http://thedianerehmshow.org/shows/2012-07-09/global-banking-scandal
Former Barclays Chief Executive Bob Diamond leaves after
giving evidence to the Treasury Select Committee at Portcullis House in
central London on Wednesday July 4, 2012. Diamond said Wednesday that
his bank illegally reported low borrowing rates in October 2008 because
other banks were reporting even lower ones, making Barclays look bad and
threatening efforts to attract investment from Qatar. Pressure had been
building on the bank over the past week since U.S. and British
regulators imposed fines totaling $453 million against Barclays for
false reporting of its borrowing costs between 2005 and 2009.
(AP Photo/Lefteris Pitarakis)
The deputy governor of
the Bank of England Paul Tucker goes before the British Parliament
today as part of a widening probe into bank manipulation of a key
interest rate. He will be quizzed about whether banks were encouraged
to lie about the LIBOR during the 2008 financial crisis. LIBOR is the
acronym for London interbank overnight rate, used to set interest rates
for trillions of dollars of contracts worldwide. The scandal has already
cost Barclays Bank its top three officials. As part of a $450 million
dollar settlement with U.S. and U.K. regulators, the British banking
giant admitted to rigging the LIBOR as early as 2005. The probe has
widened to most global banks. Joining Diane to discuss the fallout are
University of Maryland School of Law professor Michael Greenberger,
chairman of the Commodity Futures Trading Commission Gary Gensler,
Francesco Guerrera of The Wall Street Journal and Andrew Palmer of The
Economist.
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