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The Boston Globe

Business

Royal Bank blasted for role in Libor

Officials hit over missteps, lack of trader control

LONDON — British politicians Monday took aim at the Royal Bank of Scotland for its role in a rate-rigging scheme, accusing management of fostering a profit-driven culture that encouraged traders to skirt the law.

In nearly four hours of testimony to Parliament’s commission on banking standards, current and former bank executives faced questions over management missteps, deficient controls, and the broader environment that prompted employees to report false rates. The senior executives acknowledged that they missed the problems, as they focused on reviving the bank after the financial crisis.

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