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Ex-Barclays CEO Buys Protection, Hires Top Lawyer

July 12, 2012
[ by Howard Haykin and Melanie Gretchen ] Bob Diamond, Barclays former chief executive, already lost his job, $31 million in bonuses and deferred compensation, and his sterling reputation.  Yet, the Libor rate-manipulation scandal continues to widen, thus apparently placing at risk other "personal valuables," leading Mr. Diamond to 'collar' the services of a top white-collar defense lawyer, Andrew Levander. The Dechert LLP partner has made his name defending Jon Corzine, CEO when MF Global declared bankruptcy; former Merrill Lynch CEO John Thain; and hedge-fund manager and philanthropist Ezra Merkin, who was sued over money lost in the Ponzi scheme run by Bernard Madoff.  On a personal level, he is known for his trademark bow ties. Although it's unknown exactly when Mr. Diamond hired Mr. Levander and his firm, the former CEO will be prepared – despite the $453 settlement Barclays paid to settle charges that it manipulated Libor, no individuals have yet been charged.  Nevertheless, the CEO has been accused by British lawmakers of misleading a parliamentary inquiry into the Libor scandal, which Diamond has denied. For that, he has Mr. Levander. [Reuters, 7/12/12]