Bob Diamond Hits Back At MP Critics
Former Barclays boss Bob Diamond has hit back at claims he was "highly selective" in his evidence to MPs.
The Treasury Select Committee said Mr Diamond's evidence on the Libor fixing scandal had fallen well short of the standards expected by Parliament.
The MPs criticised Mr Diamond as they published the initial findings of a probe into the circumstances surrounding the fixing of the Libor rate, which sets inter-bank lending prices.
In June, Barclays was fined almost £60m for the offence.
Mr Diamond said he was disappointed and strongly disagreed with several of the committee's statements.
"In particular, I strongly challenge certain assertions about my testimony," he said.
"On July 4, I appeared before the Committee voluntarily and on short notice.
"I answered every question that was put to me to me truthfully, candidly and based on information available to me.
"I categorically refute any suggestion to the contrary.
"I take particular issue with the attacks on Barclays' culture and character.
"Barclays, one of the only major UK financial institutions that did not need a rescue from the UK Government, is a tremendous institution with an over 300-year tradition of supporting economic growth and the communities in which we live and work.
"I am proud of what we accomplished over the 16 years I was employed there and our prudent management of the institution helped avoid the fates that befell other UK banks in 2009."
The Commons Treasury Select Committee said in its report that the Libor scandal had done great damage to the UK's reputation, reducing public trust in banks to an all-time low.
And it accused Mr Diamond of being "highly selective" in his evidence to it.
"Select committees are entitled to expect candour and frankness from witnesses before them," the report says.
"Mr Diamond's evidence, at times highly selective, fell well short of the standard that Parliament expects, particularly from such an experienced and senior witness," it added.
what do you think?
is a bit rich MP's going on about banks and bankers behaviour. These MP's are no better with their greed and sleaze. They all should be taken to task. Why anyone thinks the chancellor is going to do anything is beyond me. They all are of the same cloth so to speak so what is the answer? perhaps a general election while everything is fresh in everybodies mind. The general public seemms to always have very short memories
dont think an election will change anything. the entire system is run by the same cadre of middle class public schoolboys for their own benefit. a public 'wrist slapping' before they all slide off to their private clubs...
Don't suppose you voted for UKIP though, did you...
None of us want to see less in our pay packets of course we dont. None of us want to pay out more and none of us want to see cuts. I dont of course I dont ,from a purely selfish point of view !! But the cold harsh reality is if we want to pay off a debt or reduce a deficit that is what would have to happen....doesn't matter what party is in power, its simple household budgeting. I dont have the answer but I can see that any party who says they believe spending is the answer is going to bankrupt us
Simply not true, Jo. There has never, in all of history, been a successful attempt to deal with a significant deficit based purely on cuts: not one, not ever. Every single recession that has responded positively to action by the administration "in charge" has been dealt with by spending more, and borrowing if necessary to underpin the spending. Cuts fix nothing: they're simply an idealogically-based way to shift the blame, and it is simply IMPOSSIBLE to cut anywhere near enough from public spending to address the current mess and still have a functioning country. Don't forget either that public spending is probably the biggest driver of the economy (think about it - is there a bigger consumer of private sector goods and services? There is not): so instead of cuts, the public sector should be encouraged and enabled to spend, because its spending provides business for a HUGE swathe of the private sector.
MPs have done more damage to the UK than anyone else in history. Their continual back biting between parties damages the Economy The expenses Scandal Their failure to regulate industry including banks and allowing the economy to go into free fall iIts a bit rich these incompetent buffoons criticising others to deflect the public away from the real problem The Amatures that we elect
Your spelling is amateur! The fact is, Diamond is a Yankie slimeball who went further than just playing the rules as our MPs did.
Shalom the fact is Diamond is no slime ball by any standards. Try to get your facts right
Shalom43 I like 1 in 10 of the male population suffer from dyslexia I like 1 in 10 of the population will not apologise to Richard Edwards like you who chose to highlight this
Have we ever been told by how much LIBOR was "adjusted"? Was it by whole Percentage Points or just a few Basis Points? Was it always up or down as well? One begins to wonder if this fuss is Politically motivated rather than Financially??
PLEASE STOP USING THE WORD SCANDAL,ITS FRAUD AND CORRUPTION AT THE HIGHEST LEVEL.THIS SMUG CREEP SHOULD BE DOING 15 TO 20 YEARS IN JAIL FOR WHAT HE HAS DONE.BUT WE KNOW THAT ALL THAT THE MP,S ARE IN HIS POCKET SO HE JUST WALKS AWAY SCOT FREE.
I've been a Barclays customer for 45 years. It's getting close now to moving my accounts and savings to another bank but is there an honest company out there?
The Co-operative Bank, I have been with them for years with no complaints.
Hopefully The Co-operative Bank
Robin Van Der Spiegel
Been with lloyds for years and never had a cause to complain
Seems a tad funny that other banks still have not been named on this. Barclays have ripped the customer off, we all have paid with this either having a loan, mortgage. Because the costs have passed over to us interest etc, it's a joke and the MP's should not be breathing the same air as all of us. They are just like bankers but ?ankers, don't think I've seen a normal person in politics anymore.
I look forward to a time when we have a Public Enquiry into the behaviour of our MPs and watch them squim and duck every question asked of them. They will make Bob Diamond look like Snow White!
You are so right
Frank Who would set the terms of the enquiry - MPs
There are quite a number of them who have already done that whilst being questioned by Paxman....
The farce that Diamond went through was rediculous as was the posturing of the committee.They did not ask the right quesstions. The BOE must have known there was something wrong with the Libor rate immediately but kept quiet for political reasons. I think that this proves how inept that committee is as none of them seem to have banking qualifications .
"Mr Diamond's evidence, at times highly selective, fell well short of the standard that Parliament expects, particularly from such an experienced and senior witness," it added. Obviously has taken lessons from Blair
Why do people keep calling mp's ? We know they are corrupt, we know they wipe their backsides on democracy but still we vote for them. Come the next election just send your voting card back to Westminster with a letter explaining why you hav'nt bothered to vote, eventually they will understand that we think they are just a bunch of money grubbing hippocrits and have to change their ways.
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I watched the whole of Diamond and the select committee on TV and he was less than forthcoming with any of his answers and to say he new nothing of what was happening was incredible.He may as well have took the Fourth Amendment, him being American, for what good his evidence was.
Hopefully The Co-operative Bank is more concerned for their customers.
Yeah, Barclays didn't need a Government bailout coz they went to the Arabs and they bought the company out
These MP's are not fit to clean Bob Diamond's shoes. They lack intelligence, are as far away from the real World as is possible and are an embarrassment to the country.
LIBOR is fixed a 11:00 everyday and is made up 20 Banks LIbors. If 19 Banks submitted 2% and Barclays @ 3% the LIBOR would be "overstated by five onehundreths of one %. I.E. it makes Sweet F Adams of a difference......... Perspective people! This is a Political fuss NOT a Financial one!!
Let's be honest there all frugal with the truth both bankers and MPs if they were cars they are so frugal you would get 1000 miles to the gallon