Libor fixing, continued

“Rate-Probe Spotlight Shines on Higher-Ups,” Wall Street Journal, August 29, 2013 A1.

Citigroup employee fired for Libor-fixing attempt says senior levels were doing same thing.

This has the normal ties to discovery and following the chain.  Assuming there was a policy in place prohibiting this behavior, and the fired employee violated it, then in a sense the system worked, as it caught him.  But if his allegations are true, and senior-level officials were doing the same thing, was there a core defect in culture for which the Board bears some responsibility?  Either selection of the seniors, or failure to adequately monitor, or whatever?

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