It is easy to understand Bob Diamond’s miscalculation. In the great pantheon of banking scandals, it was unlikely, he thought, that Libor interest-rate rigging would rank very high. Libor is the average interest rate at which banks lend to each other — or, rather, the rate at which they admit to lending to each other.
Home Bob Diamond resigned as chief executive of Barclays a day after he said he wasn’t resigning. Marcus Agius resigned as chairman of Barclays, and a day later was appointed ‘full-time chairman’ to seek a replacement for Mr Diamond. The imbroglio followed a £290 million fine (£59.5 million by the British Financial Services Authority and
House of Lords reform is like a dose of the clap: it may feel good at the time, but the result is an unending pain in the proverbials. I can’t, er, speak from personal experience, but even the briefest glance at the government’s plans to elect the Lords makes the point. The new bill comes
Bob Diamond, chief executive of Barclays, has resigned because of Libor rate-fixing among his traders in 2005–9. He once defined the ‘culture’ of a successful bank as ‘how people behave when you think no one is watching’. Plato knew all about that, as the story of Gyges’ ring in his dialogue Republic (c. 370 bc)
Lost and found A team from St Andrews University has published its attempts to map the remains of Doggerland, an area of land and later an island in the North Sea which disappeared around 5,500 bc as a result of rising sea levels after the last ice age. Some other possible lost lands: — Atlantis.
China and Tibet Sir: Clarissa Tan poses the question: ‘What happens to people who do not have the joy of being Chinese?’ (‘China’s civilising mission’, 30 June). China’s handling of Tibet provides the answer. After 60 years of occupation, torture, intimidation and repression continue unabated. Tibetans are now doing the only thing they can to
