In June 2012, Barclays was fined £59.5 million by the FSA (£290 million in total) for "serious, widespread breaches of City rules relating to the Libor and Euribor rates". The bank had been found to have lied, sometimes to make a profit, and other times to make the bank look more secure during the financial crisis. The UK's Financial Services Authority (FSA), which levied a fine of £59.5 million (US$92.7 million), gave Barclays the biggest fine it had ever imposed in its history. The FSA's director of enforcement described such behaviour as "completely unacceptable", adding "Libor is an incredibly important benchmark reference rate, and it is relied on for many, many hundreds of thousands of contracts all over the world." Liberal Democrat politician Lord Oakeshott criticised Diamond, saying: "If he had any shame he would go. If the Barclays board has any backbone, they'll sack him." The U.S. Department of Justice had also been involved in the investigation. Diamond announced on June 29, 2012, that he would not resign over the bank's role in the fraud. Diamond voluntarily gave up his bonus for 2012 but initially maintained that he would remain as chief executive. However, following widespread anger at his refusal to step down and amidst concerns that his presence could be harmful to the Barclays brand, he resigned as chief executive on July 3, 2012.