diamond when we can get bob diamond in the studio so let's go let's go to get bob diamond see here to talk about barclays directly. by own bob diamond i run barclays bank in the u.k. yeah i'm as guilty as. involved a massive fraud with the library market interest rates manipulation since out of trading that's me bob diamond now max the reason why i think all these b.b.c. news programs wanted to have you on is because of your infamous dave cameron s t f u where you told him in no uncertain terms that you can't have plundering in the city of london and then outlaw in the rest of society in response to the riots that happened so i'm going to wind back to those riots and also to the present day and see how david cameron responded to those riots and now as he's responding to the widescale crime the fraud that has happened at barclays david cameron on the twenty eighth of june says people have to take responsibility for the actions and show how they're going to be accountable for these actions so then we cut back to a year ago max david cameron tenth of august two thousand and eleven here h

all eyes on bob diamond. the spotlight also on the bank of england amid questions over its role in the libor scandal. meanwhile, as the barclays chairman starts to look for a new head for the bank, marcus agius says the unreulenting pressure forced bob diamond out. >> this intensity was going to carry on and he felt he couldn't do what he needed to do. >> the contraction in the zuro zone services sector eases a little in june but pmi figures remain in negative territory. supporting the case for euro rate cuts from the ecb. and india's reliance on domestic consumption helps its services sector see improved new orders and jobs growth in june. but the latest numbers out of china show weakness in the employment picture. >> you're watching "worldwide exchange." bringing you business news from around the globe. >>> so we are just looking at some of the breaking data we have for you. plenty on the show to keep us busy today. eurozone may retail sales in focus now. down 1.7% year on year. that's much worse than had b

does bob diamond's department said a president -- bob diamond's departure set a precedent. >> yesterday, we have marcus agius, the chairman, resigning. today, it is not agius. it is bob diamond. many tell us he will eventually go. as you said, other banks are under investigation. at this moment, we do not know the findings. you got to say the implications will be -- if they are as serious as what went on at barclays, the pressure on the bank's boss will be absolutely immense. there are some differences, so the experts tell me. having listened to this. >> i think, to be fair, barclays is one of the only british banks that has the same management team in place that took them through the credit crunch. many of the other banks, those that took government support, have already seen new management. in the case, for example, of rbs, it may be easier to claim that the management sueshould survive. there will be a lot more stories and e-mails and text messages revealed. this will run and run for months. >> run and run. >> london, we talk about it as the world's financial heart. it must have take

barclays ceo bob diamond. falls to pressure and resigns. >>> microsoft's strategy to keep up with google proves to be costly. the software giant will take a $6.2 billion charge for a deal it made five years ago and boeing's outlook for the next 20 years. a $4.5 trillion market for jetliners calling for 34,000 new commercial jets. it's tuesday, july 3rd. i sound like brian williams as "squawk box" begins right now. >>> go

no doubt the questioning of bob diamond promises to be a lively affair. not just because of who he is -- a prominent and aggressive banker -- but a much wider question about banking and about politics. no doubt the mp's will be wanting to get to the bottom of this suggestion that perhaps the bank of england and so-called senior figures in the government machine were somehow have before barkleys to say it was borrowing money at a lower interest rate that it possibly was -- have for barclays to say it was borrowing money at a lower interest-rate than it possibly was. the undermining of the economic credibility. >> you mentioned economic credibility. yes, the politicians will have a claim and a counterclaim on this. i am the end, and, after all, there are people over the world watching this. the reputation of london as the financial sector is at stake. is it not? >> absolutely. that will be a key motivating factor behind how mp's handle this. bob diamond is the man who appeared before this committee just last year to say it was time for bankers to apologize

bob diamond was one removed. for them to expect for him to develop a close relationship coming into the job is exactly what i would do and expect them to say. >> and the team? >> the point -- >> we require there's appropriate clarity and oversight and responsibility and an independent challenge is provide by bob diamond in his role as group ceo to them. >> yes. that was a point being made separately to bob. self-evidently because he had grown up in the investment bank. it's my thought that whenever a person makes a move from one division to the center he disassociates himself, becomes more objective than he would otherwise be here to. >> he wasn't challenged was he? and he got on with misinterpreting mr. diamond's e-mail and ended up authorizing false libor returns in late october and november of 2008, didn't he? >> i was not involved in that exchange. >> that's what -- >> yes. >> so am i right or wrong? >> that's what the final notice says. >> okay. the fsa said in that letter they placed quote considerable emph

