Author Topic: Gone For A Barclays  (Read 15088 times)

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sicho

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Gone For A Barclays
« on: June 28, 2012, 08:24:00 AM »
Barclays has been fined a record sum by the FSA for manipulating inter-bank exchange rates. It's more than a little game between the banks because it may well have affected the rates for some loans to the public and businesses such as for mortgages. Other banks may soon be given a good 'Barclays'.

Bob Diamond (appropriate name) will give up his bonus following this action by the FSA. How generous. There's a rumour, unfounded I'm sure, that he will soon be replaced as CEO by Robin B'Stard.

Here's the BBC report:

http://www.bbc.co.uk/news/business-18612279
 

Offline thaiga

Re: Gone For A Barclays
« Reply #1 on: June 28, 2012, 10:56:41 AM »


Bob Diamond  :lol  jimmy jewels
Anyone who goes to a psychiatrist should have his head examined.
 

Offline thaiga

Re: Gone For A Barclays Rate-fixing expected to name more banks
« Reply #2 on: June 29, 2012, 10:27:50 PM »
Bank rate rigging scandal widens; Diamond fights on-Rate-fixing investigation expected to name more banks

LONDON, June 29 (Reuters) - A scandal over the rigging of key interest rates could create a legal morass that may hamper the global banking industry for years, analysts said, as the head of Barclays fought to hold onto his job.

With the Times newspaper naming RBS as the next bank facing a fine for its alleged involvement in manipulating the key lending rate between banks, the head of the Bank of England said there needed to be "real change" in the industry's culture.

"That will require two things. One is leadership of an unusually high order and changes to the structure of the industry," Mervyn King told a news conference, adding he hoped that the UK parliament would legislate as soon as possible.

U.S. and British authorities fined Barclays $453 million on Wednesday for manipulating the London interbank offered rate (Libor), which underpins some $360 trillion of loans and financial contracts around the world - and analysts forecast more banks would soon be named for collusion.

"Reading the statements by the authorities we expect to get settlements by others in the course of time which could be more punitive," analysts at Credit Suisse said.

Others predicted Barclays and other banks could face billions in costs from litigation, especially in the United States, in much the same way that oil major BP ran into drawn-out legal rows over its oil spill.

"Given the long-tailed nature of investigations we expect this to be a long-term overhang," said Morgan Stanley analyst Chris Manners.

The Times said RBS faced a likely fine of 150 million pounds ($233 million) for participating in market manipulation offences similar to those engaged in by Barclays.

But the heaviest pressure remained on Barclays chief Bob Diamond, who was running the investment banking arm Barclays Capital when the rigging occurred in 2005-2009, despite his vow not to quit.

"Politicians have already been baying for blood and calling for the head of Bob Diamond, especially as he was in charge at BarCap at the time," said Stephen Peak, manager of the Henderson UK Alpha and European Absolute Return funds and a shareholder in the bank.

"We feel that the Barclays board will instinctively wish to resist this, as Diamond is clearly the architect and leading light of Barclays, but feel that the pressure may be too great."

Prime Minister David Cameron said Diamond and other bosses had some "big questions to answer". Britain also called in the fraud squad to investigate possible crimes.

Diamond told Morgan Stanley analysts on Thursday he did not intend to stand down. He won few political friends last year when he told a parliamentary committee it was time for bankers to stop apologising.

Barclays Chairman Marcus Agius is also coming under pressure to step down.



SPREADING SCANDAL

Authorities investigating the Libor scandal are looking at banks in Europe, North America and Japan.

In response to the Times report RBS said it continued to co-operate with regulators on the ongoing investigation, adding any resolution of its case was months away.

"The process is not as far advanced as the (Times) article suggests and there can be no certainty as to the timing or amount of any fine or settlement at this point," the bank said in a statement.

The rate-fixing affair, which disclosed e-mails in which bankers appeared to promise bottles of champagne to each other for help in setting the rates, has fuelled anger from taxpayers struggling with austerity measures who are now closely watching the banks they bailed out during the financial crisis.

