Barclays ex-chief operating officer, Jerry del Missier, contradicted Robert Diamond, saying his former boss told him to submit artificially low Libor rates, and blamed compliance managers for failing to act. Del Missier, 50, told Parliament’s Treasury Committee today that he received an instruction from Diamond, then chief executive officer, that he took to have come from the Bank of England. He said he then “passed the instruction along” to Mark Dearlove, head of the bank’s money-markets desk, to lower its contributions for the London interbank offered rate… [Bloomberg, related]

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Comments (11)

  1. Posted by Guested | July 16, 2012 at 6:00 PM

    Watching for an inappropriate Twitter message from Little Miss Diamond in 3…2…

  2. Posted by VonSloneker | July 16, 2012 at 6:18 PM

    Nobody puts baby in the corner…hmd

    – Nell

  3. Posted by Bugs | July 16, 2012 at 6:52 PM

    We're holding a spot for him at the outcast's bridge table.

    – Jimmy Cayne

  4. Posted by Barclays Global | July 16, 2012 at 7:06 PM

    The issue stemmed from a inability to translate messages accurately between Bobby's American and Jerry's British. It pervaded the whole corporation.

  5. Posted by Dick | July 16, 2012 at 7:15 PM

    You bring the weed. I'll bring the 800 lb gorilla.

  6. Posted by Guest | July 16, 2012 at 8:16 PM

    British, Canadian..same diff, no diff.

    — UBS Geography Quant

  7. Posted by UBS London Trader | July 17, 2012 at 1:55 AM

    Nobody was ever willing to lend to us in inter-bank markets, so I reported the LIBOR as 0.

  8. Posted by HFguy | July 17, 2012 at 11:39 AM

    "Barclays ex-chief operating officer, Jerry del Missier, contradicted Robert Diamond, saying his former boss told him to submit artificially low Libor rates, and blamed compliance managers for failing to act."

    Don't blame Del Missier "The 50 Yr Old Kid"

  9. Posted by F. Pantangeli | July 17, 2012 at 12:40 PM

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