or bob diamond or lloyd blankfein or the rest and now max let's turn back a year and a half to this serious fraud office headline reads budget cuts killed off live or inquiry so britain's premier anti corruption agency refused to carry out a criminal investigation into alleged manipulation of the benchmark libeler bank lending rate because it did not have enough money to fund it s f o chief complain that their ability to investigate cases has been compromised by cuts to their budget which fell from fifty one million pounds in two thousand and eight two thousand and nine to thirty three million. this year and is set to fall to twenty nine million pounds by two thousand and fourteen fifteen but well this is typical trick used by government to make sure that their crony buddies in the city of london or on wall street don't go to jail is that they defund the regulatory agencies responsible to investigate same thing with the f.c.c. in the united states the f.s.a. and the serious fraud office they don't have the resources to prosecute crimes but isn't there some duty to tell the populatio

did bob diamond have to resign? we will have an exclusive report you will want to hear details on. >>> plus -- >> i'm not in a negotiations or renegotiations mood at all. >> that's imf managing director, christi christine lagarde. don't miss my interview coming up right here. accolade overdrive. zagat just gave hertz its top rating in 15 categories, including best overall car rental. so elevate your next car rental experience with the best. it's just another way you'll be traveling at the speed of hertz. >>> welcome back. sound like barclays ceo, bob diamond was face battingle for his job. in two letters he said he was disappointed about the rate fixing scandal despite signs he and other senior management were involved. >> that letter to reassure employees only turned out to anger them and some even began plotting to force diamond to step down, which he ended up doing anyway. our senior editor, john carney, learned more about that. what was happening in the u.s. >> when he released the letter, which proclaimed multi

last month, bob diamond told people that he had enough of bankers been blamed for the crash. now he is being forced to resign in the wake of a scandal. tomorrow he will have to go back before parliament to explain what happened at his bank and perhaps apologize one more time. >> 16 years at barclays, bob diamond has quit in a move that stunned the city of london, leaving a power vacuum at the top of one of the major british banks. and gone after intense pressure after his role in the scandal, which has tainted the banking world. the chairman the said he would go will now stay on until a new chief executive is appointed. he said the senior people were not responsible for any wrongdoing. >> it was limited to a small handful of people. i was appalled by what happened. it is, in terms, symptomatic, and absolutely not. >> he said no decision was as hard as the one he made to stand down as chief executive with an external pressure damaging the band -- brand. he added that he was deeply disappointed and that perceptions about barclays could not be further from the truth. it comes on

in a clockwork orange is the good model for bob diamond sit him down in a chair prop open his eyes and wires and let some i drop slow in there occasionally and make him watch all three hundred six episodes of kaiser report back to back to see if that can really educate him now one of the bits the elements the important ingredients to this conspiracy that has been ongoing over the last few years is the serious fraud office and max keiser you've been at the forefront of really going after them here's a tweet from the telegraph breaking serious fraud office considering whether to bring criminal charges over a libel rigging hash tag rigging so in a subsequent thing they said they're going to decide in the next month whether or not to pursue criminal charges brought to serious fraud office has been suggesting they're involved in and invest. negating and prosecuting financial crimes for many years now they don't seem to get around to it and again because they never get around to it just like in a clockwork orange the authorities there was no authority there to come to the rescue of the popul

whether bob diamond will implicate senior figures ranging from the bank of england to the top levels of previous governments big story this one i correspondent sara firth is across for us in london sara bob diamond spent several hours being questioned by some very peeved looking employees as he dropped any bombshells yet. no well certainly that hasn't been the smoking gun that many people were wondering if we see it's been a bit more of a down squid actually to be honest with you we've seen him being questioned for a number of hours now and he wasn't really hasn't been giving much away at all at the beginning of the questioning and he lived visibly uncomfortable and he seemed very very elusive when he's been sort of quizzed a little bit harder by some as they send peace a little bit disappointing what we have seen from him say far he described the actions as reprehensible at one point he says when he saw the e-mails relating to the great rigging believe. that he felt physically ill will so do a lot of people remember this really does have a huge impact it's said that this rigging tha

