Bloomberg Anywhere Login

Bloomberg

Connecting decision makers to a dynamic network of information, people and ideas, Bloomberg quickly and accurately delivers business and financial information, news and insight around the world.

Company

Financial Products

Enterprise Products

Media

Customer Support

  • Americas

    +1 212 318 2000

  • Europe, Middle East, & Africa

    +44 20 7330 7500

  • Asia Pacific

    +65 6212 1000

Communications

Industry Products

Media Services

Follow Us

Diamond Says Unaware of ‘Mechanics’ of Libor, N.Y. Times Reports

May 2 (Bloomberg) -- Robert Diamond, ousted as chief executive officer of Barclays Plc after the U.K. bank was fined for rigging interest rates last year, said he was unaware of the mechanics of how the London interbank offered rate was set, according to the New York Times.

Before the scandal broke, he wouldn’t have known who at the bank was responsible for submissions to the benchmark, Diamond said in an interview with the newspaper today. As he turned through the pages of internal e-mails among traders uncovered by regulators he felt “physically sick,” he was cited as saying.

He was ousted by Bank of England government Mervyn King, who told Barclays chairman Marcus Agius at a July 2 meeting that Diamond no longer had the confidence of his regulators, the New York Times reported. Diamond says his initial reaction is still that King didn’t have the authority to do that, the Times said.

Diamond also told the newspaper he underestimated the U.K. public’s anger against banks and their executives. He’s now considering plans to start a firm that will buy stakes in businesses in Africa and Europe, according to the Times.

To contact the reporter on this story: Ambereen Choudhury in London at achoudhury@bloomberg.net

To contact the editor responsible for this story:

Please upgrade your Browser

Your browser is out-of-date. Please download one of these excellent browsers:

Chrome, Firefox, Safari, Opera or Internet Explorer.