>> one point about barclays. some risk of kitchen sinking in the eyes of some with a new ceo coming in. the limited scope to take additional rights -- given there's already something of a capital deficit for barclays. they don't have much room to maneuver in terms of -- i would be reasonably optimistic that from here the earnings performance is reasonably good. >> that might explain why -- core mack leech, thank you for coming by. lou?mac leech, thank you for coming by. lou? >>> we're seeing green stock. 600 higher by .4 of 1% at the moment. when we spoke late last night on the european close, we were looking at green markets across the board. we're holding on to these levels in the morning trade despite the fact that it was gloopy. same with the ism data in the u.s. we've had chinese data out that was slightly better than anticipated. the stock share higher by a half percentage point. most equities are indeed trading in positive territory. higher by .3%. cap 40 higher and the ibex. higher. just to give you break

barclays remains center stage. we'll preview live testimony by marcus agius and take a look at bob diamond's proposed severance package. stay tuned. >>> welcome back. warsaw is europe's most congested city according to a report released by tom tom. exerts in the in car navigation specialists say rome, brussels and paris are the other top four cities with the worst traffic problems in the region. for more on findings we're joined by nick cohen. >> i want that job. >> it's fascinating. traffic is an important part of experience in the way people pick to do business in cities. >> absolutely. delays cost everybody a lot of frustration and money. for business it's bad for everyone doing its work it's bad. >> why warsaw? what's particularly awful about warsaw that makes it worse than any other european city? >> we do a lot of work in poland. what our customers told us that are using our navigation systems is that there's been a lot of growth, a lot of growth in car ownership, the economy has done well but the infrastruct

and barclays?nger had confidence in your senior executive management team? >> no, sir. there was a discussion that, as it got down into the organization, they felt that there was some culture issues that people sometimes pushed back. sometimes the pushback wasn't always -- there was an overall discussion on culture. we took some of this as this is annual review from the f.s.a. >> this is the sort of thing that -- >> it was part of an annual review. it is always going to have some things that they are critical of that we can do better but they were specifically pleased and said so to the board with the tone at the top referring to chris lucas and myself and our colleagues on the executive committee. >> is it true there were challenges about your stress tests, your accounting practices? subsequently had the debt buyback scheme, interest rate swaps and now libor? >> i don't remember -- i didn't -- in the february meeting, i don't mean to skip over anything if i can. there was a conversation about a se

barclays at that time was more of a u.k.-focused as opposed to international. >> i think i heard you saying that it was a sub-scale hiring people and did not pay them very much. the opportunity to change those things must have been exciting. >> they have scaled in the u.k. but it was impacting their ability to expand internationally. >> when you set up barcap, you are responsible directly for creating senior staff deciding which products you're focused on and markets around the world? those would have fallen under your experience? >> we would have gone to the board on any new projects or regions but i would have been in charge of that. >> did you run it on a very hands-off basis or did you give people a free rein ? >> i think my management style, it says mr. askin, at the time was to have -- if that's what you are asking, was to have the representatives of the things reported to me. i certainly preferred a consensus style of management that we could agree a bridge -- we could agree on the right decisions instead of me making

>> david, i love barclays. for almost 25 years, i have been part of the financial industries in the u.k. i have developed relationships. i love my time here. this is a great place to work. >> i am glad you can say that. this misunderstanding under your file note lead to wrongful reporting. it is a very unusual file note. do you understand our skepticism that even though you talked to him every day, he never succeeded in clearing up this misunderstanding? >> if you have any skepticism, i would be surprised that that. >> george. >> we're worried about your judgment and how you ran that firm. you seem to have a great fear and idea maps do is wonder about the country and looking for major banks to nationalize. you did. we have to worry about this because the government was nationalizing banks. did you really think it would nationalize barclays? >> i did not feel that way at all. >> that is what you said. >> i was only referring to the counselor. >> let me ask you this question. you said that the first year know, bu

