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THE LATEST SECONDARY MARKET Nation's Largest Banks Submit T Scandal Embroils Bank Amid charges that the bank manipulated the LIBOR, Barclays loses its chairman, CEO, and COO. Barclays Loses Two More as F and CEO, Bob Diamond, and COO Jerry del Missier will also be stepping down. The resignations were an- ollowing the resignation of chairman Marcus Agius, Barclays has revealed that the company's director nounced in early July and became effective immediately. Agius will lead the search for a new CEO and will be supported by the company's deputy chairman, Michael Rake. Barclays has not yet commented on a successor for del Missier. The wave of resignations is brought on by a recent scandal, when it was revealed that Barclays had manipulated the London Interbank Offering Rate (LIBOR). The company was fined by British and U.S. authorities in the sum of £290 million ($450 million). 70 | THE M REPORT nesses together and added our own distinctive chapter to the long and proud history of Barclays. My motivation has al- ways been to do what I believed to be in the best interests of Barclays," he added. Del Missier released his own statement about his resignation. "We built one of the premier global investment banks from scratch—something that we are all very proud of. The firm is as because I saw an opportunity to build a business out of almost nothing. Since then, I have had the privilege of working with some of the most talented, client- focused, and diligent people that I have ever come across," said Diamond in a statement. "We built world-class busi- "I joined Barclays 16 years ago strong today as it ever has been and is incredibly well placed to succeed within the post- financial-reformed competitive landscape," said Missier. While Diamond said the Resolution Plans DELIVERING THEIR SCHEDULED PROPOSAL TO THE FED AND THE FDIC, THE COUNTRY'S BIG BANKS MOVE FORWARD WITH RESOLUTION MEASURES. Reserve for review. A portion of the plans designated for public view will be released; however, the Federal Reserve and FDIC will take 60 days to review the plans for completeness and compliance. The resolution plans are a he largest banks in the U.S. have submitted their resolution plans to the FDIC and the Federal requirement of Dodd-Frank and apply to all "bank holding companies with total consolidated assets of $50 billion or more and nonbank financial companies des- ignated by the Financial Stability Oversight Council," according to a joint press release from the FDIC and the Federal Reserve. The financial entities must set forth in their resolution plans their "strategy for rapid and orderly resolution under the Bankruptcy Code in the event of material financial distress or failure of the company," accord- ing to the press release. The deadline applies to all U.S. decision to leave was difficult, he felt the external pressure and the risk to the bank's reputation from the scandal was too great. "I am deeply disappointed that the impression created by the events of last week about what Barclays and its people stand for could not be further from the truth," he said. "I know that each and every egory include Bank of America, Barclays, Citibank, Credit Suisse, Deutsche Bank, Goldman Sachs, JPMorgan Chase, Morgan Stanley, and UBS. Part of the information in the bank holding companies with at least $250 billion in total non- bank assets and to foreign bank holding companies that have at least $250 billion in nonbank assets in the U.S. Other banks will be required to submit their resolution plans at a later date. Banks that fall into this cat- one of the people at Barclays works hard every day to serve our customers and clients. That is how we support economic growth and the communities in which we live and work, " he added. plans will remain confidential, and part will be open to the public. The public portion will reveal information, including "a descrip- tion of the company's core business lines and financial information regarding assets, liabilities, capital, and major funding sources." SECONDARY MARKET ANALYTICS SERVICING ORIGINATION