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Bob Diamond, the former chief executive of Barclays, has been accused of misleading Parliament in an unusually strong attack by MPs investigating the Libor scandal.
In words that are likely to make it difficult for Mr Diamond to hold a senior position in the UK again, the Treasury Select Committee said his evidence “lacked candour”, was “unforthcoming”, and “fell well short of the standard that Parliament expects”. The criticism was made in a 121-page report into the interest rate rigging scandal that saw Barclays fined a record £290m earlier this year. Among its wide-ranging conclusions were that Barclays operated for years with woefully inadequate controls, that senior staff at the bank should have taken action earlier, that the Financial Services Authority (FSA) failed in its duty as regulator to respond to rumours of rate-fixing, and that the Bank of England had been “naive” and “inactive”. “Public trust in banks is at an all-time low,” Andrew Tyrie, chairman of the TSC, said. “Urgent improvements, both to the way banks are run and the way they are regulated, is needed if public and market confidence is to be restored.”.......Read more here
Previous Blog Entries 2012 about B Diamond:
Barclays boss Bob Diamond plans to restore trust and burnish his bank's dented image....Read more here
Is Bob Diamond less bright than his name suggests? Read more here
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Former Barclays boss Bob Diamond is interviewed as part of an investigation into its own conduct after the Libor scandal.
The man leading a probe into the culture of Barclays flew to the US this week to take evidence from Bob Diamond, the bank's former chief executive, I understand. Anthony Salz, who was appointed in July following Barclays' £290m fine for attempting to rig the Libor interbank borrowing rate, is interviewing dozens of witnesses as part of his inquiry. Mr Diamond is understood to have met with Mr Salz in the last 24 hours to provide input to the review, which is examining all areas of Barclays' business practices and culture. The inquiry will lead to the establishment of a new code of conduct for Barclays staff, according to the bank.....Read more here: Ex-Barclays Chief Gives Culture Evidence