London (CNN) -- A British parliamentary report slammed Barclays bank on Saturday for its "disgraceful" actions that led to a rate-rigging scandal. The Treasury Select Committee issued a report after recent hearings over the scandal. Barclays was fined $450 million by British and American regulators after some of its traders purposely manipulated its interest rates as part of Libor, or London Interbank Offered Rate. The scandal also led to the resignation of Bob Diamond, its chief executive. The report said the source of the scandal was a "deeply flawed culture" by Barclays and not just actions "small group of rogue traders."
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A parliamentary report was issued on Saturday
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The committee cites a "deeply flawed culture"
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The management "turned a blind eye to the culture of the trading floor"
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Diamond took issue with attack on culture but called traders' acts "reprehensible"
The @placeholder is hammered out based on input from big banks in London each morning and used to calculate trillions of dollars in consumer and business loans around the world.
The Libor is hammered out based on input from big banks in @placeholder each morning and used to calculate trillions of dollars in consumer and business loans around the world.