Diamond's crisis of Libor confidence

As US and UK investigators continue their rates fixing probe, and the potential costs of legal action escalates, Bob Diamond has warned of widespread Libor rates scepticism during the global financial crisis.

Giant global insurance and pension funds are watching the unfolding Libor scandal with intense interest, as they contemplate massive legal actions against the major banks involved.

They will have been particularly interested in comments that Barclays former boss, Bob Diamond, made to a UK parliamentary committee overnight which highlighted deep flaws in the Libor rate setting process.

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