LAST week, another UK banking executive was made to squirm in front of the TV cameras as he was grilled by angry parliamentarians over alleged corruption in his organisation.
Barclays bank was fined $450 million by UK and US authorities for its part in an inter-bank interest-rate fixing operation. Now the bank’s former chief executive Bob Diamond has told a UK Treasury committee that rogue employees operating far outside the bank’s trading and dealing rules were to blame.
“When I read the emails from those traders I got physically ill,” Diamond said of the missives that proved Barclays staff had rigged the rates.
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