In his statement this afternoon on LIBOR, the Chancellor of the Exchequer announced a plethora of inquiries and reviews:
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2 July 2012
LIBOR scandal: Serious Fraud Office looking at criminal charges, review into adequacy of sanctions for financial misconduct, Parliamentary inquiry into banking standards
2 July 2012
“I love Barclays, and I am proud of all of you”: Bob Diamond letter to staff
Bob Diamond has written to all Barclays staff about the LIBOR scandal and the resignation of the bank’s chairman. The most interesting part of the letter concerns the failures of Barclays risk management:
“The events revealed last week arose in large part because we did not have appropriate controls in place. Frankly, we misjudged the risk associated with the underlying activity. That must never happen again. Once we better understood the risks, we put in place the right controls and systems.”
Mr Diamond doesn’t address the question that is likely to preoccupy the Treasury Select Committee on Wednesday: to what extent did he know about the incorrect LIBOR submissions at the time they were made?
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2 July 2012
“A devastating blow to Barclays reputation”: chairman resigns, bank launches independent review of its business practices
The chairman of Barclays, Marcus Agius, has resigned following the LIBOR scandal. Mr Agius said in the bank’s statement:
“…last week’s events – evidencing as they do unacceptable standards of behaviour within the bank – have dealt a devastating blow to Barclays reputation. As Chairman, I am the ultimate guardian of the bank’s reputation. Accordingly, the buck stops with me and I must acknowledge responsibility by standing aside”.
The bank has started an independent review of its business practices:
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