we were talking about bob diamond. it was clear. one thing i said, one thing you have to think about is whether bob as a brand is just, you know, hold below the water. i don't know if i used that phrase. whether the bob in the brand is something that won't work. there can be no doubt that we were having a conversation about whether bob diamond was the person both substantively to lead the change which was required, and i may have stressed this that they also have to consider this whether the external world would believe that was the case even if they believed that was the case because that's an important factor in these circumstances. >> so you were handing the chairman of barclays a revolver and you were telling him to go and shoot his chief executive? >> no, i don't think that is quite right. i think that's an arresting way of putting it. i think i was doing precisely what i said i was doing. the issues you have to think about as a board. >> on the basis of what you said, those where is the scope for the bullet to miss? >> i think

well this story just to run and run really full the chief executive of buckley's bob diamond giving very little away when we saw him being quizzed by m.p.'s yesterday about the rate rigging that went on. now the process went on for a number of hours and piece left the end of that seemingly very frustrated at their inability to get any concrete information from him a lot of people have been speculating about whether he was going to go down fighting but it was less of a smoking gun and more of a dunce certainly what we saw over the hours was the very beginning where bob diamond had seen quite uncomfortable he was reaching for his water a lot of the time very very little solid information that came out of that indeed there's been a lot of criticism over the way the questioning was handled and calls maybe for an independent judicial inquiry some people saying perhaps that would be more effective and of course there are some big questions that still need answering some of the big ones that one really cleared up in the questioning process were the involvement in the role that the bank of engla

do you find make a rats but just listen to bob diamond that's all rat sounds but yeah he was involved in fixing rates he committed fraud committed securities fraud many times over there i mean the u.s. i suppose will listen to bob diamond because they want to hear some more inside information because the congress people can trade on inside information that's legal but nancy pelosi made five million dollars recently starting an inside information will be listened to they're like oh paul worker we illegally traded inside information tell us more bob diamond you big frickin rat you know like you said this financial collapse is causing not so much the rats to emerge but as the fraud to emerge so you're never more than a few milliseconds away from the next actor from being committed and stolen from you but we live in a snow global fraud it's all around us it's fraud to a new level stacey because it's synthetic fraud it's a synthetic fraud cooked up in the algorithmic laboratories of these big banks quantitative analysis bucket shops on wall street in the city of london it's not even real f

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 and the chief operating officer has also quit the third top executive in two days to do so here's our london correspondent sara for. well of course this story absolutely dominating the headlines here today after we saw the resignation from barclays chief executive bob diamond he'd come under a huge amount of pressure. rigging the key interest rates known as libel and this was used to set the course for the millions of businesses of consumers of investors tomorrow we're going to see a lot of inflation between him and m.p.'s as he faces questioning but of course this story so much bigger than just bob diamond in fact is thought as many as twelve to fifteen other institutions could be involved in this already questions over whether we're going to see more top level resignations affair really that there's much more to come from this and it's given us all a glimpse aga

that big rat may be going to congress barkley sed chief bob diamond could be brought before congress sources say washington politicians considering asking former barclays chief executive to testify as libel or fixing controversy crosses to the u.s. and again look at all the qualifiers that somehow they may we were thinking about it there could have been something there some allegations here that this could be kind of wrong doing mr diamond did you fix race. that was not a rat sound is it. really trying to make a rats but just listen to bob diamond that's all right sounds but yeah he was involved in fixing rates he committed fraud committed securities fraud many times over. i mean the u.s. i suppose will listen to bob diamond it because they want to hear some more inside information because the congress people can trade on inside information that's legal but nancy pelosi made five million dollars and they try to get inside information is a little be listened to they're like oh paul worker we illegally traded inside information tell us more bob diamond you big frickin rat you know like

