Barclays' ex-boss to face parliamentary grilling

Associated Press

LONDON (AP) — British lawmakers will later quiz the departed chief executive of Barclays over what he knew about the interest rate scandal which cost him his job.

Bob Diamond is expected to be asked Wednesday about a conversation he had in 2008 with Paul Tucker, the deputy governor of the Bank of England, about Barclays reporting higher borrowing costs than other banks.

Barclays released a memo Tuesday in which Diamond says Tucker told him that "it did not always need to be the case that we appeared as high as we have recently."

Barclays says a subordinate mistakenly thought the central bank had ordered Barclays to report lower rates.

As well as Diamond, Barclays' chairman and chief operating officer have all resigned this week because of the scandal.

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