Bank CEOs: Highly Paid, Never in Doubt, Often Clueless

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LIBOR is an interest rate measure that serves as an underpinning of the global financial system. Last year, Barclays was caught in a scheme to rig LIBOR at the expense of much of the global economy. Its CEO, Bob Diamond, lost his job.

In an interview in The New York Times last week, Diamond's response to the LIBOR scandal took me aback.

"Do you want the truth?" Diamond said. "Up until all of this, I didn't even know the mechanics of how LIBOR was set."


In this video, Fool banking analyst Matt Koppenheffer and I discuss how much a bank's CEO should be expected to know about the businesses they run.

Wells Fargo's dedication to solid, conservative banking helped it vastly outperform its peers during the financial meltdown. Today, Wells is the same great bank as ever, but with its stock trading at a premium to the rest of the industry, is there still room to buy, or is it time to cash in your gains? To help figure out whether Wells Fargo is a buy today, I invite you to download our premium research report from one of The Motley Fool's top banking analysts. Click here now for instant access to this in-depth take on Wells Fargo.

The article Bank CEOs: Highly Paid, Never in Doubt, Often Clueless originally appeared on Fool.com.

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