Barclays CEO Resigns Under a Cloud of Criminal Allegations

World Economic Forum (CC)

Uh-oh.  In case you haven’t been paying attention, there’s a rolling sh*tstorm breaking out across the pond related to the admitted gaming of LIBOR by big investment banks like Barclays.  You know LIBOR, right?  The rate referenced in practically every major financial contract since 1985.

I wonder how much of that $450 million will go to folks who got the short end of the stick on contracts paid out under a fradulently low LIBOR rate.

From Mark Scott at the NY Times:

LONDON – Barclays is quickly trying to stem the fallout from a rate-manipulation scandal, as its chief executive Robert E. Diamond Jr. [at right] abruptly resigned on Tuesday.

Less than a week ago, the big bank agreed to pay $450 million to settle accusations that it had tried to influence key interest rates for its own benefit, sparking a political firestorm in Britain.

Now, the scandal has claimed three casualties, including Mr. Diamond, Marcus Agius, the chairman of Barclays, and Jerry del Missier, who was promoted to Barclays’ chief operating officer last month.

The resignations come as regulators in London and Washington broadly investigate whether big banks manipulated interest rates to their own advantage, aiming to increase profits and fend off questions about their health. Such benchmarks, including the London interbank offered rate, are essential to setting the lending rates for corporations and consumers. In the Barclays case, regulators accused the bank of lowering its Libor submissions to deflect concerns about its high borrowing costs…

Continued at the New York  Times

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  • Fox In The Hen House

    Where do they think these shady practices originated “wall street” or maybe originated over there and our bankers followed suite. At any rate I think you would be hard pressed to find a honest and trust worthy financial entity in the world today.

    • http://twitter.com/TomWinnifrith Tom Winnifrith

      have some fun at the expense of bankster bob:

      http://tomwinnifrith.com/articles/112/bob-diamond-caption-competition

    • Will

      All crooked banking starts in London. It’s world-wide but the old European royal family hooked up with Rothschild and learned how to steal from the rest of us centuries ago. I wish this was a theory, but it’s a provable fact.

  • Bruteloop

    This is the man who stated the time for apologies was over after the bank was bailed out and he took yet another obscene bonus. Of course, he had never apologised anyway. Unfortunately, immense wealth has a knack of rehabilitating the guilty over time, and it is certain more are as culpable and, while heads will roll, those who truly lost out (businesses) will see no compensation. Nonetheless, it has to be a humiliation, not least as a day ago he stated he would never resign so I guess we should enjoy that while we can.

    • BastHitEvar

       Oh, wow, he resigned, now he doesn’t work anymore.  Now all he gets to do is wallow in his riches!!  What punishment.  Western society is fucking lame and full of blind wimpy cowards.

  • http://buzzcoastin.posterous.com BuzzCoastin

    Go to jail!
    Go directly to jail.
    Do not pass Go.
    Do not collect $200. 

  • http://profile.yahoo.com/KOAIPMHOHAR6BEYV5S344DPCJY Celia

    just as
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  • Wallstreet

    Liam.  Come on man send us some stuff we don’t already know.  Give us the real dirty laundry, the corn juice as my friend calls it.  Like the names of all stateside corporations/banks involved in this.   Names, dates, guys/gals that got ‘clipped’ for threatening to expose this prior to the real estate debacle. 

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