Adding to their ire, the Financial Services Authority said on Friday it had found "serious failings" in the way specialist insurance had been sold by Barclays, RBS, HSBC and Lloyds, concluding they mis-sold products to small businesses.

Compensation could run into the hundreds of millions of pounds, lawyers have said, although Lloyds said the cost for it would not be material.

The FSA said from 2001 to date, banks sold around 28,000 interest rate protection products to customers, although it did not did not say how much it would cost the banks.

A string of mis-selling cases has damaged the reputation of the financial services industry for over two decades. Banks are already committed to paying upwards of 9 billion pounds ($14 billion) to customers in compensation for mis-selling loan insurance.

Shares in Barclays eased another 0.5 percent on Friday after shedding 15 percent on Thursday. Overall the European banks index recovered 2.2 percent after Euro zone leaders agreed emergency action to cut Spain's and Italy's borrowing costs.
SOURCE
Anyone who goes to a psychiatrist should have his head examined.
 

Offline thaiga

Re: Gone For A Barclays Bob Diamond quits
« Reply #3 on: July 03, 2012, 03:55:59 PM »
Barclays chief executive Bob Diamond quits over banking scandal

LONDON - Bob Diamond, the chief executive of Barclays, resigned early Tuesday over the lending rate-rigging scandal that last week saw the bank fined a record amount by U.S. and U.K. regulators.

The move deepens the latest crisis to hit the financial services industry, with observers suggesting investigations into the manipulation of inter-bank lending rates could soon implicate banks in the United States.

Diamond’s resignation comes a day after the company’s chairman Marcus Agius announced his own departure. Despite also being implicated in the issue, Agius will stay on to lead the search for a replacement chief executive, according a statement early Tuesday.

It came as fresh details about the case showed how Diamond and other senior executives played a role in the affair, according to a story in The New York Times.

In 2007 and 2008, Diamond’s top deputies told employees to report artificially low rates in line with its rivals, deflecting scrutiny about the health of Barclays at the height of the financial crisis, according to several people close to the case, the report said.

Diamond’s statement said he was stepping down because political pressure on Barclays risked "damaging the franchise." Britain’s prime minister on Monday announced a public inquiry, describing the issue as "a scandal."

"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," Diamond said in the statement.

He will still appear before U.K. lawmakers on Wednesday to answer questions about the affair. "I look forward to fulfilling my obligation to contribute to the [U.K.] Treasury Committee's enquiries related to the settlements that Barclays announced last week without my leadership in question," he said.

'Arrogance'
Barclays is one of a handful of international banks under investigation for rate-rigging misconduct and the first to reach a settlement with regulators.

Last week, regulators in the U.S. and U.K. fined Barclays $450 million for attempting to rig Libor and Euribor, the interest rates at which banks lend to each other and which underpin trillions of pounds worth of financial transactions.

Staff did this over a number of years, trying to raise them for profit and then, during the financial crisis, lowering them to hide the level to which Barclays was under financial stress, according to a BBC report. Britain’s Serious Fraud Office is also considering whether to bring criminal charges, the BBC said.

John Mann, an opposition Labour Party lawmaker and member of parliament's Treasury Committee, told Sky News that Barclays executives were guilty of "arrogance," saying the bank had "systematically defrauded homeowners and customers."
SOURCE
Anyone who goes to a psychiatrist should have his head examined.
 

Offline dodgeydave

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Re: Gone For A Barclays
« Reply #4 on: July 03, 2012, 04:16:33 PM »
The big question is what will his pay off be
 

sicho

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Re: Gone For A Barclays
« Reply #5 on: July 03, 2012, 05:31:34 PM »
The last time that Cameron called for an enquiry he was found to be 'smsing' a redhead at the centre of the scandal he wanted investigated. Are there any redheads at the top of Barclays?
 

Offline thaiga

Re: Gone For A Barclays
« Reply #6 on: July 03, 2012, 05:57:25 PM »


  Could be red faces

                       What a wheeze, Barclays' lawyers must have thought when they came up with two entirely legal schemes to save £500m in tax.

