Barclays rate-fixing scandal could hit U.S. shores

Staff at the chief City regulator should be cleared of negligence despite failing to spot clues that banks were manipulating interest rates to generate millions of pounds in bonuses and profits, an internal report into the Libor rigging scandal has ruled. The Financial Services Authority said staff did not have responsibility for monitoring Libor submissions, which were collected and published by a separate regulator, the British Banking Authority.

Britain’s third-largest bank Barclays sacrificed its chairman Marcus Agius over an interest rate rigging scandal, but that has not taken the heat off chief executive Bob Diamond

The British investment bank Barclays announced its first big casualty of a scandal involving attempts to manipulate key interest rates: Its chairman, Marcus Agius, will step down.

Marcus Agius confirms he will resign as the chairman of Barclays following the inter-bank lending rate fixing scandal.