Yesterday's Financial Times reported that Barclays Banks traders who are involved in setting the Libor or the interbank loan rate that everyone's mortgages and credit depends, were fined $450 million for manipulating the rate for their own benefit. The Libor sets rates for about $360 Trillion in loans across the world also involving a number of rate setting bars for exchanges of various kinds and credit cards and contracts. US and UK authorities said the evidence demonstrates that "rate-rigging at Barclays was pervasive." It was shown to be done daily and meant to improve Barclays various trading positions. Deception was the key to Barclays actions and the intent was clearly criminal but authorities simply allowed Barclays to pay a fine. There should have been criminal indictments and Barclays should have been forced to surrender its role in rate setting. One wonders what change has come to play since 2008? No one in the financial industry can hold their heads up with this kind of behavior so blatantly exercised. Yet why no punishment? No effort was made to compute the profits Barclay gained by this fraud. It is like fining a bank robber a parking fee after a robbery for double parking. Sad, and shameful.