Barclays Bank slammed for lack of internal control
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In Britain, a parliamentary investigation into the rigging of rates, which banks lend money to each other, has strongly criticised Barclays Bank for lack of internal controls over several years. The MPs also said former Head of the Bank Bob Diamond provided highly selective evidence to its committee.
In June, Barclays Bank paid fines totally $450 million after admitting trying to rig one of the world's most important interest rates. As a result, the House of Commons Treasury Select Committee launched an inquiry into Barclays, the Financial Service Authority and the Bank of England.
The MPs accused Bob Diamond, the former Chief Executive of Barclays Bank, of providing them with a highly selective evidence which fell well short of the standard the Parliament expected, particularly from such an experienced and a senior witness.
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