Yet another banking scandal breaks as Barclays bank is fined a huge £285 million in total, for manipulation of the LIBOR rate (London Interbank offered rate) used to fix various other important rates, hugely important to the International Banking system.

This is not a one off but a regular occurrence between 2005 to 2009, when Interbank traders at Barclays manipulated the LIBOR rate to favour the various positions they were running.

It would appear that Barclays are not are not the only bank to influence this rate to enhance their trading profit and further fines are expected.

The current CEO of Barclays, Bob Diamond, was in charge of Barclays Wealth during this period, the part of the group that instigated and benefited from the rate rigging and there are calls for his head.

Both UK and US authorities are involved in this ongoing investigation, that does nothing to assure Joe public that banks are the honest trustworthy establishments they once seemed to be, when the main concern of most British banks was in fact banking.