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 truly terrible week for the city's reputation and it could be said to get even worse than we've already seen buckley's bank leads a number of its top executives that of calls coming in the wake of the revelations the buckley's was involved in fixing key interest rates known as libel interest rates were responsible for setting the calls for millions of businesses can see him as an investor is now following in the footsteps of the resignation of folkies chief executive bob diamond we've also seen buckley's chief operating officer jerry messier resigning as well but of course this story is so much bigger than just a few key individuals this isn't about a few bad apples this is much deeper than that and is once again giving us a glimps

greenspan lower interest rates but i want to live in a bob diamond in front of that inquiry and it was like a weasel all vaseline you know the guy's questioning on the record and trying to grab this weasel that slab of himself in vaseline and you know all these questions out there oh you squishes out that way i guess that comes and let handy when he's down on old champa street later but what else you got so let's look at everybody else let's look at the ways that people around the world nations around the world are trying to fight back against these bank robbers these bimbo bank robbers france sees public investment bank by year end. arno. france's minister for productive recovery said a public investment bank will be created by the end of the year private banks he said are not sufficiently interested in the real economy preferring to be active in global markets and the confusion between the role of savings banks and investment banks has many adverse effects he concluded that it's absurd that banks post indecent margins at the cost of crushing our industrial conned me and setting profi

bob diamond then hours later the chief operating officer followed him out while the chairman's promise to go to when replacements are found here's our london correspondent sarah firth. well of course this story absolutely dominating the headlines here today after we saw the resignation from barclays chief executive bob diamond he'd come under a huge amount of pressure barclays rigging the key interest rates known as libel and this was used to set the course for the millions of businesses of consumers of investors to morrow we're going to see a lot of inflation between him and m.p.'s as he faces questioning but of course this story so much bigger than just bob diamond in fact is thought as many as twelve to fifteen other institutions could be involved in this so already questions over whether we're going to see more top level resignations affair really that there's much more to come from this and it's given us all a glimpse again you know that this isn't just a few bad apples but that really the rotten call of britain's banking system simply hasn't been dealt with after the last financi

diamond should be ashamed to show his face for the financial indecency that he's been involved with the same way that anyone who's caught you know surfing for pornography on the web or for child pornography on the web would be you know not want to show their face in america when somebody is caught you know having this type of lawbreaking going on they have to tell their neighbors that they are involved in this program where they're not allowed to be within two miles of a school of children bob diamond should be required to tell his neighbors that he was caught stealing money essentially and that nobody should get anywhere near him what the wallet or a billfold or a checking account because he has a propensity to steal it from you ok but as willie sutton the legend goes would said that he robbed banks because that's where the money is so even if you create a public bank that is supposed to just help your domestic economy to help your domestic small and medium sized enterprises well there is already a bank like this and that's in germany k f w bank now here's a headline from september

s questioning bob diamond their barclays was revealed to have meddled with interbank lending rates that could have that overcharged thousands of people with mortgages loans and credit cards it's a scandal that's engulfing the entire british banking sector and sending shock waves through westminster economists rodney shakespeare says that those who are guilty should be charged. there's outrage because you see it's not just barclays of bob diamond and he's chairman it's they consequences in everyday life which is at the moment the system and it's 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 pair of time thinking and frankly the whole ought to be cleared out and we have to start again but of course you have to hit those that you can pin with a criminal charge and that can be done to the charge of conspiracy to defraud the banks was first

diamond d. today in questioning we're seeing a lot of political class nothing is really trying to distance himself read into all day separations but i mean it's given us an insight really into the very uncomfortably. relationship that is enjoyed by the city and by the politicians in this country and it's really gets a much wider as we said than just individuals and that's really what i want it calls for a complete overhaul of the whole system i mean it's not just. implicated here of course you've got the bank of england discreetly now you've also got it called into question as to why after the last big financial quite this the government didn't do what they said they were going to day which is clean up the city. sir first in london there for us no man is getting his teeth into bankers ethics for a while now is investment adviser patrick young he's on the line from london as well even patrick bob diamond didn't take the chance today to to name and shame those who were complicit in the rate fixing

