Barclays fined for attempts to manipulate key bank rates

5corpio started a blog post Barclays fined for attempts to manipulate key bank rates
27 June 2012, 15:26

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Barclays fined for attempts to manipulate key bank rates

Barclays bank will pay penalties of £290m ($450m) for trying to rig the key interest rates at which banks lend money to each other. The penalty from UK and US authorities followed "serious and widespread" misconduct, the Financial Services Authority said. These interbank rates influence the costs of loans and mortgages. Barclays chief executive Bob Diamond and three other executives have given up this year's bonus as a result. Barclays admitted the actions of its staff, which lasted from 2005 to 2009, "fell well short of standards". The misconduct relates to the daily setting of the London Interbank Offered Rate (Libor) and the Euro Interbank Offered Rate (Euribor). ....Read more HERE
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- #3
  
  5corpio commented
  
  1 July 2012, 07:31
  
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  Libor scandal: Barclays investors demand removal of Bob Diamond and Marcus Agius. Two of Barclays’ leading shareholders have demanded the removal of Bob Diamond, the chief executive, and Marcus Agius, its chairman, as the firestorm surrounding the bank intensifies.....Read more here: Libor scandal: Barclays investors demand removal of Bob Diamond and Marcus Agius
- #4
  
  5corpio commented
  
  1 July 2012, 07:33
  
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  Bank directors would have to forfeit a large proportion of their income in the event of a failure of their institution under proposals to be outlined this week. I have learned that George Osborne, the Chancellor, will publish a consultation paper on Tuesday that will point to the clawing back of directors' pay as a potential sanction for board members of failed banks. The Financial Services Authority (FSA) has already established clawback as part of its remuneration code of practice for senior employees of banks, but I am told that the Treasury's new proposals will go further. They will be designed to avoid a repeat of the controversy over the huge pension pot handed to Fred Goodwin, the former Royal Bank of Scotland chief executive, when he stepped down in 2008..,...Read more here: Exclusive: Failed Bank Chiefs To Forfeit Pay
- #5
  
  5corpio commented
  
  3 July 2012, 08:29
  
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  Barclays boss Bob Diamond resigns amid Libor scandal.
  Barclays chief executive Bob Diamond has resigned with immediate effect. The move comes less than a week after the bank was fined a record amount for trying to manipulate inter-bank lending rates. Mr Diamond said he was stepping down because the external pressure on the bank risked "damaging the franchise". Chancellor George Osborne welcomed the decision and said he hoped it was the "first step towards a new culture of responsibility in British banking". .....Read more HERE
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Barclays fined for attempts to manipulate key bank rates

Barclays fined for attempts to manipulate key bank rates