A series of letters from the Financial Services Authority (FSA) to Barclays published in lieu of the Libor-fixing scandal reveal deteriorating trust between the bank and the City regulators, and concerns regarding the lender’s culture and behaviour over a period of many years. The degeneration of culture resulted in Bank of England governor Sir Mervyn King telling the bank’s non-executives that boss Bob Diamond had to leave. A letter from…

Several of the MPs who questioned Bob Diamond last week are now considering calling him back for a second session of questioning because they are dissatisfied with his answers. Andrea Leadsom, who was part of the inquiry team in Bob Diamond’s questioning, admitted that the Select Committee was nowhere close to the truth behind the Barclays banking scandal. Leadsom complained that she found parts of Diamond’s evidence “simply unbelievable”, while…

A House of Commons vote on Thursday night ruled out Labour’s demand for a judge-led public probe into Barclays rate-rigging scandal, leaving Ed Balls no choice but to agree to cooperate with a parliamentary investigation into the matter. The Shadow Chancellor, however, maintained there was a strong case for an independent judicial inquiry into the banking fiasco which has led to a series of resignations at Barclays and has also…

Bob Diamond, the CEO of Barclays, resorted to blaming other banks for misleading markets about their ability to borrow and regulators for taking no notice of the happenings. “This isn’t just Barclays. Throughout 2007 and 2008, no institution of the 16 banks reporting three-month dollar Libor was at the higher end more consistently than Barclays. Barclays was getting questions about why it was always high and we were saying, ‘We…

David Cameron and Labour leader Ed Miliband clashed in the Commons over the terms of an inquiry into the interest rate-rigging scandal surrounding Barclays. The Prime Minister said a single parliamentary inquiry into the “appalling” events would be the most “swift and decisive” course of action. But Labour’s leader said this was “too narrow” and a much wider judicial probe into the culture of banking was needed. At Prime Minister’s…