Pool photograph by Agence France-PresseRobert E. Diamond Jr., Barclays’ former chief, testified to lawmakers last week about the bank’s interest-rate manipulation scandal.
LONDON – Robert E. Diamond Jr., Barclays‘ former chief, defended his testimony as the list of senior officials set to appear before Parliament about the Barclays interest rate manipulation scandal is getting longer.
Top executives from the Financial Services Authority, the British regulator, and Jerry del Missier, a senior Barclays official who resigned because of the scandal, are to testify on Monday before a British parliamentary committee.
The regulators to testify include Adair Turner, chairman of the Financial Services Authority; Andrew Bailey, the head of its prudential business unit; and Tracey McDermott, the acting head of the regulator’s enforcement and financial crime division.
The move to question the senior British officials and Mr. del Missier comes after Robert E. Diamond Jr., the former head of Barclays, and Marcus Agius, its chairman, both testified before the committee.
On Tuesday, British lawmakers focused their anger on Mr. Agius, who was peppered with questions about the actions of Mr. Diamond and the culture inside the bank.
Their questions were centered on two letters that were sent by British regulators that raised questions about Mr. Diamond’s management style. Some of the concerns dated back to his appointment to the bank’s top spot in late 2010.
During his testimony last week, Mr. Diamond said the bank had maintained a good relationship with the Financial Services Authority, adding that he did not recall that the regulator had raised concerns about the bank’s activities or its internal culture.
The British politicians asked Mr. Agius whether Mr. Diamond had been completely forthcoming in his testimony.
“Would you say that Mr. Diamond lied to this committee?” David Ruffley, a member of Parliament, asked Mr. Agius.
“I can’t comment on Mr. Diamond’s testimony,” Mr. Agius replied.
In response, Mr. Diamond wrote to Andrew Tyrie, the committee’s chairman, late on Tuesday, saying he was “dismayed” that some of the politicians apparently believed he had been less than candid.
“Any such suggestion would be totally unfair and unfounded,” Mr. Diamond wrote, adding that he would be willing to discuss the issue with the British lawmakers. “The comments made at today’s hearing have had a terribly unfair impact upon my reputation.”
Article source: http://dealbook.nytimes.com/2012/07/11/more-officials-called-to-testify-on-libor-scandal/?partner=rss&emc=rss
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