The fallen leader of Barclays Bank got on the hot seat before members of the British Parliament on Wednesday. Robert Diamond, an American, resigned Tuesday as CEO of the bank — the latest executive to lose his job over an interest-rate manipulation scandal.
The scandal has not only consumed Barclays, it also threatens to engulf other international banks — and high-ranking government officials, too.
Diamond started his career at Barclays on Independence Day, exactly 16 years ago. On Wednesday in London, he set off some fireworks all his own.
Our last word in business today: body of work. That's the legacy left behind by Italian car designer Sergio Pininfarina. He died yesterday in Turin, Italy at age 85. His family's design firm was behind the sleek, elegant bodies that became a hallmark of Ferrari automobiles.
Maybe you won't pay several hundred dollars for a pair of sneakers, but there are a lot of people who will — providing they are the right sneakers. The demand for certain models has spawned a robust market for re-sellers — people who buy up the available supply and re-sell them for a profit.
NPR's business news starts with a U.K. interest rate probe.
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WERTHEIMER: The former chief executive of Barclays is testifying before a parliamentary committee in Britain. Bob Diamond, who resigned yesterday, is being asked about the rate-setting scandal at the bank. He told lawmakers in the hearing today that it was an unfortunate series of events. Yesterday, Barclays released documents suggesting a Bank of England official may have pressured Barclays to lower its rates. NPR's Jim Zarroli reports.
Gary Cha and his family came to the U.S. from South Korea in the 1970s. They opened Yes! Organic Markets in food deserts and other unlikely neighborhoods around Washington, D.C. and Maryland. Cha speaks with host Michel Martin about his heritage, his business and racial tension between some Asian store-owners and African-American residents.
As part of a landmark $3 billion settlement of health fraud charges by GlaxoSmithKline, the government released a slew of documents that serve as a one-stop guide to alleged sales practices that ran rampant for years.
This is TELL ME MORE from NPR News. I'm Michel Martin. Coming up, we'll meet a couple who didn't just worry when their daughters started coming home making disparaging comments about their own looks. They decided to surround the girls with positive messages that they, too, are beautiful. We'll meet them and hear what they did in just a few minutes.
If you want to know where your meat came from, you won't be happy with the World Trade Organization right now. Late last week, the WTO announced that the United States' country-of-origin labels, which took effect in 2008, discriminate unfairly against foreign meat suppliers such as Mexico and Canada.