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Business

Barclays' Diamond faces grilling over Libor

Posted

July 4 - Bob Diamond gives evidence to critical British lawmakers a day after quitting as Barclays' chief executive over an interest rate rigging scandal. (ROUGH CUT ONLY - NO REPORTER NARRATION) Diamond abruptly resigned on Tuesday just hours after Bank of England Governor Mervyn King and Financial Services Authority chairman Adair Turner effectively told Barclays Chairman Marcus Agius that the CEO was not the right man to reform the bank's culture after the scandal, people familiar with the matter said. Diamond's testimony to a parliamentary inquiry could prove politically explosive. On Tuesday, Barclays published a 2008 internal memo from him that a senior manager understood to mean that the Bank of England and government might approve if they gave artificially low estimates of their borrowing costs at the height of the banking crisis to avoid giving the impression that Britain's banks were in difficulty.

Business

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