Barclays Bank Chairman Marcus Agius, is the sacrificial lamb as far as Barclays is concerned, resigned Monday over the Libor rate fixing scandal involving Barclays and other major banks.

Whether this strategy will pacify markets, not seeking his head but that of Bob Diamond, the CEO and the senior person so much closer to the area who were manipulating this key rate, remains to be seen. 

Diamond will testify before a Treasury Select Commitee on Wednesday