1. BANKING SCANDAL

    Diamond Gives Up $31M in Bonuses

    LONDON, ENGLAND - APRIL 27:  A protester dressed as a suited eagle demonstrates outside the Royal Festival Hall which is hosting the Barclays bank AGM on April 27, 2012 in London, England. It has been reported that Barclays are likely to apologise to angry share holders over multi-million bonus pay deals for senior management. Protesters also demonstrated outside the annual general meeting of Barclays to complain against their financial speculation on world food prices and to demand a financial transaction tax.  (Photo by Oli Scarff/Getty Images)

    Oli Scarff / Getty Images

    Former-CEO Robert Diamond is giving up $31 million in deferred bonuses. New insight into the Barclays Libor scandal reveals that the Federal Reserve Bank of New York may have known that the British bank was manipulating global interest rates as early as August of 2007. In 2008 the Fed even offered up some suggestions to British authorities on how to fix the system. In an online statement, a spokesperson for the New York Fed said, “In the context of our market monitoring following the onset of the financial crisis in late 2007, involving thousands of calls and emails with market participants over a period of many months, we received occasional anecdotal reports from Barclays of problems with Libor.” They said they shared these observations and suggestions for improvement with British authorities.

    Read it at Reuters