it isuttu,ue gr hty iha barclay's is about. i think the issues we are facing are about bad behavior an eay- retto us on the 28th of june, you spoke about your concerns. nilie] who at barclaysaices level of every meeting. i think one of the letters, there is a diussion of who peoper bh s. ilt idat m ag ou kw whthpeople were raising these concerns. >> it was often in the group treasury. in some cases, fm th oue li pe -- have complied people making approaches to regulators. thbankend nam. spthnvti came up in the general sense that we talked about earlier about the wall street journal repo hong had barkleys been concerned about other people making the libor rate- this becama much bigger concern during 2007 and 2008 quy plfurates have beenai fiiasid adh mones and banks were having difficulty lending to each other which is the genesis of liber -- l. ui i mas. it was coming from mone funds, nantmscorpoteas the was a fundamental change driven by those factors. nilie]e of the rate h rve nusat being made aleve people would nobe able to b

he is going to be grilled as a man who no longer works for barclays. many people believe he will be a lot more open. there will be questions about a phone call that happened during the crisis between bob diamond and the deputy governor general of the bank of england. there are some reports out there circulating that the bank of england may have given a thumbs up, a going ahead, to this. no doubt, we will talk about that tomorrow. >> thank you. now to some of the other stories making headlines around the world today. syria's president has told a turkish newspaper it that he wished syrian forces had not shot down a turkish military jet last month. mr. assad said he would not allow the tensions between the two countries to turn into open combat. he is quoted as saying, "we learned it belonged to turkey after shooting it down." meanwhile, a human rights watch says the syrian government is using systematic torture to try to crush the rebellion against president bashar al-assad. a report published gives the various methods of torture in use. it is now callin

this after barclays released a memo between tucker and the ex-ceo of barclays. he's expected to mount a defense of his organization and that of his former employer. the outgoing chairman marcus aigis explained why he decided to leave just one day after his resignati resignation. >> he saw the public interest in this whole area had not reduced. >> what was it that changed his mind? >> i think the fact this intensity was going to continue on. he felt he couldn't do what he needed to do. >> joining us is kelly evans. a great deal of attention on what bob diamond says today. he's rather freer to say whatever he likes because he's not the ceo of barclays anymore. very different perspective which he'll bring to the treasury select committee today. >> barclays in releasing its documents did warn because of legal concerns he may not be able to get into a lot deaf tail. hello from here in front of parliament. shown in quite capable hands in the studio, of course. i'm thrilled to be joined by lauren john mg fall. thank you for your time. would you give us an idea of what

lenders barclays r.b.s. h.s.b.c. and lloyds have agreed to stop selling interest rate hedge and products to small and medium enterprises after regulator financial services authority found them guilty of misselling derivatives products again notice the terminologies there they mis sold them it's not a crime just stop please please don't defraud small medium sized enterprises with these complex derivatives that they don't know what it is until it blows up in their face and destroys their enterprises right and the the sensitive for some economic growth to hide the crimes is not forthcoming because the ability for the global economy to absorb all the toxic debt that bob diamond and others floated to fund their lifestyles and master criminal minds has the proverbial wall and they simply can't grow their way out of it because the globe can only absorb so much debt and then it collapses in the u.k. they have one of the highest debt to g.d.p. ratios in the world they can't put on any more debt bob diamond is simply trying to

dnhe yo ts k down and barclays? >> i don't recall that. >> didn'they tell you that they had confidence inr tece ge >> i. heas icun that had it got down to the organizaon they felt there was an issue that people setimes thanradsuss. th annual review. >> whi is the sort of thing they say very year? >> i don't menthat ayw itsaayoi o inhaeye g ctcaf weldd ttutpecalhe re pleased with the tone at top to chris and myself anour colleagues on the xiv it i tthwe ales o handling the buyback interestrates would problems and of course now are bl >>on mnoe hifa there was a conversation i think there had been a series of banks which came quite an issue twthd ou trct bse w transaction that was improved but i think to be fair it was a transaction thatcreated the ambaspata iteeti bu hensona rem eat than probably anyone anticipated when the tranction was done. i remember it coming up in a nohv ty on thecontext o as haedfeuary this year. can i turn to the decsion during tris or th l ern. w wrong. where was that decision? what does that

