Bob Diamond Resigns

Bob Diamond has resigned with immediate effect as chief executive of Barclays, bowing to public and political pressure over the Libor rate-setting scandal.

What a country, you can’t even preside over a multi-billion dollar fraud and keep your job anymore!

On an unrelated note:

Sixteen banks are attempting to dismiss the Libor class action against them in the US. The group includes Bank of America, Citigroup, UBS, JP Morgan, and Deutsche Bank. In filings made in the New York federal court on Friday and Saturday, the banks’ lawyers argue that plaintiffs in the class action failed to make their case that banks acted together to manipulate the dollar Libor rate. The plaintiffs, who include the City of Baltimore and Charles Schwab, allege the banks manipulated the rate to reduce interest payable on Libor-based instruments. (Wall Street Journal)