BARCLAYS BANK FRAUD: The Fallout Continues

Yesterday (Monday, July 2nd, 2012) we reported that the London based Barclays Bank had been slapped with trans-Atlantic fines of $453 million for bank fraud: i.e., price-fixing of interbank borrowing rates between 2005 and 2009 in London. As a direct result of the banking scandal, Barclays' chairman of the board, Marcus Agius, resigned immediately.

Today, (Tuesday, July 3rd, 2012), one day later and as demanded, Barclays' chief executive officer Bob Diamond quit his job as well. A technical description of the price-fixing bank fraud that Barclays Bank was caught engaging in is as follows:

Barclays and other international banks currently under investigation by U.S. and United Kingdom bank regulators conspired to "rig Libor and Euribor", the interest rates at which banks lend money toe ach other and which undergirds trillions of pounds (and dollars) worth of financial transactions.

[marketday.msnbc.msn.com/news/2012/07/03/barclays-chief-executiveBobDiamond...; Thomson Reuters, 07/03/2012]