Barclays's Diamond to face parliamentary grilling
LONDON (MarketWatch) -- Bob Diamond, who stepped down as the chief executive of bank Barclays PLC this week amid an interest-rate-fixing scandal, will face questioning in the British parliament on Wednesday at 2:00 p.m. London time, or 9:00 a.m. Eastern time. A Treasury select committee will grill Diamond over what he knows about the London Interbank Offered Rate, or Libor, scandal that has engulfed Barclays and that has also led to the resignations in recent days of the bank's chairman and chief operating officer. Diamond is credited with among other things helping to turn Barclays unit, Barclays Capital, into a major investment bank and spearheading Barclays's acquisition of Lehman Brothers Holdings Inc.'s New York operations at the height of the financial crisis.
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