Bob Diamond finally stepped down yesterday from his CEO role at Barclays. This was just one of the early consequences of a scandal involving manipulating Libor rates, implicating major British banks and raising questions about a London banking culture and management practices characterized by dishonesty and incompetence.
Myriad articles and reports have not shied away from criticizing the poor condition of Spanish banks. They boast about the advantages of Britain's banking system and choose to stay away from the euro zone's problems.
But in the heart of London, too, banks are employing practices that need to be banned, and Cameron's government should steel itself to make sure that this happens.
