“Let's end this rotten culture that only rewards rogues”: Will Hutton.

Observer: The Barclays rate-rigging scandal has once again exposed a world where men and women with little skill and no moral compass can become very rich very fast. Investment banking is an organised scam masquerading as a business. It is defined by endemic conflicts of interest, systemic amoral behaviour and extreme avarice. Many of its senior figures should be serving prison sentences or disgraced – and would have been if British regulators had been weaned off the doctrine of ” light touch” regulation earlier and if the Serious Fraud Office’s budget had not been emasculated by Mr Osborne. It is a tax on wealth generation and an enemy of honest endeavour – the beast that is devouring British capitalism.”