Diamond ordered fixing: Former right-hand man
Bob Diamond was accussed by his former right-hand-man as well as three top City regulators that he was the one who gave the direct instructions to lower down the Libor rates at the heart of the rigging scandal of the rates of interests.
Jerry del Missier, who is the former chief operating officer at Barclays, had informed the Treasury Select Committee that it was Diamond who had in the month of October of the year 2008 had asked him to get the rates of Libor down.
This revelation came in when the former boss of Barclays was being labelled as not being very chatty when he had appeared in front of the panel of the Member of Parliament as far as the matter of Libor scandal was concerned.
Last weak, Diamond had testified that Del Missier had told the traders to lower down the Libor rates in the October month of the year 2008 after he had done misinterpretetion of an e-mail. But this statement was clearly crushed by the claims of Del Missier that he was given these orders while they were having a telephonic.
conversation.
Del Missier, is the third of the three senior directors who was ejected from Barclays who will be questioned by the Member of Parliament over the scam that had cost the bank a huge sum of 290 million in the form of fine after he had given a confirmation that he had given the orders of low-balling.
He had said that he had passed on the instructions to the head of thee money market desk. He added that he had relayed the content of the conversation which he had with Diamond. He was expecting completely that views of the Bank of England views will be incorporated in the Libor submission. He had also expected that they will be those views into account. He also made an addition that he had taken this decision after he had a word with Diamond over the phone. Apply with loans for bad credit @ www.loansforpeoplewithbadcredithistory.org .uk best quick fund solution of bad creditors.
The Member of Parliament pin pointed that the evidence which he provided did not fit with the ones that Diamond gave. To this Del Missier gave a reply, he very clearly and only remembers what he can recall from the telephonic conversation that he had. He also made a revelation the compliance team at Barclays given a note in which they were made aware about the order of lowering the Libor submissions.
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