now former barclays chief executive bob diamond has decided to forego any deferred bonuses worth an estimated twenty million pounds he was due to receive the money as a pay off following his resignation in the wake of the bank's rate rigging scandal correspondent in london laura smith out with us live from on this story oh and laura so mr big shot bob diamond just a few million pounds short is a. he is certainly this is all come out as a result of the questioning today of marcus agius who's the barclays chairman it's been reported that m.p.'s on the treasury select committee have given him a relatively tough time he says he deeply regrets what's happened at barclays and he's truly story and during the course of his evidence it came out that bob diamond is indeed going to give up his twenty million pounds bonus now he's only going to take his salary and his pension allowance and that amounts to a grand total of two million pounds i say that again two million pounds that's three point one million dollars that he gets despite the fact that he has had to resign because the bank's board lost confi

diamond d. today in questioning we're seeing a lot of political class nothing is really trying to distance and suffered until they separations but i mean it's given us an insight really into the very uncomfortably. relationship that is enjoyed by the city and by the politicians in this country and it's really gets a much wider than just individuals that's really what prompted calls for a complete overhaul of the whole fifty i mean it's not just barclays bank implicated here of course you've got the bank of england under scrutiny now you've also got it called into question as to why after the last big financial quite this the government didn't do what they said they were going to do which is clean up the city. of london britain could restrict immigrants from greece as well as other eurozone citizens the prime minister david cameron says it's an option on the table in case of what he calls extraordinary stresses and strains caused by europe's sovereign debt crisis right now becoming hopes that doe

bob diamond saw a different kind of fireworks. he faced tough questions at a three-hour hearing before a british parliamentary panel. >> it was wrong. i'm sorry, i'm disappointed, and i'm also angry. there is no excuse for the behavior that was exhibited in those activities in the types of e-mails that were written. and i stand for a lot of people at bar clclays that are angry at this. >> now what's next? kelly evans has the latest from london. >> well, the vote is in, and by a margin of 320 to 239, parliament has decided not to go forward with a judge-led inquiry regarding libor, but that clears the way for a parliamentary hearing which including more like what we saw when bob diamond testified yesterday. paul tucker asked for his time in front of the same panel, especially about discussions he had with bob diamond that may have indicated a wink and a nod so they could turn around and lower the cost that they were borrowing funds at in the market. what's not clear is who else we might be hearing from. certainly more members from

bob diamond resigns under pressure following the libor price fixing scandal. marcus agius who announced his departure yesterday is staying on leading the search for a new leader. the companies chief operating officer is likely to step down. stock price moving higher in london. more details from kelly evans in a moment. jpmorgan pushed the financial advisers to sell the bank's own mutual funds instead of outside funds. "the new york times" says brokers say they were encouraged to -- even if rival fund companies had cheaper alternatives that offered better returns. jpmorgan defends its strategy as customers want access to proprietary funds. microsoft taking a charge of $6.3 billion to write off the purchase of a quan tiff. microsoft made the deal in 2007. at the time the time they made the purchase to catch up with google in search related display advertising. steve? >> thanks, michelle. pre-holiday shortened session for wall street today. equity trading will wrap up at 1:00 p.m. eastern time. there will be no trading tomorrow. but the flood gates will lift on j

key participant in the cross-examination of disgraced barclays chief executive bob diamond has admitted that m.p.'s are powerless to get to the truth about bankers andrea led sim's comments come in the wake of diamonds appearance before the commons treasury select committee to answer questions about fixing the libel rate the price at which banks lend to each other to benefit barclays letson was one of the politicians are asking the questions at last week's hearings and admitted it would be fair to call the investigation useless she blames a lack of information parliament had no transcripts of morning meetings that recorded what were being said and no email trails all they had were regulator reports and what's been reported in the media has led sims revealing remarks made in an interview with the independent newspaper will raise questions in the public about whether the truth behind the libel scandal and who knew what will ever emerge the largest scale parliamentary inquiry is now being set up to investigate the banking crisis but if the banks closed ranks and m.p.'s can get the informat