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the wake

the wake

Inside Story - Rigged bank rates: Is there more to come?

1y ago
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In the wake of the bank rate-rigging scandal, Bob Diamond, Barclays chief executive, announced his resignation from the post with immediate effect, on Tuesday. In a statement, Diamond, who faced mounting calls to step down, said he made the decision as the external pressure on the bank has reached a level that risks "damaging the franchise". Barclays Bank was fined a record $450m last week, for attempting to manipulate the London interbank offered rate, Libor, during the financial crisis between 2005 and 2009. Libor is a measure of how much banks have to pay to borrow from their rival and is worked out every day from estimates submitted by the major banks of their own interbank lending costs.