Tag Archives | Robert Diamond

Matt Taibbi Explains The LIBOR Bankster Scam

Disgraced former New York Governor Eliot Spitzer just might have a future as a talk show host if he keeps booking amazing guests like Matt Taibbi for Current TV:

…Barclays CEO Bob Diamond recently resigned after the bank was fined $453 million for its part in the scandal, which involved manipulating the London Interbank Offered Rate (Libor), a key global benchmark for interest rates, by essentially “faking their credit scores,” according to Taibbi. And as Taibbi explains, Barclays couldn’t have acted alone.

“It can’t just be Barclays and the Royal Bank of Scotland. In fact, it can’t even be four banks or even five banks,” he says. “Really, in the end it’s probably going to come out that it’s going to be all of them … involved in this. And that’s what’s critical for people to understand: that this is a cartel-style corruption.”…

[continues at Current TV]

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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.

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