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Libor scandal: Del Missier 'instructed' by Diamond

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    Libor scandal: Del Missier 'instructed' by Diamond

    It's getting better and better!

    "A former Barclays executive has told MPs he was instructed by his then boss, Bob Diamond, to cut the bank's Libor interest rate submissions.

    Jerry del Missier, who quit as Barclays chief operating officer, has appeared before the Treasury select committee.

    Asked if a 2008 phone call from his boss was an instruction to cut the rates Mr del Missier said "yes it was".

    Last month, Barclays was fined £290m after admitting trying to manipulate Libor from 2005 to 2009.

    Barclays has said that Mr del Missier told his traders to cut the Libor interest rate submissions following a misunderstanding over a note sent from Mr Diamond.

    However Mr del Missier told MPs he acted on the basis of a phone call from Mr Diamond made the day before.

    "I took the action on the basis of the phone call that I had had with Mr Diamond," Mr del Missier said. "

    BBC News - Libor scandal: Del Missier 'instructed' by Diamond

    US Justice Department will be pleased to hear that

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