Financial scandals, Chairman of Barclays Bank Backward
Chairman of the Board of Directors of Barclays Plc., Marcus Agius, officially resigned from one of the British bank’s high profile. The resignation is related to the scandal over the manipulation of interest rates in the London interbank (Libor), which involves the bankers Barclays.
According to Reuters, this scandal has been polluting the reputation of Barclays. Barclays led the board of directors for 5 years and 6 months, Agius forced to remove his position as a form of responsibility.
“The series of events that took place last week it became evident that the act does not fit the bank’s standards and has destroyed the reputation of Barclays. Let the problem was just my responsibility. And I realize that responsibility by resigning,” said Agius.
Barclays they claimed that a number of traders trying to manipulate Libor. Interest rates in London were used in the banking world as the benchmark for derivatives pricing and install other financial products.
However, politicians also demanded that the Chairman of the Corporate Executive (CEO) of Barclays, Bob Diamond, must abandon his post. “He should step down. People like him should not be used again if the UK banks to re-earn the trust of the country as well as remove a bad reputation abroad. Banking is of course very important to the economy of this country,” said John Mann, a member of Parliament from the party labor.
Mann, including one of a number of British parliamentarians who drilled the Diamond and Agius in a special session in parliament last week that manipulation scandal. This makes the scandal was given Barclays a fine of U.S. $ 453 million by the authorities in the UK and U.S..
Barclays management also claimed to have handed manipulation of data about loan rates from late 2007 to 2009. They thought the banks competitors would do the same, because when interest rates appear higher than they handed it will be trouble.
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