Wednesday, July 4, 2012

Barclays exec blamed for order to misreport rates

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)

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)

FILE - In this Saturday, Jan. 29, 2011 file photo Bob Diamond, Chief Executive of Barclays, listens during a session at the World Economic Forum 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/Virginia Mayo, 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.

Associated Press

Source: http://hosted2.ap.org/APDEFAULT/f70471f764144b2fab526d39972d37b3/Article_2012-07-03-Britain-Barclays/id-ae5851cf176c410090e7f1c82b562352

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