Libor false reporting was G7 top level decison

The G7 were in a  fix and fear in the markets was pushing the cost of borrowing higher, so they in turn instructed heads of banks, including Bob Diamond who claimed he did not know anything, and they passed the orders onto their staff who were ordered to commit financial fraud. When a whistle blower phoned the Fed to report this fraud the woman basically said thanks a lot and have a nice day, and no action was taken until the man who blew the whistle was prosecuted. The tapes of these telephone calls have now been released.

This is how our system works. The biggest criminals are at the top and if there is any detection of their crime, they prosecute the people under their command. This is a system where the most evil of the lot rises to the top. If he had kept his mouth shut he would have obviously been promoted.