Page 13 - Barclays Bank (B)

“Dude. I owe you big time! Come over one day after

work and I’m opening a bottle of Bollinger”.

Following the Libor scandal, Marcus Agius,
chairman of Barclays, resigned from Barclays.

One day later, Bob Diamond, Barclays’ chief

executive officer, also resigned. Diamond was
subsequently questioned by the U.K.

Parliament regarding the manipulation of Libor

rates. He said he was unaware of the
manipulation until that month.

Andrew Tyrie, the chairman of the Commons Treasury committee

said,

"This is appalling. It just beggars belief that this sort of

attitude should have been so widespread,".

Diamond, and three other senior

executives indicated that they would

reject their bonuses that year. Diamond’s
bonus the previous year was £2.7m.

Diamond admitted the bank’s actions

"fell well short of the standards to which Barclays
aspires".

Also, that he was:

"sorry that some people acted in a manner not
consistent with our culture and values."

More importantly, the SFO, which had previously resisted
launching a probe into Libor rigging, was forced to reverse its