The Department of Business, Innovation and Skills today published the draft regulations that will implement the Government’s plans to reform the pay of quoted company directors. The regulations are contained in this consultation document. The accompanying BIS press releases are here and here.
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28 June 2012
LIBOR fixing scandal: Bob Diamond letter to Treasury Select Committee leaves key question unanswered
Here is the letter sent by the Barclays Chief Executive to the Chairman of the Treasury Select Committee tonight. Excerpts are copied below .
The letter says that the attempted manipulation was done for two reasons:
- To benefit trading positions.
- More interestingly, in relation to the LIBOR setting process during the credit crisis. That was to attempt to reduce the market perception that Barclays was suffering higher funding costs than other banks.
The key question that the Barclays letter raises, but does not answer, is who took the “decision to lower submissions” in relation to that second reason. It seems ill-advised that Barclays has released a letter that so obviously poses this question but leaves it unresolved. The bank will be under pressure to provide an answer.
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28 June 2012
Chancellor’s statement on LIBOR fixing scandal: market abuse regime to be reviewed, Government to consult on criminal sanctions for bank directors
The Chancellor of the Exchequer made a statement to Parliament today on the FSA’s investigation into Barclays’ attempted manipulation of the LIBOR and EURIBOR rates.
On the general culture that the FSA’s report reveals, the Chancellor said:
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