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Barclays chief executive Bob Diamond has resigned from the UK-based financial services giant amid an interest rate-fixing scandal that some believe could be a watershed moment for Britain’s banking system.

In a statement released by the company on Tuesday, Diamond said he chose to leave because “external pressure” on Barclays had “reached a level that risks damaging the franchise”.

Oh yes, the reputation they have as tax shy, totalitarian regime-supporting thieves and free-loaders of the first water will be irreparably damaged if he stays.