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Colby Trustee Chair Under Fire for Barclays Connection

Colby Trustee Chair Under Fire for Barclays Connection
July 24, 2012

Protesters gathered on Saturday at Colby College and called for the resignation of Bob Diamond, chair of the college's board of trustees -- and until recently, chief executive officer of the British bank Barclays, which is embroiled in a interest-rate fixing scandal. Diamond resigned from his position at Barclays on July 3, a week after the bank was fined $450 million for attempting to fix the interest rate at which London banks lend to each other (abbreviated Libor) to profit on trading and also to make its borrowing costs look better during the financial crisis.

Protesters also wanted the college to say that millions of dollars in donations to the college came from alleged illegal profits he accrued while at Barclays. According to the Kennebec Journal, Diamond, a 1973 Colby graduate, donated about $14 million in recent years.

Michael Kiser, vice president for communications at the college, said the protesters were allowed to meet in front of the campus's Diamond Building, which was built after Diamond gave $6 million toward the construction of a social sciences and interdisciplinary studies building in 2003. He said the protest was not indicative of the larger Colby community's response to the scandal, adding that some alumni have contacted the college with questions, but not complaints.

Kiser said the protests don't reflect the college's stance, either: "We don't see any change in Bob's relationship to the college," Kiser said. "He's a stalwart alum."

 

 

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