The bank has long been adept at such activities. With 300 subsidiaries located in tax havens, it gave out 30 times more in bonuses in 2009 than it paid in British corporation tax.

And yet that was the very year that chief executive Bob Diamond not only signed a government code of conduct, but proclaimed that "rebuilding trust requires banks to be better citizens" by generating tax for the public purse.

Fine words. Embarrassing, then, that the authorities have now found one of Barclays' avoidance schemes in breach of the code of conduct, while another contravenes the spirit of the law.
Anyone who goes to a psychiatrist should have his head examined.
 

sicho

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Re: Gone For A Barclays
« Reply #7 on: July 03, 2012, 06:06:28 PM »
It's been quite some time since the captains of industry had any morals or business ethics. I once thought that they kept within the law, if not reasonable moral codes, but, having seen some of them in action and the way that the DoT/FSA stood buy until they reached the County boundary, I gave up that notion.
 

Offline dodgeydave

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Re: Gone For A Barclays
« Reply #8 on: July 03, 2012, 06:34:35 PM »
According to the BBC this morning. Barclay's now have a problem as Diamond is free to tell the enquiry tomorrow what really went on. There is also suspicions of the Bank of England might be involved in the scandal.
 

sicho

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Re: Gone For A Barclays
« Reply #9 on: July 03, 2012, 07:24:24 PM »
According to the BBC this morning. Barclay's now have a problem as Diamond is free to tell the enquiry tomorrow what really went on. There is also suspicions of the Bank of England might be involved in the scandal.

When the BoE was privatised, all hell was let loose, so its involvement would not be surprising. King was criticising the high street banks' treatment of its customers the other day, as if he had only just noticed. Perhaps he saw the black clouds gathering and thought he would get in a sound bite for later use.
 

Online Taman Tun

Re: Gone For A Barclays
« Reply #10 on: July 03, 2012, 09:06:03 PM »
These people are only gambling with other people's money.  When their bets go wrong they go running to the Government for a taxpayer bailout.  The banks are really fighting the idea of splitting them into two separate comparments:- Good honest retail banking and Casino Banking.  Not surprising really, how unfair for them to provide their own stake money and not dip into the savings of the retail punters. 
We are masters of the unsaid words, but slaves of those we let slip out. Churchill
 

Lebowski

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Re: Gone For A Barclays
« Reply #11 on: July 03, 2012, 09:58:23 PM »
Anyone who thinks this is all some kind of self regulation type of order of business is insane. These greedy financial fascists have been manipulating things all the time, for a very long time, and nothing will ever change. When they accidentally get caught out cynically fleecing everyone, which they do all the time, and it makes the news, then they just fire someone, ego massage the public and the press with crocodile smile statements and superficial reorganization until the 'dust settles' and then 'put their snouts back in the trough' until next time.

And before anyone says it, these corporate types are way more cynical and contemptuous than me.
   
 

sicho

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Re: Gone For A Barclays
« Reply #12 on: July 03, 2012, 10:15:11 PM »
Anyone who thinks this is all some kind of self regulation type of order of business is insane. These greedy financial fascists have been manipulating things all the time, for a very long time, and nothing will ever change. When they accidentally get caught out cynically fleecing everyone, which they do all the time, and it makes the news, then they just fire someone, ego massage the public and the press with crocodile smile statements and superficial reorganization until the 'dust settles' and then 'put their snouts back in the trough' until next time.

And before anyone says it, these corporate types are way more cynical and contemptuous than me.
 

I'm with you on that.

Funny how David Icke was the butt of jokes a few years ago and now many people see things the same way as he does.
 

