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Journal of Emerging Technologies and Business Management

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Abstract

Barclay Interest Rate Rigging Scandal was the headline of every newspaper in July 2012 when Barclays had to pay £29()m in order to settle claims for being alleged for rigging financial markets by using underhand tactics. Then the investigations were started by F SA (Financial ServicesAuthority) to look into the matter o/‘manipulation of Libor and Euri-bor interbank lending interest rates. Barclay's chief executive, Bob Diamond admitted the crime and apologized, and thereafter came the severe threat of further investigations that engulfed every bank that was somehow involved with Barclays. There were talks of introducing criminal sanctions against such crimes and at the same time, Barclays declared a "zero-tolerance policy ” against stajj’ that damaged the bank's reputation. Within a week, there were rumors ofanotherfinancial breakdown and the banking sector was under a perplexed state. The authors ofthe current case study have undertaken an in-depth review of the Barclays bank Interest Rate Rigging Scandal and raised the question as to what can he the sanction against such acts. This case has also highlighted series of scandals that Barclays has done in the past. In the end, authors have tried to raise questions as to who is to be blamed for the current scandal; whether authorities have been blind towards the crime that was going under their eyes or was the absence of corporate social responsibility the root cause.

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