Banking

News this morning that Bob Diamond, the former head of Barclay's bank has given up $30 million in bonuses after resigning over that interest rate rigging scandal. And the scandal has brought up the issue -- yet again -- of whether current regulations on the financial industry are adequate.

The British Parliament has started investigating the ethics of London's financial center. This follows that big scandal involving the British bank Barclays, which was fined a half billion dollars for rigging a key interest rate called LIBOR.

Yesterday Bob Diamond resigned as CEO of Barclays Bank, and this hour he's sitting before a Parliamentary committee in London. Parliament is investigating the possible manipulation of interest rates by Barclays and other banks.

Today the freshly resigned CEO of Barclays Bank goes before a parliamentary committee in London. Parliament is investigating the possible manipulation of interest rates by Barclays and other banks.

The CEO of Barclays bank is out. Bob Diamond is leaving amid a scandal over banks colluding to fix the price of one of the most important interest rates in the world.

The CEO of Barclays Bank in London's is resigning -- and, just this hour it looks like we can add the COO -- the chief operating officer -- as well. Last week the bank settled with U.S. and European regulators over allegations it manipulated the "Libor" interest rates to its own advantage.

First, it was the chairman of the board said he was leaving his post; now it's the big man, Barclays CEO Bob Diamond who's stepping down effective immediately. The London-based financial services giant is accused of rigging the level of a key interest rate along with nearly two dozen other banks.

Barclays Bank, based in London, is paying $450 million to settle securities investigations in the U.S. and the U.K. Regulators accused the bank of manipulating a critical interest rate -- the so-called "Libor" rate -- to its own advantage.

The credit rating agency Moody's slashed the ratings of 15 of the world's biggest financial institutions, including Citigroup and Bank of America here in the U.S. and Barclays and Credit Suisse in Europe.

Moody's has downgraded the credit ratings of 15 banks in Europe and North America -- that continues to rattle markets in Asia and Europe today so far.