fined barclays two hundred million dollars max in what the f.b.i. termed the largest coordinated international law enforcement action and history directed at carving crimes authorities said the sting saved two hundred to four million dollars in potential fraud losses the defendants depending on their charges face prison terms ranging from five years to more than twenty five years so this is a card crime max but isn't that the same thing as what the libel rigging is because libel or rigging is rigging the interest rates upon which credit card interest rates are set so barclays is also involved in a card crime and yet do you see in the c.f. t c or the f.s.a. what announcement did you see any notice that any of these guys face any sort of criminal prosecution no lie boris like having a credit card with a three hundred trillion dollar line of credit and they commit fraud and they don't and then there were more crimes in the news this past week max watched trading by high frequency firms said to face us scrutiny who i'm so scared about you're screwing me

barclays informed the fsa. the truth is that -- you lied to them. >> there were other meetings and there is documentation of that. >> my question is very simple. i am very suspicious of the libor submissions. reading through the new york report, they talk about it. of two or three years. it. of two months or three months. >> what i thought was presented and what was done by barclays -- what i thought was in my pack, the same as your pack, was in 2007 and 2008. if you do not have those, i am sure barkleys would be happy to send them to you. you can also look at the 1 months to 12 months -- the stories are similar. you can look to other currencies, like sterling or oreo. i could have your office did that. there was no -- there is no attempt here other than communications other than the discussion paul and jerry -- jerry and i had. many of the other issues were around three months. the sterling -- we can send you the sterling as well, if that helps. >> that would be helpful for the commission. >> mr. dimon, we tri

another big withdrawal i'm britain's barclays bank as the embattled chief executive follows the chairman out the door over interest rate rigging. millions of humanism businesses could have been charged just at the policies to keep its balance sheet and it's going to say that can help a. serious president also denies going to the leadership and says he'd go if a broader peace fighting is raging nationwide despite more global efforts to end it . and he ran the inches long range missiles during military exercises while parliament in tehran which was to close the vital shipping lane two countries supporting the e.u. oil in ball goes. it's five pm here in moscow and this is r.t. coming to you live from an east now with our top story this hour and just when britain's bankers thought the worst public vilification was behind them now the c.e.o. of one of the world's largest banks has been forced out bob diamond from barclays has bowed to all around pressure after his bank was caught fixing a key interest rate which overcharged customers when the financial crisis struck here's our london correspo

so one part of barclays would say to another part of barclays you can please submit data that makes us-- that either is high hooer or lower than it really is in order to boost our profits. >> stephen: now personally i don't see anything wrong with some work buddies doing each other a solid. you know the old saying, you scratch my back, i make the global financial system your bitch. it's all detailed it in e-mails between barclays traders and rate setters like please go for 5.36 libor again. very important that the setting comes as high as possible. thanks. and dude, i owe you big time. come over one day after work and i am opening a bottle of bollinger. now i know what you are thinking. it was unethical for the trader to offer the rate setter a gift of champagne, but no hookers. (laughter) now admittedly barclays fudged a couple of things to pump their profits. but what's the point. it was just barclays in the u.k., right? >> here's the point it wasn't just barclays in the u.k.. >> stephen: all right, angry cluster of teeth. (laughter) so if it wasn't just barclays in the u.k., who els

it could have been a general discussion about libor not specific to barclay's. so that's one aspect of it. it's probably best to say everyone new libor was broken but we couldn't come up with an alternative at the time. >> that's still something the industry faces. everyone knows libor is broken now. finding a replacement is difficult. >> the last refuge of the guilty. we knew it but nobody did anything. they are all a bunch of crooks. >> a weak argument if that's the argument. >> it needs to be serious exactly what they say when we analyst it is, everybody knows. no, everybody didn't know they were fixing libor. everything business that had a loan is going to bring a civil suit. these banks finally, will be brought for justice. tracy alloway and geoff madrick and rediscovering government project for the roosevelt institute. the stigma of outsourcing, romney tried bouncing it back on the president. more "viewpoint" coming up. >>we talk a lot about the influence of money in politics. it is the defining issue of this era. the candidate with the most money, does wi

