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July 2, 2012

Barclays Chair Resigns over Rate Fixing 
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The chair of the banking giant Barclays has resigned in the aftermath of
an interest-rate fixing scandal that will likely spread to other firms.
Marcus Agius announced his departure just days after Barclays was fined
$453 million by U.S. and British authorities for manipulating key
interest rates. A British probe found Barclays conspired to manipulate
the London Interbank Offered Rate, or LIBOR, which provides the basis
for rates on trillions of dollars in transactions across the globe. The
manipulation meant millions of borrowers paid the wrong amount on their
loans. A Justice Department probe of Barclays is continuing, and other
banks could be implicated as well.

 

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