Barclays division: Concord, Massachusetts-native Bob Diamond, who resigned as Barclays CEO yesterday, will testify before the British Parliament’s treasury select committee later this morning, and he’s likely to implicate the British government in the rigging of interbank lending rates in an attempt to defend his firm.
You can watch a live stream of the hearings here.
Barclays hoped it would limit exposure to the rate-rigging scandal by being the first bank to settle charges with regulators. That plan backfired, as whatever the firm saved in penalties has been lost many times in market value, not to mention the resignations of three top leaders and untold reputational damage.
Reuters likes Bill Winters, JPMorgan’s former co-head of Europe, as a candidate for the top job at Barclays. Antony Jenkins, Barclays’s head of retail banking, might go over well with politicians, says The New York Times, adding that Royal Bank of Scotland boss Stephen Hester might have some appeal.
Graham Sharpe, a spokesman for British bookmaker William Hill, told The Observer that the firm is offering the following odds: Bill Winters, 5-4; David Roberts, 11-4; Rich Ricci, 4-1, Chris Lucas, 7-1, Naguib Kheraj 12-1, Tom Kalaris, 12-1 and Richard Meddings, 12-1.
Mr. Diamond, meanwhile, would fit in nicely at a private equity firm.
More bad headlines: Barclays has hogged the spotlight this week, a fact for which JPMorgan chief executive Jamie Dimon might be grateful. That’s because Mr. Dimon’s firm has made news over price-fixing allegations of its own—specifically, an investigation over whether a JPMorgan unit manipulated energy markets in California and the Midwest.
Trader moves: David Olson, the former JPMorgan trader whose comments to Bloomberg News on the London Whale trading losses were fodder for Sen. Jeff. Merkley during the Senate Banking Committee’s interview with Mr. Dimon last month, has joined Citigroup’s bond-trading unit.
Road to Chapter 9: The first stop on the road to bankruptcy for Stockton, Calif., was a decision in 1996 to give firefighters full health benefits into retirement, the city manager says.
Lost decade: Vanity Fair looks at Steve Ballmer’s leadership at Microsoft, and finds 10 years of “astonishingly foolish management decisions.”
Greenlight for charity: David Einhorn finished third in the World Series of Poker’s $1 million buy-in tournament, good for a $4.35 million prize. Mr. Einhorn has said he’ll donate winnings to nonprofit City Year.