Diamond: 'We Were Desperate'

    A man walks past a branch of Barclays bank in central London, on July 3, 2012. Barclays on Tuesday said that its chief operating officer Jerry del Missier had become the latest high-profile executive to resign over a rate rigging scandal at the British banking giant. The move came hours after Bob Diamond announced he was stepping down over an interbank loan rate scandal. Agius had announced he would quit on Monday. AFP PHOTO / CARL COURT        (Photo credit should read CARL COURT/AFP/GettyImages)

    Carl Court, AFP / Getty Images

    Bob Diamond, now the former CEO of Barclays, testified before lawmakers in British Parliament, saying that the bank illegally reported low rates in October of 2008 because other banks had even lower rates."We were desperate," he said. He insisting that the bank's recent loss of several senior managers as well as $5 billion from its market value was the result of being the first bank sanctioned for manipulating interest rates. Diamond said that history will show the bank as an “incredible institution” and that the scandal is really to blame on a few “reprehensible” traders.

    Read it at Reuters