Barclays reckons other banks were also meddling with LIBOR. From the BBC:
Senior managers at Barclays have warned staff in an internal memo that the Libor scandal will envelop other banks. The memo circulated on Friday said that revelations about its rivals would "put in perspective" Barclays' culpability.
Will other Bank CEOs follow the lead of Bob Diamond and resign? If Bob had to go, then so must others.
4 comments:
There is a lot of blame to go around. Why should Barclays keep it all to themselves.
Jamie Dimon?
If you pause to look at the Libor process for deriving a rate then it seems beyond improbable that Barclays were alone in the dubious behaviour.
There virtually HAD to be collusion between the banks.
News now saying Barclays is pulling out of the UAE inter-bank offer rate panel. Probably a sensible thing to do but I doubt quarantining Barclays at this point will stop the contagion.
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