Barclays false reports "pervasive"

Barclays could be tip of iceberg

 “Barclays Bank’s illegal activity involved manipulating its submissions for benchmark interest rates in order to benefit its trading positions and the media’s perception of the bank’s financial health,” said Assistant Director in Charge McJunkin. “Today’s announcement is the result of the hard work of the FBI Special Agents, financial analysts and forensic accountants as well as the prosecutors who dedicated significant time and resources to investigating this case.”

In a statement, Barclays noted that the case was part of an industry-wide investigation into setting of interbank offered rates. “Barclays has been granted conditional leniency from the Antitrust Division of the

Department of Justice in connection with potential U.S. antitrust law violations with respect to financial instruments that reference EURIBOR. Barclays has received credit from the Authorities for its extensive co-operation,” the statement noted.

Barclays Chief Executive, Bob Diamond, stated in the release, “The events which gave rise to today’s resolutions relate to past actions which fell well short of the standards to which Barclays aspires in the conduct of its business. When we identified those issues, we took prompt action to fix them. …To reflect our collective responsibility as leaders, Chris Lucas, Jerry del Missier, Rich Ricci and I have voluntarily agreed with the Board to forgo any consideration for an annual bonus this year.”

The statement did not mention any clawback in bonuses for the period in which the misconduct occurred.

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