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FSA’s Turner Says Banks Culture One of ‘Cynical Entitlement’

Financial Services Authority Chairman Adair Turner said banks must purge a culture of “cynical entitlement” after the Libor scandal that led to the resignation of Barclays Plc’s Robert Diamond.

The FSA’s probes into attempts to manipulate the London interbank offered rate and other similar benchmarks will result in more settlements “before the end of the year,” Turner said today. They require significant resources and caused a huge blow to the nation’s banking industry’s reputation, he said.