``The report said the source of the scandal was a "deeply flawed culture" by Barclays and not just actions "small group of rogue traders."

"There was something deeply wrong with the culture of Barclays. Such behavior would only be possible if the management of the bank turned a blind eye to the culture of the trading floor," the report said.

How Libor hurts you

The report regarded Barclays" "incentives and control systems" as "so defective" that they served to reward traders themselves, not matter what "the impact of shareholders and the bank's overall performance" would be.''

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