebrow with result at Barclays, the standard for senior executive dismissal has been set for all banks involved in the Libor Scandal.

Going forward, each bank involved in the Libor Scandal will have to promptly after agreeing to a fine dismiss its Chairman of the Board, CEO and his chief lieutenant.

Like the individuals at Barclays, each has shown themselves to be unfit for a senior banking position because of their bank's involvement in rigging the Libor interest rate.

Failure to adhere to this standard would suggest that the Bank of England put a personality clash ahead of prudent supervision.

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