Posted 1 year ago on July 3, 2012, 8:32 p.m. EST by Builder
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Bob Diamond last night implicated large parts of the Establishment in the rate-fixing scandal.
In a spectacular act of revenge, the fallen financial titan turned on the Bank of England, Whitehall officials and the last Labour government.
His former bank Barclays published documents suggesting the Bank of England leant on him to push down the Libor rate that affects the price of loans and financial products everywhere.
Senior Whitehall figures had expressed concern about the high rates being reported by Barclays and wanted them lowered, according to the memos.
A key email suggested Barclays was alone in reporting high borrowing costs in 2008, while rival banks were underestimating theirs.
Paul Tucker, the Bank of England deputy governor who discussed the issue in a 2008 telephone call with Mr Diamond, and a string of former Labour ministers now face tough questions over what they knew and when.
Mr Diamond, who resigned as Barclays chief executive yesterday following days of pressure, will give further evidence to Parliament today.