Barclays Bob Dimond Held Back Evidence During Hearing
In a report issued on Saturday regarding the manipulation of a key inter-bank interest rate, the cross-party Treasury Select Committee claimed that Diamond offered “highly selective” evidence when he was questioned over the Libor affair.
The committee also accused British regulators of showing serious shortcomings in their failure to stop Barclays manipulating the key Libor interest rate.
“The sustained rigging of a crucial benchmark rate has done great damage to the UK’s reputation. Public trust in banks is at an all-time low,” Andrew Tyrie, the committee’s chairman, said.
“Urgent improvements, both to the way banks are run, and the way they are regulated, is needed if public and market confidence is to be restored.” – Source: Aljazeera