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…

It would be unfair to hold the deputy governor of the Bank of England responsible for the rate-rigging scandal, believes George Osborne, who suggested Labour ex-ministers and aides could have played a part in the row. Referring to the memo that BoI released on Tuesday, Osborne said the Bank has made it clear that they did not ask Barclays to “cut its Libor rate”. The Chancellor’s statement comes after Bob…

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…

David Cameron has launched a speedy inquiry into Barclay’s rate-rigging scandal to deal with the widespread criticism of British banking. Cameron said the Serious Fraud Office were looking at whether any criminal prosecutions could be brought. “I want us to establish a full parliamentary committee of inquiry involving both Houses chaired by the Chairman of the House of Commons Treasury Select Committee”, he said. “This inquiry will take evidence under…