UPDATE: *BARCLAYS SAYS HAS RECORDING OF DIAMOND, TUCKER CALL, SKY SAYS
We suspect the Treasury Select Committee hearing with Barclays ex-CEO Bob Diamond will have a few more fireworks than Jamie Dimon's congressional hearings. The Chairman of the committee noted "This is the most damaging scam I can recall" as the goal of the hearing is to ensure "the public know what went wrong and whether the perpetrators have been rooted out." While we will have our own fireworks on this side of the pond, we suspect the live stream below will contain more than a few as the independence of Libor remains in question.
Meeting details
Wednesday 4 July 2012, 2.00pm (9am ET), Wilson Room, Portcullis House
Witnesses
Bob Diamond
Commenting on the evidence session, the Chairman of the Treasury Select Committee, Andrew Tyrie MP, said:
"The Libor interest rate benchmark - crucial to transactions right across the economy and affecting millions of people - was systematically rigged over a period of years.
It appears that many banks were involved and Barclays were the first to own up.
This is the most damaging scam I can recall.
The reputation of Britain's financial services industry has been severely tarnished, albeit unfairly for the overwhelming majority unconnected with the scam.
The public's trust in banks has been even further eroded.
Restoring the reputational damage must begin immediately.
Parliament and the public need to know what went wrong and whether the perpetrators have been rooted out. We also need to be given confidence that this has been put right."
Live Stream Here [6]: