Although the manipulative practices at Barclays Bank were misleading and potentially distorting of charges which should have been determined only by market forces, the retrospective reporting suggests that the unacceptable practices were recognised over a period of years and known by some senior staff.
The manipulation was much more than the actions of a rogue individual or an isolated group.
There were systemic behaviours that were inappropriate, widely known and unchallenged. There is no surprise, therefore, that from within the banking world, from government ministers, and from the general public, there is a question of culpability and responsibility. This was an important interference indirectly affecting interest rates, exchange rates and business decision making.
Heads should roll.
Given the significance for the London financial markets and for international reputations, the distortion of LIBOR is just about as serious an issue as might be found anywhere in the financial markets.
Directors and shareholder representatives in all financial institutions now have an example which sets standards that might be applied elsewhere.
In the recent past, top salaries and top bonuses have not been adequately challenged.
Reality, common sense and financial responsibility are part of the disciplinary challenge.