Barclays chairman resigns over LIBOR scandal.

July 2, 2012 Finance 

Guardian: “….Lord Oakeshott said: “Bob’s still got to go. Barclays simply isn’t safe in his hands. The board is so hopeless they’ve just shot the head of the firing squad and missed the prisoner.”….The bank was fined for attempting to fix interest rates, known as the London interbank offered rate (Libor) and the European equivalent, Euribor. These are two benchmarks that are the basis for pricing an array of financial products, potentially affecting the price at which households and businesses borrow money. / The Financial Services Authority fined the bank £59.9m, while in the US the department of justice and the Commodities Futures Trading Commission also imposed fines, some £230m combined.”

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