[Debate] Barclays CEO Bob Diamond quits - under relentless political pressure

Tue Jul 3 12:02:52 BST 2012

Is he one of your 95% of terrorists, Riaz? Perhaps he let it be known that
if they let him resign and still remain member of the truly filthy rich
club, he wouldn't squeal and blow up the world financial system?

P

On Tue, Jul 3, 2012 at 12:58 PM, Riaz K Tayob <riaz.tayob at gmail.com> wrote:

>  Not much, but the squeeze will be on for more extraction... but Ramos
> took over ABSA after Transnet... and she got awards for improving
> management and the balance sheet (mainly revaluing assets on a mark to
> market basis) and was feted like any neoliberal success story... until Zuma
> took a train and called it shocking or something... so now there is the
> beginning of investments in trains... pity that capacity has been decimated
> and to cap it all off Ramos sent the rolling stock (carriages) to Uganda...
> meanwhile road transport has taken off with overloading of trucks causing
> damage and traffic risks (but dont worry, it is the taxpayer who picks the
> tab for weight damage not the operator of the toll road - so all incentives
> are aligned to subsidise the toll both economy)...the ineptocracy spreads
> and spreads and spreads...
>
>  On 2012/07/03 01:21 PM, m_redmond at btinternet.com wrote:
>
>  Barclays own ABSA. What does the whole Barclays scandal mean for ABSA?
> Megan.
>
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> *From:* Riaz K Tayob <riaz.tayob at gmail.com> <riaz.tayob at gmail.com>
> *To:* Debate List <debate-list at fahamu.org> <debate-list at fahamu.org>
> *Sent:* Tuesday, 3 July 2012, 11:02
> *Subject:* [Debate] Barclays CEO Bob Diamond quits - under relentless
> political pressure
>
>
>  [So hard to find good help these days...]
>     Barclays chief executive Bob Diamond resigns
> Chancellor George Osborne says Diamond's exit after interest rate scandal
> was 'right decision for Barclays and for country'
>
>     -   Jill Treanor <http://www.guardian.co.uk/profile/jilltreanor>,
>    City editor
>      - guardian.co.uk <http://www.guardian.co.uk/>, Tuesday 3 July 2012
>    08.45 BST
>
>
>  Barclays chief executive Bob Diamond has resigned following the interest
> rate manipulation scandal. Photograph: Ian Kington/AFP/Getty Images
>    Bob Diamond has resigned from Barclays<http://www.guardian.co.uk/business/2012/jul/03/bob-diamond-resigns-barclays-bank>in the face of relentless political pressure for him to go following the
> interest rate manipulation scandal.
>  An attempt by the board to save his position by accepting the
> resignation of the chairman, Marcus Agius<http://www.guardian.co.uk/business/2012/jul/02/barclays-chairman-marcus-agius-resigns>,
> on Monday has failed. Instead Agius will now become full-time chairman and
> lead the search for a new chief executive.
>  In a stunning turnaround – only on Monday the 60-year old chief
> executive was vowing to stay<http://www.guardian.co.uk/business/2012/jul/02/barclays-staff-memo-bob-diamond>– Diamond is to go immediately after a 15-year career with the bank and
> only 18 months as chief executive.
>  Diamond's resignation was welcomed by the government, which has come
> under increasing pressure to launch a public inquiry into the scandal.
> George Osborne, speaking on BBC Radio 4's Today programme, said it was "the
> right decision for Barclays <http://www.guardian.co.uk/business/barclay>– and for the country".
>  "I think Bob Diamond <http://www.guardian.co.uk/business/bob-diamond>'s
> resignation is the first step towards the new age of responsibility we need
> to see."
>  Asked whether he had played a part in Diamond's exit, the chancellor
> denied it, saying he was not in his job to decide who ran Britain's banks.
>  Osborne also condemned the City's "corrupt practices", suggesting that
> criminal cases over the bank's manipulation of the inter-bank lending rate
> would follow, even though no one responsible has yet been charged with any
> offence.
>  Ed Miliband said Diamond's departure was "necessary and right", but
> repeated his call for a public inquiry.
>  "This is about more than one man," the Labour leader said. "This is
> about the culture and practices of the entire banking system which is why
> we need an independent, open, judge-led, public inquiry."
>  But Diamond's decision to quit – and the return of Agius – dismayed some
> in the City.
>  One investor said: "We are clearly now left with the worst of all
> possible situations. We don't have a ready-made candidate and a chairman
> who has no credibility."
>  After an initial fall this morning, Barclays shares edged 1% higher to
> 170.5p, reflecting a view that the the worst of the political storm may
> have been passed. They fell 15% last week, wiping £4bn from Barclays' stock
> market value.
>  Diamond, 60, is understood to have decided to go on Monday evening, and
> informed the board of his decision. But one source said it was a matter of
> semantics as to whether Diamond went or was pushed.
>  There is no mention in Barclays' statement of any compensation for
> Diamond, but shareholders are determined that it should be kept to a
> minimum. Since Diamond's pay was first disclosed by Barclays in 2006 he has
> amassed £100m in pay and perks.
>  The former investment banker Bill Winters, who sat on the independent
> commission on banking, will be regarded as a candidate to succeed Diamond,
> whose attempts to focus on the bank's commitment to "citizenship" have
> speculatorly backfired.
>  Diamond said: "My motivation has always been to do what I believed to be
> in the best interests of Barclays. No decision over that period was as hard
> as the one that I make now to stand down as chief executive. The external
> pressure placed on Barclays has reached a level that risks damaging the
> franchise – I cannot let that happen.
>  "I am deeply disappointed that the impression created by the events
> announced last week about what Barclays and its people stand for could not
> be further from the truth. I know that each and every one of the people at
> Barclays works hard every day to serve our customers and clients."
>  Diamond will still appear before MPs on the Treasury select committee on
> Wednesday where he is expected to face tough questioning about when he knew
> about the bank's manipulation of the London inter-bank offered rate (Libor).
>  Last week Barclays was ordered to pay £290m to settle claims that it
> used underhand tactics to try to rig financial markets. The penalties from
> UK and US regulators, including a record £59.5m fine from the Financial
> Services Authority, follow allegations it manipulated Libor and Euribor
> interbank lending, which govern the rates at which banks are prepared to
> lend to each other in the wholesale money markets.
>  Agius said: "As chief executive he [Diamond] has led the bank superbly.
> I look forward to working closely with the chief executives of our
> businesses and the other members of the executive committee in leading
> Barclays' world class businesses in serving our customers and clients and
> delivering value for our shareholders."
>  The Lib Dem peer Lord Oakeshott said: "This is a great day. Bob Diamond
> was the greedy gambler, personified. What really matters now is that the
> criminals inside Barclays, that they are charged and they are convicted and
> the full force of the law is brought to bear. Stealing money as a banker is
> the same thing as stealing from a house."
>
>     - © 2012 Guardian News and Media Limited or its affiliated companies.
>    All rights reserved.
>
>
>
>
>
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