Wednesday, June 19th, 2013
Ex-CEO of Barclays to face parliamentary grilling over false interest rate reports
THE ASSOCIATED PRESS
LONDON — British lawmakers will later quiz the departed chief executive of Barclays over what he knew about the interest rate scandal which cost him his job.
Bob Diamond is expected to be asked Wednesday about a conversation he had in 2008 with Paul Tucker, the deputy governor of the Bank of England, about Barclays reporting higher borrowing costs than other banks.
Barclays released a memo Tuesday in which Diamond says Tucker told him that “it did not always need to be the case that we appeared as high as we have recently.”
Barclays says a subordinate mistakenly thought the central bank had ordered it to report lower rates.
Three members of the Barclays board have resigned this week over the scandal and the government has backed a parliamentary investigation.
03:06ET 04-07-12
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