Is accepting campaign donations from foreign banks even legal?
A disgraced London banker has rescinded an offer to co-host a high-dollar fundraiser for Mitt Romney, sparing the GOP hopeful the difficulty of appearing at a lavish event with a man embroiled in scandal.
Romney’s plan to hold a fundraiser in London this summer with Barclays CEO Robert Diamond was reported June 28 by the London Telegraph. The cost of the dinner seemed to shock the British paper, which noted that “the price of invitations dwarfs the amounts paid for such fund-raisers in British politics.”
On Tuesday, Diamond resigned from Barclays after his bank was fined more than $450 million by British and U.S. authorities for attempting to manipulate the Libor rate (London interbank offered rate), a key global metric used to set everything from credit card to mortgage interest rates.