If banking is to be reformed, those suspected of fraud should be pursued

The Libor rate-fixing scandal is more evidence that Britain is as corrupt as any developing country ("SFO to probe Libor breaches", The Herald, July 7).

Our corruption is just better organised, more centralised and restricted to an elite.

In return for donations to party funds and seats on boards for retiring Government ministers, big banks, firms and billionaires not only get back many times their donations in over-priced Government contracts such as PFIs, but also get to second staff Government departments as they decide on regulations and policy affecting them – and can even avoid or evade taxation and commit frauds such as interest-rate fixing and selling financial products such as CDOs (collateralised debt obligations) which they knew to be worthless.

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