Barclays Executive Bob Diamond Also Resigning From Mitt Romney Fundraiser

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July 3 2012 5:06 PM

 Barclays Executive Bob Diamond Also Resigning From Mitt Romney Fundraiser

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Barclays PLC chief Executive Bob Diamond, who stepped down this week, also bowed out of a fundraiser for GOP candidate Mitt Romney.

Photo by IAN KINGTON/AFP/GettyImages

Wealthy investment bankers are great fundraiser hosts during your campaign for president—unless they just resigned in scandal.

Chief executive of Barclays Bob Diamond, who stepped down this week after revelations that Barclays Capital was trying to hide losses at the bank from national regulators, has also bowed out of co-hosting a high-priced fundraiser in London for Mitt Romney.

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The fundraiser, reportedly costing between $25,000 and $75,000 a ticket, would have also featured the GOP candidate, who is visiting Britain for the opening ceremonies at the London Olympics. A Romney spokesperson said that they respected Diamond’s decision “to focus all his attention on Barclays.”

Diamond, one of the highest-paid executives in Britain, resigned Tuesday under political pressure and pressure from shareholders. His multinational banking company is also paying a $453 million settlement after regulators discovered traders tried to secretly adjust a key inter-bank lending rate to hide funding difficulties and pad the pockets of certain traders.

Video by Dallas Jensen.

Ben Johnson is the producer of Marketplace Tech from American Public Media.