Few staff to blame for Barclays scandal
June 29 , 2012
The boss of British bank Barclays says its manipulation of lending rates was "limited to a small number of people".
Bob Diamond added that authorities found no evidence that knowledge of the practice went any higher than "immediate desk supervisors".
He did that the bank's control systems should have been much stronger.
Barclays was fined $450 million for trying to manipulate the setting of the London Interbank Offered Rate (Libor) and the Euro Interbank Offered Rate (Euribor).
Its traders lied to make the bank appear more stable during the financial crisis and often worked with traders at other banks to make a profit.
Barclays' wrongdoing relates to the daily
The interest rates are two of the most important in the global financial markets and affect the value of trillions of dollars of financial deals between banks and other institutions.