Ex-CEO of Barclays to face parliamentary grilling over false interest rate reports | iNFOnews | Thompson-Okanagan's News Source

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Ex-CEO of Barclays to face parliamentary grilling over false interest rate reports

FILE - In this Wednesday, Jan. 27, 2010 file photo Bob Diamond, Chief Executive of Barclays, listens during a plenary session on the first day of the 40th Annual Meeting of the World Economic Forum, WEF, in Davos, Switzerland. Barclays Chief Executive Bob Diamond has resigned with immediate effect, the latest scalp of a financial markets scandal that has also cost the job of the chairman. The bank said Tuesday July 3, 2012, that outgoing-chairman Marcus Agius would lead the search for Diamond's replacement. (AP Photo/Keystone/Laurent Gillieron, file)

LONDON - British lawmakers will later quiz the departed chief executive of Barclays over what he knew about the interest rate scandal which cost him his job.

Bob Diamond is expected to be asked Wednesday about a conversation he had in 2008 with Paul Tucker, the deputy governor of the Bank of England, about Barclays reporting higher borrowing costs than other banks.

Barclays released a memo Tuesday in which Diamond says Tucker told him that "it did not always need to be the case that we appeared as high as we have recently."

Barclays says a subordinate mistakenly thought the central bank had ordered it to report lower rates.

Three members of the Barclays board have resigned this week over the scandal and the government has backed a parliamentary investigation.

News from © The Associated Press, 2012
The Associated Press

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