Barclays wants all its employees to learn that they never, ever should try to rig Libor again.
To that end, the top executive at Barclays' investment bank is appearing in a film about the lessons the bank has supposedly learned from the Libor scandal. And all Barclays employees are expected to watch the video.
The video runs about 12 minutes. It begins with Rich Ricci, the chief of Barclays’ investment banking arm, explaining that because the topic of Libor is so complex, he is going to read from a teleprompter, according to a person who has seen the film.
Ricci states that he wants to make sure he gets it right “in the interests of transparency,” the person said.
“This is just silly,” said one Barclays employee while watching the video.