RBS discovers the cost of a “selfish and self-serving” organisational culture

The Royal Bank of Scotland has fined been fined £390m for attempting to rig Libor, the inter bank lending rate. The Financial Services Authority says wrongdoing was taking place two years after it was bailed out by the tax payer.Stephen Hester, chief executive at RBS, said after the settlement: "Libor manipulation is an extreme example of a selfish and self-serving culture that took hold in parts of the banking industry during the financial boom."The corporate culture inside RBS during the financial boom has certainly been laid bare by the Libor rate-fixing scandal.