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Bob Diamond, chief executive of Barclays, has “ very serious questions ” to answer about the growing scandal around attempts to manipulate the London Interbank Offered Rate (Libor) , UK Chancellor George Osborne said Thursday.
The bank’s shares plummeted Thursday, along with other UK banks like HSBC, Lloyds and RBS, as the storm brewing over manipulation of the interbank lending rates known as Libor and Euribor grew.
Banks outside the UK such as Citigroup , which the UK Chancellor of Exchequer says is not part of the probe but which helps set Libor, were also down.
Osborne hinted at more stringent regulation of the banking sector as he railed against “systemic failures” where the “only motive was greed.” He added that the government was examining changing the law to make it a criminal offence to manipulate Libor.
Diamond is also likely to face questions from the Treasury Select Committee after Osborne backed the Committee’s calls for him to appear and said he had “very serious” questions to answer about what he knew, when he knew it and who should pay the price.
Those summoned by a UK parliamentary committee are obliged to appear.
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