the dealings of the bank before I make a change. Is trading between banks outside of the Libor rate a fraud? I don't think so. I await an investigation by the Serious Fraud Squad before condemning Barclays out-of-hand. This issue has been circulating for 4-5 years in the City of London and was also known about on Wall Street. Why has it just come to prominence so late now that the FSA has fined the bank? What surprises me is how so many are prepared to make a judgement before all the facts, evidence and even the extent has been considered. In may ways this issue is showing up the Regulator and the government ministers who had responsibility for financial services over this whole period. 12.51pm: Here are the best quotes on the Libor/Barclays scandal from the Financial Service Authorities Annual Meeting today (via my colleague Juliette Garside, who is there): Adair Turner , on Bob Diamond's resignation: I think it was in the process of becoming inevitable given the [public] comment and the challenges that they face in changing the culture of the organisation. On the issue of whether the FSA was involved: There were major challenges for Barclays in making sure they could convince people there had been fundamental cultural change and we simply communicated to the board that these were the issues they needed to think about it was for them to agree whether they could achieve that degree of change under the current leadership. Andrew Bailey