Barclays Chairman Calls It Quits

    British bank Barclays chairman Marcus Agius listens during a session on January 28, 2009 at the World Economic Forum in Davos.  More than 2,500 heads of state and government, ministers, captains of industry and leaders of churches and pressure groups will make the annual pilgrimage on Wednesday to the top of a Swiss mountain to debate challenges facing the world.    AFP PHOTO PIERRE VERDY (Photo credit should read PIERRE VERDY/AFP/Getty Images)

    Pierre Verdy, AFP/Getty Images

    Marcus Agius resigned from his post as chairman of Barclays on Monday as the bank faces an interest-rate-rigging scandal. British and American regulators issued a $453 million fine to the institution after discovering some of its traders had manipulated the setting of the London interbank offering rate, which is the benchmark for setting derivative and financial product prices. Barclays admitted to submitting falsified low estimates of borrowing costs between 2007 and 2009 to make itself look more stable. A dozen additional banks are under investigation as well.

    Read it at New York Times