"Embattled banker drops out of Romney fund-raiser" Globe Staff July 03, 2012
WASHINGTON – Mitt Romney’s campaign says that Bob Diamond, the embattled former chief executive of Barclays bank, will no longer be cohosting a London fund-raiser for the presumptive Republican nominee.
Diamond, a Concord, Mass., native who oversees one of the world’s largest banks, has been embroiled in a rate-fixing scandal in Britain that is threatening to expand.
The bank’s chairman resigned on Monday, and Diamond stepped down as CEO Tuesday amid pressure from some in Parliament. The government has launched an inquiry to find out if there was any criminal wrongdoing.
The scandal involves manipulating the London Interbank Offered Rate, or Libor, which is used to set the rates for a range of consumer products including mortgages, credit cards, and bank loans. Barclays has already been fined $453 million in a settlement with US and British authorities.
Related: The LIBOR is Life
“Mr. Diamond decided to step aside as a cohost for the upcoming London reception to focus all his attention on Barclays,” Romney campaign spokeswoman Andrea Saul said. “We respect his decision.”
Romney was planning to attend the fund-raiser when he is in town for the opening ceremonies of the Olympics. The price for attending the dinner ranged from $25,000 to $75,000, according to the London Telegraph.
Diamond gave $2,500 to Romney last year and has donated to a variety of candidates, including Senator Kirsten Gillibrand, a New York Democrat, and Senator Scott Brown, a Massachusetts Republican.
The Romney campaign would not immediately say whether the fund-raiser was still in the works or who else would be co-hosting.
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Related:
"McCain defends Romney on plans for trip to Israel
Senator John McCain of Arizona on Sunday defended presumptive Republican presidential nominee Mitt Romney’s plan to visit Israel this summer but seemed less enthusiastic about a trip to the London Olympics....
McCain left the issue open. “Mitt Romney has a history of taking the Olympics in Salt Lake City from total disaster and actual criminal behavior to the most successful in history,” he said. “But I don’t presume to tell him where he should go or where he shouldn’t go.”
You just told him to go to Israel.
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