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Its chairman Marcus AGS resigning today following the banks of record fine for manipulating interest rates and now pressures building.
Possibly for the CEO Bob Diamond to sit down and what about other Beck's Fox Business obtained a copy of the memo diamond sent to employees today in in the letter.
Bob Dimon noted above -- -- sorry because we let down the people whose trust we rely on our customers and clients our shareholders our regulators.
And the communities in which we live and work.
He also wrote more than anything though I am angry because the impression has been given that the behavior revealed in the documents last week is indicative of the culture at -- generally.
Says it's not so -- Bob Diamond be held responsible and what about as I say the other fifteen banks that put together that interest rate that was being manipulated.
Brian Charles is managing director RW press production company and joins me now first to bother couple of issues we need to grapple with number one Bob Diamond.
If the chairman already stepped out of the chairman was the guy who was one of the former chairman of that Libor rate which was being manipulated it isn't that enough.
Pulled off this this new management team is that really the way to solve this.
It I can't really speculate on that I -- cover Barkley specifically.
I know Bob Diamond has acknowledged that the into the bank operator operated improperly during the period in question.
I don't know has given up -- his bonus but I AM I'm not ready to speculate that he'll be stepping Amitabh Chelsea so let's go to the rest of the banks.
There are sixteen banks total that help calculate this rate that was being manipulated.
Surely Barclays isn't the only -- I mean if you really look at the behavior of these traders -- were emails at Barclays.
Others have already acknowledged that they're being investigated as well -- I don't -- any first hand knowledge of this but when looking at the Barclays settlement.
With the FSA the British that say they do.
The save their settlement that number of their traders are derivatives traders which were working or at least -- to communicate with the money market just as they were submitting -- submissions.
We're talking with other banks.
There -- several instances of that in the settlements that would implies that there were other banks that were.
Talking with Barclays may be talking with each other trying to come up with an agreement for what -- Portia -- Barclays was smacked pretty hard 454.
Million dollars in fines.
The commodities futures trading commission as part of that find it was a -- 200 million dollars we have Bart Chilton who runs it she would not acknowledge.
Other banks he said I can't discuss ongoing investigations which to me says yes other banks are being looked at.
Does the entire way that Libor is.
Calculated need to be overhauled because this affects everything from we would -- -- littlest.
Credit card loans mortgage rates all kinds of rates eventually.
Are in some -- touched by what these banks -- should be the London Interbank offered rate right fortunate.
-- a lot of how Libor fixed unit generated our wares outside of the banking market.
Doesn't seem to have been impacted to substantially by the interest rate manipulation here as far as Barclays admission is concerned.
As when manipulating it bought what Libor for the sake of maybe gaining some job.
A some gains on some of the derivatives traders are really trying to manipulate -- by half a basis point maybe one basis point.
And a lot in new -- this instances they were acknowledging that there might not even be included in the final average is that's calculating it but it is pretty much manipulation.
Whether it's a small degree were too large to -- it is something that needs to be -- communities we fit them because of that.
I've a feeling Libor will be overhaul facets to this submitted a calculator right now it's pretty objective.
It's essentially based on the bank's own calculation for how much it's paying to borrow money across other banks in the am feeling a lot more system.
But if there are times where they might feel that they want to understand how much they're trying to borrow and that can manipulate awkward time.
More -- yes or -- in your content.
-- -- Sorry it's it's it's preliminary I can't really speculate on that but it does seem like -- -- beyond just Barclays Brian Charles RW -- -- and company managing director.
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