Barclays’ Chief Quits as Outcry Over Libor Grows
A day after he insisted he had no intention of stepping down, Bob Diamond resigned as head of Barclays Bank effective immediately, bowing to pressure from lawmakers outraged over the manipulation of Libor rates on his watch.
Diamond Pressured as Barclays’ Agius Steps Down
Barclays Chairman Marcus Agius resigned from his post after a LIBOR-rigging scandal resulted in a fine of 290 million pounds. CEO Bob Diamond remained at the helm despite calls for his ouster.
RBS Next to be Fined in LIBOR-Rigging Scheme
The inquiry into a LIBOR-rigging scheme looks set to claim another quarry as RBS will reportedly be fined about 150 million pounds.
European Banking Union Not Enough: Investors
Investors, apparently, not only lack faith in officials to take decisive action on the debt crisis but also do not seem to believe that a bold solution proposed by some can work—because it does not go far enough.
SEC, FINRA Enforcement Roundup: Former Detroit Mayor, Movie Producer Charged
Among those finding themselves recently on the wrong end of an SEC action were a movie producer, former Detroit mayor Kwame Kilpatrick and a Shanghai-based auditing firm.
London J.P. Morgan Banker Fined for Insider Trading
Ian Hannam resigned Tuesday from J.P. Morgan Cazenove in London after he was fined by the British Financial Services Authority (FSA) for insider trading. He intends to appeal the fine.
Former RBS Chief Stripped of Knighthood
Former Royal Bank of Scotland Group CEO Fred Goodwin is now also a former knight of the realm. Goodwin, on the advice of the Honors Forfeiture Committee in Britain, was stripped of his knighthood.
Hedge Fund Manager Einhorn Fined, Receives Personal Rebuke
Famed hedge fund manager and spurned New York Mets suitor David Einhorn saw a hit to his otherwise strong reputation Wednesday when Britain's Financial Services Authority announced it has fined his Greenlight Capital hedge fund, as well as Einhorn personally.
BlackRock’s Fink Slams SocGen Over ETFs
Synthetic ETFs were the target on Wednesday of Laurence D. Fink, CEO of BlackRock, as he criticized the products of Société Générale SA, saying that he didn’t want them to damage the industry.
Harmonizing Advisor, BD Rules Back Burner Issue for SEC: fi360's Thompson Says
Harmonization of advisor and broker rules is an issue that’s “lower on the totem pole” for the SEC now, Duane Thompson, senior policy analyst with fi360, said on Thursday. However, there are clearly areas where harmonization needs to occur.