barclaysratefixing

Barclays bankers lose High Court bid to remain anonymous over libor scandal

A judge this week named the Barclays bosses and others who tried to  keep their identities secret in a landmark case linked to the libor rate scandal.

Former chief executives Bob Diamond and John Varley, current investment bank boss Rich Ricci and ‘casino banker’ Jerry del Missier were among those trying to keep their involvement in the case under wraps.

But the judge said it would be an ‘affront to the principle of open justice’ to bar the public from knowing the names involved – and demanded that they be published immediately.

The decision to reveal the names heaps further embarrassment on a bank which has been hit by a string of scandals, including the rigging of the Libor rate and the ‘aggressive’ mis-selling of payment protection insurance.

In his written ruling, Mr Justice Flaux said the public had ‘a legitimate interest in learning who in the banking community is alleged to have been implicated in the manipulation of Libor’ and should be given ‘the full picture’.

Barclays became the first lender to be fined last June when it was hit with a £290million penalty by regulators in the UK and the US.

Damning emails showed how traders bragged about rigging interest rates, promising each other bottles of champagne to take part.

Five Barclays staff have been sacked over the scandal, with another eight disciplined.

The  revelations also led to the departure of Mr Diamond and his right-hand man Mr del Missier, both of whom denied knowledge of the conspiracy.

Following the judge’s ruling, 104 names have been published – all of them employees whose emails were handed to the City watchdog as part of its probe into Barclays.

 

dailyalternative | alternative news – Barclays in the mire again Libor Scandal….Name and Shame lets hope they are held accountable

via Barclays bankers including former boss Bob Diamond lose High Court bid to remain anonymous over alleged involvement in Libor-fixing scandal | Mail Online.

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