The Barclays LIBOR Fallout in Quotes

It certainly was an interesting week for Barclays PLC, and not in a good way. The multinational bank is still reeling from the fallout of its attempt to rig the daily settings of London Interbank Offered Rate (Libor) and the Euro Interbank Offered Rate and subsequent fine of 290 million Pounds. And there was no midweek holiday respite for the London-based bank, as the notorious British press continued to blast the financial institution. For your enjoyment, Bank Systems & Technology has compiled the most provocative quotes related to the Barclays LIBOR scandal.

By Bryan Yurcan

July 06, 2012

6. I'm Innocent

At no point did I have any conversation with Mr. Tucker at all, at any time when I was a Treasury minister, a Treasury adviser or subsequently to that when I was a Cabinet minister... The allegations which are made are entirely false and without foundation.

— Ed Balls, former cabinet minister and economic aid to Gordon Brown and current Labor Party Treasury spokesman, told the BBC yesterday in response to allegations from the current Chancellor of the Exchequer George Osbourne that Balls encouraged Barclays to lower its Libor rate. The accusation stems from an email from Oct. 2008 that suggests that Paul Tucker of the Bank of England told Robert Diamond that Barclays should lower its Libor rate to calm the financial markets in the wake of the 2008 crisis.

Source: Businessweek