Osborne attacks 'systematic greed' of Barclays traders

Chancellor George Osborne has called the manipulation of LIBOR rates by Barclays traders "a shocking indictment" of the greed of the financial sector, while confirming RBS and HSBC are also under investigation.

The bank was fined a total of £290m yesterday, including a record £59.5m from the FSA. Speaking in the House of Commons, Osborne said the manipulation highlighted "systematic greed at the expense of financial stability - and the Government at the time were clueless about what was going on." There were three questions still to be answered, the Chancellor said: how were such failures allowed to continue unchecked; what changes are needed in the regulatory system in the future; and what further sanctions are needed at Barclays specifically. The Financial Services Bill will create "a f...