Barclays debacle

Apparently, Peter Apap Bologna (July 17) is of the opinion that with regard to the debacle over the Barclays Libor (lie-more) rate fixing scandal – under the stewardship of Marcus Agius – an apology is in order. I couldn’t agree more with this statement but, surely, he is aware that one was issued and an unreserved and grovelling one at that. Mr Agius provided such an act of contrition for his bank’s dreadful actions when he appeared before the UK’s Treasury Select Committee to answer questions relating to his bank’s unedifying and highly questionable behaviour (wrongdoing actually).

This man – who according to Mr Apap Bologna had for the past 30 years enjoyed the accolades of being a “most highly respected” and “distinguished man” in the City of London but who is now seen as “the enemy at the rates” – told the MPs that he knew about this artificial Libor rate manipulation for more than two years previously, yet seemingly did nothing about it. For he was the chairman of Barclays and the boss of both the other guilty Barclays parties, Bob Diamond (CEO) and Jerry Le Messier (COO).

Mr Apap Bologna appears to have a polarised view of what qualifies as acceptable behaviour or commendable characteristics compared to most of us. He also appears not to possess “more knowledge” about the other critical role and function of Mr Agius: chairman of the British Banking Association, the very in-house banking regulator that monitors and oversees the Libor.