Barclays’ Diamond accused of misleading inquiry
LONDON, (Reuters) - British lawmakers yesterday accused Barclays former chief executive Bob Diamond of misleading a parliamentary inquiry into an interest rate-fixing scandal that has forced him to resign and give up bonuses worth up to 20 million pounds ($30 million).
Diamond hit back, calling the comments made by a parliamentary committee “unfair and unfounded”.
The affair became a major political issue in Britain this month, after authorities fined Barclays more than $450 million for its part in manipulating a crucial interbank interest rate. Diamond resigned on July 3.
Marcus Agius, the chairman of Barclays when its traders fiddled the rate, appeared before a hostile parliamentary panel as part of its investigation into the row which as caused widespread public anger in Britain.
In 2-1/2 hours of gripping testimony, he acknowledged the central bank chief had played a key role in pushing Diamond out of his job, and described the personal drama behind the scandal.