Bank shares reaction continues

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The Daily Telegraph gives a whistleblower's account of how a hedge fund allegedly set up a "dirty tricks unit" to manipulate stock prices.

It comes as the investigation begins into the sharp fall in the value of HBOS bank shares on Wednesday.

The Sun reveals that it was contacted by what it calls the "crooks who sparked a collapse in HBOS shares".

"Bring the rogues to book," says a Daily Mail editorial. It says the future health of the City demands it.

Expenses scrutiny

The decision by Scotland Yard not to investigate MP Derek Conway over his expenses is the Guardian's main story.

It says the gaps in Parliamentary scrutiny drew immediate criticism.

According to the Daily Telegraph, the secretive system of parliamentary allowances is so arcane that, in effect, it is impossible to prosecute.

It believes the case will intensify pressure on the Speaker, Michael Martin, to speed up his own inquiry into all aspects of MPs' expenses.

'Soft touch'

The Daily Mail has the headline "The vile and the valiant".

It complains that while convicted paedophile Raymond Horne has been allowed back to the UK from Australia, a Gurkha veteran has been barred.

The former Gurkha is seeking treatment for his wounds from the Falklands War, the paper says.

The Sun says it will cost £100,000 a year in housing, benefits and security for Horne. "Has Britain ever been a softer touch?" it asks.

Traffic trouble

The lead in the Daily Express says the cost of filling up a 50-litre fuel tank has risen by £11.70 for unleaded and £16.70 for diesel since last Easter.

The soaring prices are a fresh blow to drivers, the paper says.

David Cameron prefers a bike to a car, but the Daily Mirror pictures him allegedly ignoring red lights and riding it the wrong way down a one-way street.

When contacted by the Mirror, the Tory leader apologised: "It's important to obey traffic laws. I'm sorry."