UBS AG, Switzerland’s biggest bank, and Britain’s Barclays Plc escaped $4.3 billion in European Union antitrust penalties, vindicating their strategy to reveal to the watchdog collusion to rig benchmark interest rates.
Robert Diamond, the former Barclays Plc chief, gave $6 million to finance a Colby College building that has become a focal point for student dissent over his role at the 199-year-old school in Waterville, Maine.
Rabobank Groep, the co-operative formed in 1898 to lend to Dutch farmers, was fined 774 million euros ($1.1 billion) and the chairman resigned as the scandal over the rigging of benchmark interest rates ensnared a fifth firm.
Imagine you ran a too-big-to-fail bank under criminal investigation by U.S. prosecutors. Now ask yourself this: How much of your company’s money would you pay to have the Justice Department inoculate you personally against the prospect of any government charges?
American Robert Diamond once mocked “Little England” regulators for failing to match his global ambitions. He sparked a power shift that cost him his job and changed the way the world’s top financial center is governed.
If Robert Diamond can’t recover in banking after resigning as Barclays Plc’s chief executive officer amid the firm’s record regulatory fines, he would still be a sought-after prospect in another field: investment funds.