Bankers thought rate fixing was 'joke' claims Heath
28 June 2012 Last updated at 13:06 BST
City AM editor Allister Heath said the allegations about Barclays Bank and lending rates were "very bad for all banks and a disaster for the City's reputation".
He said the traders from Barclays and other banks "thought it was a joke" which they wrote down in emails, and he said the banker bashing that would follow the revelations would be deserved.
Mr Heath said rate fixing meant some people may have ended up paying higher or lower amounts for their mortgages.