Marcus Agius, chairman of Barclays has resigned this morning resigned over the rate-fixing scandal. His departure has wiped billions off its value and threatening the position of chief executive Bob Diamond. However there is a belief that evidence exists that the Bank of England ‘advised’ them to cut the rate in a telephone conversation in 2008.
Its probably all smoke and mirrors in order create an inpenetrable fence aroung Bob Diamond who obviously is not going to do the honourable thing and commit Hari Kari, but if the Bank of England are involved it will truly show the true face of capitalism at it worst. A self perpetuating inustry that devises ways purely to make money for those involved.
Banking has become like freemasonary, a sect so sworn to secrecy that you have to sell the soul of your first born to be allowed in, but the more information that comes out is that banking is so corrupt and immoral with such high rewards but you probably had to sell the first born of your first born as well.