LIBOR

The buck must stop at both chairs and chiefs

Two elements of Marcus Agius’s statement of resignation as Barclayschairman strike me as strange.

One is his reference to “last week’s events” having “dealt a devastating blow to Barclays’ reputation”. The way I read the regulatory reports

on the bank’s involvement in rigging interbank lending rates, the blows were dealt as early as 2005, were largely self-inflicted, and continued for years. The implication that outside “events” have only now put the bank’s image on the line is at best inappropriate, at worst misleading.

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