The chief executive of Barclays is out after allegations that he was involved with a scheme to manipulate interbank lending rates. Although the government could not produce evidence that Bob Diamond was personally involved with the scheme, Diamond was encouraged to resign to keep from “damaging the franchise.”

The resignation comes a week after Barclays bank was fined over $455 million for attempting to manipulate the rates that banks lend money to each other. Shares for the bank fell over 15% following the announcement of the attempted manipulation. Continue reading →