Barclays CEO Robert Diamond has done the honourable thing and resigned, forfeiting GBP20 million in bonuses and share options.
Obviously Barclays will have many claims against them from clients who have lost on the deliberate miscalculation of LIBOR based interest. If Barclays had been misleading their clients for so long, then other senior managers must have been in on the scheme. Why then are the heads not rolling?
Absa, as a subsidiary of Barclays, would have quoted the same Barclays rate for their LIBOR linked transactions. Would there then be any claims against ABSA as well? Were the ABSA executives in on the deal?