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Video: Ex-Barclay’s chief grilled on bank scandal

  1. Closed captioning of: Ex-Barclay’s chief grilled on bank scandal

    >> well, there wasn't much to celebrate on wednesday for the enoughly resigned ceo of barclays. the american executive was put on the hot seat by angry politicians in britain over his bank rate fixes scandal.

    >> reporter: 16 years to the day after he started there, he faced a sort of public flogging. even his young banker daughter rudely defending him. not pretty for an industry that's taken some real heat lately.

    >> what kind of firm were you running?

    >> that's all the multimately one of the reasons you've lost your job, mr. diamond.

    >> you were complicit on what was going on or you were gross live negligent or grossly incompetent.

    >> reporter: the parliamentary committee grilled and secured bob diamond . he admitted some traders broke the rules for years.

    >> the behavior was abhorrent. equally wrong. it was horrible. there was no excuse. when i read the e-mails from those traders, i got physically ill.

    >> reporter: he says he didn't know until recently, then put a stop to it. the barclays traders were fudging numbers and certain interest rates they were paying to boost profits and avoid problems. some of the e-mails "push the cash downwards, keep it to yourself or it won't work "i'm sure a few names made a killing."

    >> cheating the pensioners, the funds, and the ordinary investors.

    >> reporter: in respond bob diamond 's 23-year-old daughter nell sent an obscene tweet tell it would go top british government officials to do something we can't repeat here. she took it down and then tweeted tasteful support for her dad. her father's success and nell went to a $25,000 a year high school , charity balls, fashion runway shows. she's one of wall street 's hottest offsprings, obviously feeling her father's pain.

    >> that doesn't wash.

    >> can i finish?

    >> no, it doesn't wash.

    >> reporter: they're telling him he out to give up his $30 million bonus.

    >> are you forfeiting the shares you have in the company as you told us you would do in this situation?

    >> as i said earlier, that's a discussion with the board.

    >> reporter: today the house of commons will hold a debate. there's been a real discussion here over whether it would be a deterrent if individual bankers were punished for their misdeeds instead of generally just the banks. natalie?

    >> michelle kaczynski in london for us. thank you.

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