Associated Press

Article Last Updated: Saturday, August 18, 2012 9:11am

Former Barclays CEO Bob Diamond offered a “highly selective” account to a parliamentary hearing on the banking rate-fixing scandal, British lawmakers said Saturday in a highly critical report.

In its report regarding manipulation of a key inter-bank interest rate, Parliament’s Treasury committee demanded sweeping changes to regulation of the banking industry, calling for authorities to get wider powers to prosecute offenders.

Barclays has been fined $453 million by U.S. and British agencies for feeding false data which went into calculations of the London interbank offered rate, known as LIBOR, a market index that influences the costs of a range of financial instruments, including home mortgages.

The committee criticized both the Bank of England and the Financial Services Authority over failures to uncover the scandal sooner, and said it was highly unlikely that the practice of rate-fixing was confined to one bank.

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