Warning: Hitting Send Leads To Digital Permanence

When ousted Barclays CEO Bob Diamond says he felt "physically ill" reading e-mails of his traders crowing over interest rate manipulation, he is almost certainly telling the truth. The veteran banker says it was the first he knew that employees had worked to artificially inflate the London interbank rate LIBOR. Whatever the reality, he must have realized that the saved messages -- with employees glorying in their activities and promising each other champagne -- could only add to the damage.

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