that were governments and regulators involved in the scam to disgraced barclays c.e.o.'s bob diamond is alleged is alleging just that is the washington post reported on wednesday fallen banking title titan bob diamond on wednesday described regulators of both sides of the atlantic as partly complicit in a scandal involving the manipulation of a key interbank lending rate telling a british parliamentary committee that government watchdogs had failed to act after his bank barclays informed them of industry wide irregularities during the us financial crisis so just how deep does this scandal go and how much money did the banks toure's make this time screwing all around us to us for more on this story i want to welcome back max fraud wolf to the show he's an economist and structure of the graduate program in international affairs at the new school university and a senior analyst at green cross capital max welcome back. thank you glad to have you with us we've seen our fair share of banking scandals recently from j.p. morgan chase's massive loss to robo robo signing scandal w

barclays took it over. these guys have been -- gone overboard with a troubled ceo before, didn't want to do it again, started to figure out, who do we know in lond london -- these are all the new york guys thinking who do we know in london we can get to take our side and get rid of this guy's joke, this is going to be another independence day, we will overthrow the brits. >> what do you think -- for bob diamond to step down and followed by the coo, i'm wondering what kind of hard evidence they must have on these guys linking them to knowing about this scandal. i recognize there was lots of public pressure, the brit, the establishment wanted him out in the uk. in new york, there was also a plot to get him ousted. what do you think there is out there that he has evidence he knew this was going on? >> the people i talked to, there wasn't so much evidence that he knew but barclays is fighting back against these accusations. you can't really have one of your largest banks fighting with the bank regulators very p

barclays. -- the rate-rigging scandal continues to rip through barclays. the ceo steps down. >> an international conference on wind energy opens in germany. violence continues in syria this tuesday. we have reports that the syrian army is pressing ahead with a fall offensive against rebels -- a fall offensive against rebels near damascus as well as in the rebel stronghold of homs. at least 48 people were reported killed, bringing the death toll over the past two days to more than 120. meanwhile, president bashar al assad told a turkish newspaper he regretted his armies downing of a turkish fighter jets and added that he would not let tensions with turkey lead to war. >> tensions -- to this newspaper were eager to publish the syrian president's regrets. he told one newspaper he wished syrian forces had not shot down the turkish jet. he said his air force only learned the plane was turkish after it had been attacked. new footage has emerged from damascus, reportedly showing shelling. the internat

heads roll at barclays. liz palmer on how the bank rigged interest rates behind student loans, credit cards, and mortgages. armen keteyian on american doctors allegedly buying illegal cancer drugs from overseas. >> reporter: hi, i'm armen keteyian from cbs news. >> pelley: he created one of the most beloved characters in tv history. bill whitaker on the death of andy griffith. ( theme from "the andy griffith show" playing" captioning sponsored by cbs this is the "cbs evening news" with scott pelley. >> pelley: good evening. heat in the summer is not news, but this summer is making history. over the last eight days, 2,400 high-temperature records have been tied or broken. on the eve of the fourth of july, americans are looking for independence from the weather. temperatures today climbed into the 90s and the 100s. they're really feeling it in those states hit hard by that fierce weekend storm in the east. in nearly 1.5 million homes and businesses, there is still have no electricity-- no power, no air. what's

s over what exactly happened barclays who was involved what went down there and barclays was slapped with a fine of the equivalent of over four hundred fifty million dollars but economist rodney shakespeare says arrests need to be made on the whole western banking system is compromised. those are great because you see it's not just barclays of bob diamond and he's chairman it's the consequences in everyday life which is at the moment the system and its corrections are putting money into this these zombie banks down a black hole as a result of all this employment is collapsing not just in the u.k. but right the way throughout europe and this is in the same is in in the united states of america so you see there must be penalties there has to be a new paradigm thinking and frankly the whole ought to be cleared out and we have to start again people don't realize that the politicians are complicit complicit because they think that the existing system only needs a few tweaks and a few corrections but that's not so all in the gather but of course you have to hit those that you can pin with

there was e-mail correspond between traders at barclays and former barclays employees that work at other banks and hedge funds that were emailing them say hey can you lion libor and they said yes. there's some limited preliminary suggestions that there's inclusion taking place. i think another question about whether the u.s. authorities bring criminal charges is this political situation because there's a lot of appetite politically in the u.s. to bring criminal prosecutions, this parade, this drum beat of evidence we're seeing about banks doing bad things. >> moving on. foreign investments into china fell. china's commerce minister said it's did you to a drop in the property sector. the eu did jump to 1.6%. >> the international monetary fund has cut its global growth forecast and worn the outlook could weaken further. predicting growth 3.9% in 2013 down from 4.1%. the imf said emerging economies are being hit and believes the crisis could escalate if policymakers don't take sufficient action. >> the key event is ben bernanke delivering central bank semi annual report to congress. he can

