The British Parliament continued their investigation into Barclays Bank and the Libor scandal this week, and it’s just getting worse and worse for everyone involved. Yesterday, Jerry del Missier, the former COO of Barclays, testified that he was instructed by CEO Bob Diamond to manipulate the Libor down in 2008, to mask the ill financial health of the bank.
|By: David Dayen Tuesday July 17, 2012 10:15 am|
|By: David Dayen Tuesday July 10, 2012 1:25 pm|
As the Libor scandal intensifies, some of the scrutiny has shifted from the role of the banks to the role of the regulators who potentially either actively ignored the rate-rigging happening under their noses, or outright encouraged it. This was the accusation leveled by former Barclays Bank CEO Bob Diamond, though BoE official deny it. But it fits a larger pattern of regulators protecting the banks through actions and inaction on wrong doing.