BoE’s King tells how Bob Diamond took a bullet

(Reuters) – Barclays was in such denial about the scandal over its interest rate manipulation that Bank of England chief Mervyn King said he had to tell it that regulators had lost confidence in Bob Diamond as chief executive days before he resigned.

King, governor of the central bank since 2003, dismissed accusations on Tuesday that he was asleep at the helm while Barclays traders tried to skew a benchmark interest rate that underpins transactions worth trillions of dollars worldwide between 2005 and 2009.

He gave an insight into the flurry of meetings and telephone calls that sealed Diamond’s fate on the weekend before the July 3 resignation, but dismissed the suggestion from Treasury Select Committee Chairman Andrew Tyrie that his message was akin to handing someone a revolver to shoot Diamond.

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