News

"Extreme" allegations that Royal Bank of Scotland tipped viable businesses into bankruptcy were described as "plausible" because of its "flawed" structure by a former deputy governor of the Bank of England yesterday.

Sketch: Arrow points to defective part of capitalism

Overlooked by the portrait of William Pitt addressing MPs, which dominates Committee Room 6 in the Palace of Westminster, something historic is happening – almost without publicity.

eBay joins list of firms avoiding most tax - and doing it legally

The auction website eBay has become the latest major company to be accused of tax avoidance after an investigation found it had paid just £1.2m in corporation tax, despite British sales totalling nearly £800m.

Prime Minister David Cameron (R) speaks with Eric Schmidt of Google

Google chiefs could face MPs over tax avoidance schemes

Google chiefs face the prospect of being hauled before MPs to explain themselves over their tax avoidance schemes, the Independent has learned.

Standard Chartered has been accused of laundering $250bn from Iran

Investor backlash sends Standard Chartered reeling

Standard Chartered saw a quarter of its value wiped away yesterday as furious investors sold the bank's shares in the wake of allegations by US regulators that the pillar of the British financial establishment facilitated money laundering on an industrial scale.

MPs call for evidence of fall in bank standards

The Parliamentary banking commission moved into high gear yesterday with an urgent call for evidence into the collapse in industry standards that has led to a string of devastating scandals and contributed to the worst recession since the Second World War.

McFall attacks traders

One of the leading figures on the new committee of MPs and peers which is examining the banking sector has said the City traders behind the Libor and other scandals should be treated as no better than street drug dealers.

Parliament could gain powers to prosecute witnesses who lie

Witnesses may face criminal charges if they mislead MPs at select committees

The cowardice of regulators should worry us

So it's official. The Governor of the Bank of England does indeed have more power than God, at least when it comes to London's financial centre. Even though he's not (officially) a regulator and didn't know there was anything wrong with Libor for ages. The Financial Services Authority's top brass was screaming for change at Barclays for months, but to no avail.

Barclay's executive Jerry del Missier, 50, gives evidence that seems to contradict his former boss

Del Missier: Diamond did tell me to fix Libor rate

The Barclays executive at the centre of the Libor interest rate-fixing scandal last night said he had only passed on "instructions" from a conversation he had with his then boss Bob Diamond.

Barclay's executive Jerry del Missier, 50, gives evidence that seems to contradict his former boss

Bob did tell me to fix the rate, says Diamond's right-hand man

Barclays executive del Missier's evidence to MPs seems to contradict his embattled former boss

How Barclays got the wrong end of the stick

One of the disturbing things about the Libor interest rate-fixing scandal is how frequently apparently intelligent people in functions of vital importance have been capable of misinterpreting what other similarly intelligent people have said to them. But it's hard to see how anyone could get the wrong end of the stick from the letter Lord Turner, the chairman of the Financial Services Authority, wrote to Barclays chairman Marcus Agius in April.

Bob Diamond said he loved Barclays. His staff hated it...

Pressure grows for MPs to recall Diamond over Tucker phone call

Politicians have been virtually "useless" so far at getting to the truth behind the banking scandal, one of the MPs responsible for investigating the affair has admitted.

MP Andrea Leadsom and former CEO of Barclays Bob Diamond

We're powerless to get truth about bankers, says key MP

Diamond faces recall to Parliament – but Select Committee member says inquiry isn't working

George Osborne repeatedly clashed with Labour's Ed Balls

Bitter row over terms of banking inquiry ends with Labour retreat

Bankers involved in the interest rate rigging scandal could be questioned by a QC as well as MPs and Lords as part of a joint Parliamentary inquiry agreed yesterday.

Labour relents over banks probe row

Labour has agreed to take part in a parliamentary investigation into the banking scandal after its demand for a judge-led public inquiry was rejected tonight.

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