Cameron attacks 'spivvy and probably illegal' LIBOR activity

David Cameron has said the LIBOR manipulation scandal is the result of "spivvy and probably illegal" activity but has declined calls for a judge-led inquiry into the affair.

Speaking in the House of Commons during Prime Minister's Questions, Cameron said the scandal demanded a parliamentary inquiry that would be "swift and decisive" and could lead to legislation next year, rather than a drawn out judicial investigation. Opposition leader Ed Miliband said a judge-led inquiry would be "full, independent, forensic and open," and said the Prime Minister did not understand the extent of public anger over the issue. Cameron said Labour did not want an inquiry that would see its "dirty washing aired in public" and described the manipulation of LIBOR as "outrageo...