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Diamond could face US congress over Libor

Bob Diamond TSC 480

Former Barclays chief executive Bob Diamond could be called by US politicians to answer questions about the Libor-fixing scandal.

According to the Guardian, the Senate banking committee and the House of Representatives financial services committee are both considering calling Diamond to testify. The Senate is the the American equivalent of the House of Lords while the House of Representatives is the lower House of the American political system.

Yesterday, banking committee chair Senator Tim Johnson said Federal Reserve chairman Ben Bernanke and Treasury secretary Timothy Geithner have been scheduled to give evidence to his committee before the end of August.

He said: “I am concerned by the growing allegations of potential widespread manipulation of Libor and similar interbank rates by some financial firms.”

Last month, Barclays was fined £290m by the FSA and US authorities for rigging the Libor and Euribor rates. It is thought as many as twelve other banks including Royal Bank of Scotland, UBS and Citibank are also being investigated.

Diamond and Barclays chairman Marcus Agius have already been questioned by the Treasury select committee in the UK. The bank’s former chief operating officer Jerry del Messier is due to face the committee on Monday.

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