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"This thing was about smoke, mirrors and sneaky backroom dealings with potentially dangerous effects on the world economy," CFTC Commissioner Bart Chilton said. "There has to be a sturdy firewall" between traders and bank employees who submit proposed Libor settings, he said. Assistant Attorney General Lanny Breuer said that Barclays was the first bank to cooperate extensively with the investigation. Barclay's cooperation greatly helped the Justice Department in the probe, he said. Britain's Financial Services Authority levied a fine of 59.5 million pounds ($92.7 million), the biggest fine ever imposed by the British regulator. "Barclays' misconduct was serious, widespread and extended over a number of years," Tracey McDermott, acting director of enforcement and financial crime at the British agency, said in a statement. "The integrity of benchmark reference rates ... is of fundamental importance to both U.K. and international financial markets. Firms making submissions must not use those submissions as tools to promote their own interests." Barclays President Bob Diamond also announced he and three senior bank executives were waiving any bonus for the year as a result of the case. The others
are Group Finance Director Chris Lucas, Chief Operating Officer Jerry del Missier and Chief Executive of Corporate and Investment Banking Rich Ricci.
[Associated
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