Other People’s Money

I am disappointed because many of these behaviours happened on my watch. It is my responsibility to make sure that it cannot happen again. . . . We did not have appropriate controls in place. Frankly, we misjudged the risk associated. . . . We know that a small minority have let us down. We also know that we need to rebuild bonds of trust with the society we serve.

Bob Diamond, Barclays CEO, July 2, 2012

THE ABOVE QUOTE is taken from a letter to the employees of Barclays, the giant U.K. bank.1 The letter concerns Barclays’ involvement in a scheme whereby traders of several large banks allegedly conspired to manipulate reporting for LIBOR, a key index for interest rates, whose value affects trillions of contracts ...

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