remaining chief executive of Barclays Capital. On 30 June 2006, The Wall Street Journal ran a front page, column one, article detailing how Barclays Capital was making a giant portion of its income not through legitimate investment banking activities but through a tax dodge, a so-called "double dip", which was essentially paid for by the British and American taxpayer. The revelation angered Parliament, the Bank of England, and UK and US tax authorities and the scam was outlawed. It also contributed to Lord Mandelson, UK Business Secretary, labelling Diamond "the unacceptable face of banking". Diamond headed Barclays' bid to purchase Lehman Brothers in September 2008, but that was stymied by the Bank of England, thereby avoiding Barclays buying an investment bank that was later known to be bankrupt. Diamond then sealed an agreement with Lehman Brothers President and COO Bart McDade to purchase key assets of that firm after it filed for bankruptcy, which instantly gave Barclays an investment banking foothold on Wall Street. Diamond became deputy group chief executive on October 1, 2010, and then succeeded John Varley as Group Chief Executive on January 1, 2011. On July 2, 2012, Barclays' chairman, Marcus Agius, resigned following the heavy fine that Barclays suffered as a result of some of their company employees being involved in manipulating the London Interbank Offered Rate, which became known as the LIBOR scandal. Just 24 hours later, on July 3, Diamond resigned his post with immediate effect. Diamond's longtime protege, Jerry del Missier, who had been appointed chief operating officer of Barclays on June 22, 2012, resigned on July 2, 2012. "Double Dip" tax scams The "Double Dip" tax scams were fairly simple - in a typical case, Barclays and an American bank would loan, say, an airline for the purchase of a jumbo jet. A subsidiary without any employees would be set up owned by Barclays and the American bank to handle the transaction, and the subsidiary would pay income tax on the interest income. The scam would come into effect when both Barclays and the American bank would claim the same full tax credit amount with their respective UK and American tax authorities, i.e. essentially Barclays' income from the scam was being paid for by British and American taxpayers without the respective governments and tax authorities knowing what was going on. Barclays was making over £1 billion a year from the practice. This