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Barclays exec blamed for order to misreport rates
July 3, 2012
FILE - In this Wednesday, Jan. 27, 2010 file photo Bob Diamond, Chief Executive of Barclays, listens during a plenary session on the first day of the 40th Annual Meeting of the World Economic Forum, WEF, in Davos, Switzerland. Barclays Chief Executive Bob Diamond has resigned with immediate effect, the latest scalp of a financial markets scandal that has also cost the job of the chairman. The bank said Tuesday July 3, 2012, that outgoing-chairman Marcus Agius would lead the search for Diamond's replacement. (AP Photo/Keystone/Laurent Gillieron, file)
LONDON (AP) — Documents released by Barclays bank say that its departed chief operating officer, Jerry del Missier, was responsible for ordering others to report lower than actual borrowing rates.
Del Missier resigned Tuesday, hours after Bob Diamond quit as chief executive.
The bank released a memo by Diamond recounting a conversation with a Bank of England official. Barclays said Diamond discussed the call with del Missier, who wrongly concluded that the Bank of England had instructed Barclays to keep its submissions lower.
(Copyright 2012 Associated Press. All Rights Reserved. This material may not be published, broadcast, rewritten, or redistributed.)