in other news the chief executive of barclays the u.k.'s third largest bank steps down in a scandal over interest rates with the british government ordering an inquiry into the entire banking sector. and it looks like the u.s. has no intention of giving up hope of getting a hands on julian assange she will bring you the final episode of the whistleblowers interview show in just over an hour. live from our studios in central moscow you're watching are with me and he said now it's good to have you with us two pm here in the russian capital one pm in damascus and despite the latest international peace plan for syria the fighting there is intensifying and that's across the country as well as near the capital the u.n. has urged the halt to weapons supplies from abroad to warring sides which it says is fueling the violence are to me if an ocean is in damascus. situation is very dramatic in syria as president bashar assad has recently sat series now in the rules take to the way this is exactly what we see right now on the ground the clashes betwe

so for instance in barclays case, barclays is going to submit a number every day.ad bet-- keyed to that number so they had a direct financial set either in that number being higher or lower on any given day. >> so give us a flavor of some of these incriminating e-mails that were release add long with the settlement. >> yeah there is really colourful stuff there. and traders e-mailing each other saying hey, i really need you to, i really need my rates to come in at a certain rate. if it doesn't happen i'm going get killed. the barclays trader respond to things like for you, big boy, anything. and the trader on the other side of it responds saying i owe you big time, come over to my house time and we'll crack open an expensive bottle of champagne. so unequivocal flagrant stuff. not a lot of nuance about it. it's really clearly blatant disregard for the law and also a clear understanding of what they were doing and that they were manipulating this very important benchmark. >> warner: now what is the effect on others of this, in other words, who was hurt by this. >> th

big withdrawals add britain's barclays bank three top executives have now quit over interest rate rigging of the scandal threads to consume the u.k.'s entire banking industry. syria's president also denies clinging to the leadership and said he'd go if it brought peace findings raging nationwide despite more global efforts to end the. russian foreign minister warns the syrian opposition not to destroy the results of the geneva conference saying it's a prime chance to solve the sixteen months of conflict here in the country and what it tells on that just ahead. and iran says new western oil sanctions will cloud future negotiations nuclear negotiations this is the country conducts the task of long range missiles capable of reaching american bases in the region. as a result of this tension oil goes above one hundred five dollars per barrel in the russian market rallies to and choose the session on the very impressive gains i'll tell you more about that in twenty minutes. it's seven pm in moscow this is r.t. coming to you live from noosa now with our top story in just one of britain's bankers

barclays informed the fsa. the truth is that -- you lied to them. >> there were other meetings and there is documentation of that. >> my question is very simple. i am very suspicious of the libor submissions. reading through the new york report, they talk about it. of two or three years. it. of two months or three months. >> what i thought was presented and what was done by barclays -- what i thought was in my pack, the same as your pack, was in 2007 and 2008. if you do not have those, i am sure barkleys would be happy to send them to you. you can also look at the 1 months to 12 months -- the stories are similar. you can look to other currencies, like sterling or oreo. i could have your office did that. there was no -- there is no attempt here other than communications other than the discussion paul and jerry -- jerry and i had. many of the other issues were around three months. the sterling -- we can send you the sterling as well, if that helps. >> that would be helpful for the commission. >> mr. dimon, we tri

marked the end of his career at barclays. today marks the start of the questions about what on earth was going on when he was there. for bob diamond, that means two to three hours in front of across party group of mp's, in public and in front of the tv cameras. what do they want to ask him? >> i want to know how much the management knew. they told us it was just the supervisors who knew. i cannot believe that. other people higher up must have known exactly what was going on. they need to be clear about that. >> expect plenty of questions about conversations bob diamond had with the bank of england. what did they discuss about the interest rate known as libor? what does he believe the government at the time wanted? in short, it boils down to this. who knew what, and when? plenty of questions to come this afternoon and plenty more to follow. what should be done about the banks is a question that will be something of a big deal here for quite some time. >> joining me from central london with more on this is our correspondent our

