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Colby College Protesters Urge University To Cut Ties With Ex-Barclays CEO Bob Diamond

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Bob Diamond, left, seen in London earlier this month. Protesters at Colby College called upon the school to remove Diamond from the board of trustees this weekend, due to his involvement in the Libor rate-rigging scandal.
Bob Diamond, left, seen in London earlier this month. Protesters at Colby College called upon the school to remove Diamond from the board of trustees this weekend, due to his involvement in the Libor rate-rigging scandal.

Bob Diamond has given millions to Colby College in the past decade. Some people at the school have a problem with that.

On Saturday, protesters at the Colby campus in Waterville, Maine, called on the school to oust Diamond from the school's board of trustees, of which he is chairman. Diamond, who graduated from Colby in 1973, was until recently the CEO of Barclays, the British bank now at the forefront of the international Libor scandal. (Hat tip to Dealbreaker.)

Employees at Barclays are known to have manipulated Libor -- an interest rate of central importance to the global banking system -- in order to boost the company's bottom line. The potential effects of Barclays' manipulation are far-reaching. Diamond resigned from the bank earlier this month amid the scandal, and has backed out of hosting a fundraiser for GOP presidential front-runner Mitt Romney.

The dozen or so protesters who gathered at Colby this weekend -- including members of Occupy Bangor and Occupy Augusta, according to the Waterville Morning Sentinel -- urged the college to cut ties with Diamond as well, and publicly acknowledge that the money Diamond has given to the school, including a $4 million donation for energy and environmental studies, may well have come from Barclays revenue that the bank generated through underhanded means.

It's not yet known how many other banks were intentionally weighting the data used to determine Libor. More than a dozen major banks are currently under investigation, including Bank of America and JPMorgan Chase, and reports indicate that Citigroup may have been the worst in the U.S.

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