Diamond has resigned

worldtraveller

Robert Peston is saying that Bob Diamond's resignation was encouraged by Mervyn King & Lord Turner:

I have learned that Bob Diamond's departure was encouraged by the Governor of the Bank of England, Sir Mervyn King, and the chairman of the Financial Services Authority (FSA), Lord Turner.

The version of his exit, given to me by a senior Barclays source, that Mr Diamond went because of the heat from parliament, is only half the story.

What persuaded Mr Diamond and his board colleagues that he should resign was an unambiguous message to the bank from Sir Mervyn and Lord Turner that they would be happy if he resigned.

armour

Rats leaving the sinking ship?

sabretoothtigger

So many rats, makes the ship more buoyant for their weight gone

Diamond was probably an asset I think, not sure about the rest.
At this price Barc is worth more broken up anyway so its not really hard for someone to come in here and at least short term improve the outlook but long term not many will top Diamond for ambition I think so it puts a cap on the highest prices possible.

The government no doubt wants more of a joe bloggs type to keep it ticking over not a high stakes full throttle investment banker

Graham_Devon

Seems now Tucker and Diamond were involved with the LIBOR rate setting.

No surprise he's resigned really.

Barclays has revealed details of a phone call between then chief executive Bob Diamond and the deputy governor of the Bank of England, Paul Tucker.

In new evidence to the Treasury Committee, Barclays says that Mr Tucker told the bank its setting of the Libor inter-bank rate need not be as high.

An internal memo sent by Mr Diamond to other Barclays executives said: "Further to our last call, Mr Tucker reiterated that he had received calls from a number of senior figures within Whitehall to question why Barclays was always toward the top end of the Libor pricing.

"Mr Tucker stated the levels of calls he was receiving from Whitehall were senior and that, while he was certain that we did not need advice, that it did not always need to be the case that we appeared as high as we have recently."

Of course, Diamond is suggesting that this wasn't an instruction. But the people receiving the memo believed it was (as would I and any sane person). Before this, he was denying any part.

ruggedtoast

It doesnt especially matter how much they were found to have lied and cheated, nothing will happen to them ultimately other than that their gravy train will stop a bit earlier than they thought.

Its a shame,a look at wiki and it seems that Bob Diamond was, while not penniless, one of 9 children born to a pair of teachers, not silver spoon material.

But before long apparently as utterly corrupt as Cameron, Osborne and all the other ones who havent been caught.

Debt_Free_Chick

Graham_Devon wrote: »

Seems now Tucker and Diamond were involved with the LIBOR rate setting.

Quote:
Barclays has revealed details of a phone call between then chief executive Bob Diamond and the deputy governor of the Bank of England, Paul Tucker.

Astonishing that - when faced with an FSA fine - Barclays didn't offer this up as evidence. Why not?

All very fishy .....

Thrugelmir

Graham_Devon wrote: »

Seems now Tucker and Diamond were involved with the LIBOR rate setting.

Linking back to Whitehall........ so who in Government was applying the pressure?

A._Badger

Thrugelmir wrote: »

Linking back to Whitehall........ so who in Government was applying the pressure?

It sounds like Balls to me. Complete Balls.....

molerat

molerat wrote: »

http://www.bbc.co.uk/news/business-18685040

The no doubt gold plated diamond encrusted axe has fallen

Press reporting a £30M axe :eek:
http://www.independent.co.uk/news/uk/politics/diamond-could-leave-with-payoff-of-30m-7906918.html

Graham_Devon

molerat wrote: »

Press reporting a £30M axe :eek:
http://www.independent.co.uk/news/uk/politics/diamond-could-leave-with-payoff-of-30m-7906918.html

£20-30m? LOL. Poor bloke.

Think you gotta laugh really!