• Did you believe regulators were turning a blind eye to Libor rigging?
Barclays’ documents show that it firmly believed other banks were guilty of Libor rigging and that it was acting defensively to head off negative speculation. The documents also show that Barclays contacted regulators 32 times in just 14 months from August 2007 over Libor, and was “disappointed that no effective action was taken”.
Mr Diamond’s memo of the conversation with Mr Tucker also suggested that “senior figures within Whitehall” wanted Barclays to lower its Libor submissions. When Mr Diamond suggested that Mr Tucker tell those “figures” other banks were rigging Libor, Mr Tucker did not think that would be a good idea, saying “oh, that would be worse”. The implication may be that the regulators wanted Libor to be as low as possible for reasons of financial stability.
• Do you accept that the attempted Libor manipulation by traders reflected the culture you established at BarCap?
Mr Diamond has so far refused to accept any responsibility for the actions of the traders who tried to abuse the system, although he has admitted it happened “on my watch”. As Lord Turner, chairman of the FSA, has pointed out: “We would be fooling ourselves if we thought that the behaviour [is] not found in other areas as well.”
• Do you believe that your memo to bank officials including Mr del Missier about his conversation with Mr Tucker was open to the interpretation that the Bank of England had approved the manipulation of libor? How do you believe this misunderstanding came about?
• Do you have any view on who the "senior Whitehall figures" referred to in Barclays' note of his conversation with Mr Tucker were? Do you he have the impression that it referred to Ed Balls, Baroness Vadera, Gordon Brown or any other Labour figures?
• Why was Barclays' libor rate so high at the height of the 2008 credit crisis, and was the bank on the verge of collapse? Could Barclays have survived without the manipulation of its libor rate?
• Why did you and Mr del Missier resign?
The order came through the Barclays board on Monday night from Sir Mervyn King, the Bank Governor. Mr del Missier had already been found to have instructed staff to lower their submissions, but the FSA cleared him of wrongdoing. It is unclear what Mr Diamond thinks made the regulators change their minds.
• Do you believe you made any mistakes during his tenure at Barclays, and over the libor scandal in particular?
• Will you give up your pay-off?
Mr Diamond is eligible for £1.35m in lieu of annual pay, as well as £675,000 in annual pension contributions. He also has roughly £18m in unvested share options.
• Do you believe that anyone should face criminal charges over the libor scandal?