We were useless, admits politician tasked with rate-rigging investigation

A South Nottinghamshire Conservative MP tasked with investigating the Libor rate-rigging scandal said she and her fellow politicians were "useless" in uncovering the truth behind the affair.

The admission by Andrea Leadsom, a member of the Commons Treasury Select Committee that grilled Barclays' chief executive Bob Diamond last week, raises questions about whether a parliamentary inquiry will have the rigour to reveal the truth about the banking debacle.