In London, where, the top two executives at Barclays, CEO Bob Diamond and COO Jerry Del Missier resigned within hours of each other. Regulators in the U.S. and the U.K. fined the bank nearly a half a billion dollars for manipulating lending rates.
Lending rates that are directly linked to how much Americans pay on their mortgages. Earlier we asked how serious and widespread the scandal is for Barclays? CNN International's Richard Quest reports.
Barclays scandal: How big will this get?
The earthquake that rocked Wall Street and the global financial markets in 2008 continues to reverberate today. Just ask Bob Diamond, CEO of Barclays (BCS)... or I should say, the former CEO of Barclays.
Diamond, the once high-flying American banker, was dethroned overnight as the chief executive of the UK-based bank as public pressure and outrage grows over the Libor price-fixing scandal. Do not think for a second that the CEOs of other large global banks are not sufficiently concerned of their own standing this morning. As well they should be.
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[UPDATE]: $10.50/share actually did turn out to be a pretty good price for BCS. Maybe it'll go up more, but 28% gain after only a couple month sounds good enough to me.
Still kind of a novice w. financial markets, but this seems way worse than the prop trading loss at JPM, but probably not as bad as the Lehman meltdown. Feels like $10.50 is a pretty good price for "BCS" so may be a chance to take advantage of that.