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British politicians claim banking system 'corrupt'

LONDON

Banking system corrupt, British politicians say

British politicians harshly criticized the country's banking system Saturday after Barclays was fined for manipulating data, with the leader of the opposition calling for an inquiry and government ministers joining the attack. Labour leader Ed Miliband said the once-lauded banking sector has fallen into disrepute, claiming that over the last 20 years the word "banker" has gone from a compliment "to a gross insult." U.S. and British agencies on Wednesday imposed fines totaling $453 million on Barclays for submitting false data used in setting the London interbank offer rate (LIBOR), a key market index, between 2005 and 2009, to make its financial position appear stronger.

PHILADELPHIA

Lawyers push for release of priest

Lawyers for an imprisoned Roman Catholic official will push to have him released to await sentencing, arguing that he has a good chance of having his conviction thrown out on appeal. Monsignor William Lynn has been in prison since a jury found him guilty June 22 of felony child endangerment. Lynn oversaw clergy abuse complaints at the Archdiocese of Philadelphia from 1992 to 2004. A judge has said she might release Lynn, 61, to house arrest at a hearing Thursday if she is persuaded he couldn't seek refuge at the Vatican or elsewhere. Lynn faces 3 ½ to seven years in prison when he is sentenced Aug. 13.

Sana, Yemen

Mines kill dozens in embattled town

Yemeni military officials said landmines laid by al-Qaida fighters have killed eight people in the past three days near the former militant stronghold of Zinjibar in the country's south, bringing the total number of mine deaths since the town fell to a military offensive two weeks ago to 81. The officials said six bodies were found Saturday outside Zinjibar and five more inside a well on Friday. Engineering teams have removed some 3,000 landmines from the area, according to the officials.

TEHRAN, Iran

Iranian official rails at price of oil

Iranian Oil Minister Rostam Ghasemi on Saturday called for an emergency OPEC meeting, saying the current market value of oil has become "illogical." The semiofficial Mehr news agency quoted Ghasemi as saying that if the Organization of the Petroleum Exporting Countries member states do not observe their quotas and the production ceiling of 30 million barrel per day, the market falls into disorder. Benchmark U.S. crude ended the week Friday at $84.96 per barrel in New York. Brent crude, which helps set the price of oil the U.S. imports, was $95.51 per barrel in London.

Elsewhere

Los Angeles: Rodney King, who became famous after his beating by Los Angeles police in 1991 was caught on videotape and broadcast worldwide, was remembered Saturday at his funeral as a forgiving man who bore his scars with dignity.

Fort Bragg, N.C.: Military officials identified the battlefield surveillance unit leader killed by a fellow soldier as Lt. Col. Roy Tisdale, 42, of Alvin, Texas. The assailant, who also shot himself, is in custody but his name has not been released.

Bamako, Mali: Islamist fighters with ties to al-Qaida have destroyed tombs classified as a UNESCO World Heritage site in Mali's historic city of Timbuktu, a resident and U.N. officials said Saturday.

Times wires

British politicians claim banking system 'corrupt' 06/30/12 [Last modified: Sunday, July 1, 2012 12:04am]

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