How the mighty have fallen.
In the sparse office he now occupies in the Seagram Building in Midtown Manhattan, Robert E. Diamond Jr., the former C.E.O. of Barclays, paced in circles and tried to explain how he had gone from being one of the highest-ranking and highest-paid bankers in Britain to a guy who takes the subway to this office in exile and waits in line for his coffee at a cart on Park Avenue.
Not to suggest that times are too tough for Diamond - he’s not complaining, and he still has more money than his grandchildren’s grandchildren will ever need. But for the American investment banker who was arguably responsible more than anyone else for transforming the British finance industry, it has been a pretty spectacular fall.
'It’s hard for me to talk about it', Diamond said. 'I’ve tried to move on'.
The conventional explanation is that Diamond, 61, was ousted last July after regulators in Washington and London uncovered a 'pervasive' scheme by several banks, including Barclays, to manipulate a key interest-rate benchmark known as the Libor, or London interbank offered rate.
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