1. STORM BREWING

    Barclays Scandal to Spread

    People walk past a Barclays logo at the bank's headquarters in Canary Wharf in east 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 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

    It’s been a rough week for Bob Diamond. First he was forced to resign from his position as CEO of Barclays after the bank came under fire for falsifying interest rates and then, Wednesday, he was raked over the coals by parliament. But Barclays is hardly the only bank that will undergo investigation for manipulating the London interbank offered rate (Libor). Other banks also projected artificially low rates at the beginning of the financial crisis to give the impression that they were not suffering. Analysts predict settling the cases for these banks will cost billions of dollars for the banking industry and serious trouble for other bank chiefs like Diamond.

    Read it at Wall Street Journal