holmes can now wear high heels not one single mention of the rigging of global interest rates by barclays and the bank of england and perhaps the labor government. and he says you know perhaps we want to look at our own selves and ask if this was happening over there if bob diamond and paul tucker were having these talks about libel or is it fair to wonder what else hank paulson and lloyd blankfein were talking about in the twenty four discussions they had in the six days following the air id disaster when paulson had a secret meeting with the entire board of goldman sachs in of all places his hotel suite in moscow in june of two thousand and eight or what other material nonpublic information was exchanged when paulson met with a gang of hedge fund chiefs at the offices of eden park management in july two thousand and eight and laid out for them a possible scenario for putting fannie and freddie into receivership well this is the heart of the scandal going back to the two thousand and eight collapse but going back even further than that because the central banks are now implicated in work

a scandal at barclays bank claimed more top executives. the bank is accused of manipulating an interest rate that is a benchmark for u.s. mortgages and credit cards a day after barclay's chairman announced his resignation, the chief operating officer and the chief executive officer stepped down. liz palmer is in london tonight. >> reporter: even after barclays was fined a record $450 million last week bob diamond, the american head of one of britain's biggest banks, insisted he wasn't going anywhere but by this morning he was gone. forced out as c.e.o. by a huge and growing scandal. the external pressure placed on barclays has reached a level that risks damaging the franchise, he wrote, i cannot let that happen. the scandal centers on something call the libor, or london interbank offered rate. it's the interest rate that the world's biggest banks charge each other to borrow money. but it's also the benchmark for more than $500 trillion in financial contracts including student loans, credit card debt, and many adjustable rate mortgages in t

barclays lloyds clydesdale i don't know about santander whether it was involved but it probably was as well basically what they did was they they so interested. it's swaps to s.m.s. which is small companies many of which had no understanding of what it was they were buying in fact they were told it was it was something completely different they didn't understand that if the interest rates fell they would actually they could suffer huge costs and they would have huge break break clauses or break costs if they had if they want to exit from these products but it's basically one of the biggest scandals that that's afflicted the u.k. banking sector in suddenly within the last couple of years and it is literally destroying small businesses up and down the country on a virtually daily basis and i spoke to one this morning he said that some of his friends are considered considering suicide it's so serious people are not just losing the businesses they're losing their homes and. it's just obscene i mean these products should never have been sold to these companies who had no idea what they were

in the firing line barclays former bosses set for tough questioning from british m.p.'s this wednesday over a deepening banking scandal. but many people are also seeing why the b.k. government have allowed the financial industry being painted stranglehold over british politics with so low. a vote on internet freedom the e.u. parliament is expected to decide whether the highly disputed anti-piracy act will get the green line also. drooling to. get it through or here it will be expose the secrets as the final episode of julia saunders news making interview show airs on r t we look back at the highlights and the impact of the series. and thank you for joining r t this wednesday with me karen taro chain of the u.k.'s banking scandal is set to deepen with departed barclays chief executive bob diamond to be quizzed by m.p.'s potentially dragging the bank of england and government officials into the affair barclays bank was caught fixing a key interest rate meaning customers were overcharged at the height of the financial crisis archie sarah for a three ports. it's been a trul

tonight big withdrawals of britain's barclays bank now three top executives have quit so with the interest rate rigging scam. syria's president assad nice clinging to the leadership and says he'd go if it brought peace fighting is raging nationwide meantime despite more global efforts to end the. russian foreign minister warns the syrian opposition not to destroy the results of the geneva conference saying prime chance to solve this six month old in the country more details on that just ahead. the rand says new western wall sanctions will cloud future of nuclear negotiations this is the country conducted tests now long range missiles capable of reaching american bases in the region and in israel. hello this is r t it's eight pm choose day night here in moscow my name is kevin and it's good to have you with us now is one of the world's biggest banks but in just two days a rate rigging scandal three of its most senior executives forced out buckley's bank was caught fixing a key interest rate which overcharged customers when the financial crisis struck the biggest scope today is c.e.o. bob di