Bob Diamond, the ex-CEO of Barclays, who was ousted from his position during Libor rigging scandal, has been named as one of the 25 senior bank executives to have been aware of the Libor rigging by regulators investigating Barclays’ Libor rigging scandal. On Thursday, an email which suggested the involvement of senior Barclays staff in the Libor rigging scandal was read out in high court.The disclosed list included finance director Chris Lucas and investment banking boss Rich Ricci, as well as former chief executives John Varley, and former chief operating officer Jerry del Missier, who were attempting to keep their identities a secret with respect to the interest rate rigging scandal.
The details were published after it emerged that 104 employees of Barclays had been attempting to sabbotage their names out of the public domain ahead of a case involving the alleged manipulation of the Libor rate.
An appalling email that was sent in November 2007 by Miles Storey, a manager in the bank’s treasury department to Peter Johnson, a dollar-Libor submitter concerned about the rate-setting process and seeking written management guidance, said, “Guidance, if you can call it that, from the 31st floor is that we don’t stick our head above the parapet in any circumstance.” The 31st floor refers to the Barclays offices of the group management, including the chief executive, in the bank’s Canary Wharf headquarters. The shocking disclosure came forth ahead of the UK’s first trial related to the rigging of the Libor.
The top 25 names also includes Mark Dearlove, the current head of the bank’s money-market desk who is responsible for the bank’s Libor submissions, and Stephen Morse, the former head of compliance, are also named. The longer list ranges from senior executives to traders.
Despite the Libor scandal emails being read out in high court on Thursday, sources close to the bank downplayed the significance of the emails, saying that the 31st floor was a “generic reference to senior management” rather than to a specific individual or the board.