Barclays May Face criminal Charges over Libor Scandal

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HFA Staff
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Barclays bank PLC (LON:BARC) (NYSE:BCS) was fined $453 million for its alleged role in manipulating the LIBOR, a benchmark financial rate that is used to settle derivatives and other global contracts amounting over $500 trillion. Earlier today, news broke that Barclays Chairman Markus Agius had resigned, owning responsibility for the scandal: “The buck stops with me and I must acknowledge responsibility by standing aside.” Agius also quit from his position as Chairman of the British Bankers’ Association, another body involved in the calculation of the LIBOR. Barclays’ troubles have not ended here, however. The British Serious Fraud Office has entered the fray and may…

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