‘Barclays inquiry, a whitewash’

Earlier this month, British MPs agreed on a limited parliamentary investigation into the scandal. Andrew Tyrie, the Conservative lawmaker who heads the Treasury Committee, was named by a motion submitted to the House of Commons to lead the inquiry.

However, in an e-mailed statement, Mann described the probe as a “whitewash” and called for a full-scale inquiry.

“This exposes the inquiry as a total whitewash with Andrew Tyrie reaching his conclusions in advance of the meetings. We need to get to the bottom of this scandal and I’m therefore setting up my own inquiry into this dreadful mess”, he said.

Earlier this week, the Bank of England’s deputy governor, Paul Tucker, also told British MPs at the Commons Treasury Committee that the Barclays scandal was just the tip of the iceberg for City corruption.

Manipulating the London Interbank Offered Rate (Libor), a measure of how much banks charge each other for loans, cost the second biggest UK bank record fines of £290 million.

This was followed by the resignation of three top executives, Marcus Agius, the chairman of Barclays, Robert Diamond, Barclays Chief Executive Officer, and Jerry del Missier, Chief Operating Officer and a top deputy to Diamond.

However, on Wednesday 4 July, Diamond blamed American and British authorities for the scandal as he told British MPs that he had raise concerns on several occasions with them about the discrepancies over how Libor was set.

ISH/MA/HE

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