Will Barclays' Bob Diamond survive?

Barclays boss Bob Diamond faces pressure to resign over the bank's 'rate rigging' Photo: Reuters/Dylan Martinez

Bob Diamond might already have written the email, 'Dude, where's my bonus gone?' But what are the chances of him having to say, 'Dude, where's my job?'.

He didn't write the cringeing emails between traders rigging the markets, including to external banks. And the bank is utterly adamant that while 'senior management' did have knowledge and involvement in what went on, they are utterly adamant neither he nor the board knew, and the regulators' reports do not suggest otherwise.

The FSA says other banks may be involved in 'rate rigging' scandal Credit: Fiona Hanson/PA Wire

But with political calls for his head Barclays is hoping for safety in numbers. Many other banks, perhaps as many as 40 around the world, might be caught up in this scandal. And calls for Diamond to go are so far limited to regular and vociferous critics of the banks. But it will be critical to watch what and when government ministers say on the subject.

The PM's spokesman yesterday did not want to comment. But will all ministers be able to resist the temptation to wade in? After the episode over Jimmy Carr's tax last week they might be more reluctant than usual.

PS: For the very many of you who have asked me why there is to be no criminal prosecution, the FSA says they did look at potential charges, but decided it was not appropriate in this case. The breaches of the rules here have been under civil law - not criminal law that could result in police charges. One member of the public, Andy Wightman, however has complained to the police, believing that what happened was in fact a breach of criminal law.

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