UK: Barclays boss gives up bonus after bank fined for "widespread misconduct"
Date: 27 Jun 2012
Chief executive Bob Diamond will give up his bonus for the year after Barclays was fined for attempts to rig the key interbank interest rates after a period of what the Financial Services Authority (FSA) called "serious and widespread misconduct."
Barclays said that conduct of some staff between 2005 and 2009 fell "well short" of its standards. The FSA said of the bank's behaviour: "Making submissions to try to benefit trading positions is wholly unacceptable. Barclays' behaviour threatened the integrity of the rates with the risk of serious harm to other market participants."
Diamond's bonus had already been the focus of some criticism as a wave of negative publicity on huge bonuses for banking executives and other senior business leaders. He had also hit the headlines when he declared that the time for banks to apologise was over.
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In a recent article, the BBC's economics editor Robert Peston highlighted the fact that in 2012 the chances are that the economy - punch drunk as it is from the various flavours of debt crisis it has been pummelled with over the course of the year - will be hit by the collapse of a major bank and / or government.
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