BRITISH LEADER: The UK's Banking System Is 'A Massive Cesspit'

Vince Cable

Photo: Wikimedia Commons

LONDON (AP) — British politicians were harshly criticising the country’s banking system after British bank Barclays was fined for manipulating data to make its financial position appear stronger.Ed Miliband, leader of the opposition Labour party said in an interview published Saturday in the Times of London that the country’s financial system was “institutionally corrupt” and called for an independent inquiry “to find out what is going on in the dark corners of the bank.”

Business Secretary Vince Cable describes the country’s financial sector as “a massive cesspit.”

U.S. and British agencies on Wednesday imposed fines totaling $453 million on Barclays for submitting false data used in setting the London interbank offer rate (LIBOR), a key market index, between 2005 and 2009. The fines sparked outrage in Britain.

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