Offline thaiga

Re:Gone For A Barclays RBS-NatWest duplicate mortgage payments taken
« Reply #13 on: July 03, 2012, 11:05:04 PM »
Bob Diamond Resigns video

Barclay's Chief Exec Bob Diamond Resigns



RBS-NatWest confirm that duplicate mortgage payments were taken from customers during IT meltdown

The ripple effect of the RBS-NatWest IT glitch two weeks ago is still being felt by its customers, as the banking group confirmed today that some duplicate mortgage payments have been mistakenly taken.
The group didn't reveal exact figures, but said a ‘small’ number of customers have been affected by the error and has once again promised that no one will be left permanently out of pocket.
It issued yet another grovelling apology to customers and urged them to check statements and get in touch so it can put any problems right.
 
RBS Group chief executive Stephen Hester said last week that he will waive his bonus this year because of the chaos and has promised a ‘full and detailed investigation’.
Despite facing some calls to quit, he has said he is determined to 'personally lead the process' of regaining customers' trust.
The banking group's initial findings were that the problems were created when maintenance on its systems, which are managed and operated by its team in Edinburgh, created an error which stopped people's accounts updating properly.
The problem was made worse because the team could not access a record of the transactions that had been processed up to the point of failure.
A 'substantial backlog' was created because the group, which processes 20million transactions a day, had to try to pinpoint the moment at which processing had stopped, which created more delays.
The bank boss said on Friday that, while a ‘large number’ of customers' problems had been resolved through bank branches and call centres, around 15,000 required a greater degree of attention.
Fears have also been raised that customers could unwittingly have their credit ratings blotted, although the bank is working with other agencies to make sure this does not happen

READ MORE









Anyone who goes to a psychiatrist should have his head examined.
 

Online Taman Tun

Re: Gone For A Barclays
« Reply #14 on: July 04, 2012, 05:36:03 AM »
We are masters of the unsaid words, but slaves of those we let slip out. Churchill
 

sicho

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Re: Gone For A Barclays
« Reply #15 on: July 04, 2012, 08:39:16 AM »
BBC World news this morning was showing an email from a senior official at the Bank of England. They said it had been released by Diamond and suggested that the BoE might have been aware of what was going on.

This will go much further than Barclays, of course. The scam couldn't work with just one bank operating it. There must have been a wunch of them.
 

Offline dodgeydave

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Re: Gone For A Barclays
« Reply #16 on: July 04, 2012, 01:00:55 PM »
Government ministers are also implicated. And RBS sacked four traders at the end of last year,the plot just gets deeper and deeper.

the BBC are also saying that Diamonds payoff could be a minimum of £12 million pound. Not bad for f**king up a great company.

greedy bastards the lot of them

 

sicho

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Re: Gone For A Barclays
« Reply #17 on: July 04, 2012, 06:43:59 PM »
Doesn't that exceed the annual pension and payoff for the RSB guy? If they have to resign before they are nobbled, why do they get more than one month's pay?

This will go way beyond Barclays before the week is out.
 

Offline thaiga

Re: Gone For A Barclays Rate-rigging: MPs to quiz Bob Diamond
« Reply #18 on: July 04, 2012, 07:08:45 PM »
Breaking News Bank of England deputy governor Paul Tucker requests a hearing with the Treasury Select Committee "as soon as possible" following the publication of settlement agreements by Barclays with tUK and US regulators in relation to the attempted manipulation of Libor and Euribor.

1250:Just a reminder of what that email from Bob Diamond to then Barclays chief John Varley in 2008 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 we did not need advice, that it did not always need to be the case that we appeared as high as we have recently."

1241: Nick Robinson Political editor It is significant - as James Landale's earlier copy revealed - that the motion for the Parliamentary inquiry is vague and, therefore open to change. Also, today Downing Street is saying that the parliamentary committee can, in effect, set its own remit.

1239: Ellie Mae O'Hagan tweeted this picture of a flashmob outside Barclays on Victoria Street, London


1237: A veritable stampede of MPs from the green benches as prime minister's questions comes to an end. Not much interest in Health Secretary Andrew Lansley's statement, apparently.

1236: Banking shares are trading lower in London amid fears that other banks will be implicated in the rate-rigging scandal when Mr Diamond is grilled by MPs later. You can see the latest banking share prices on the BBC's market data page here.

1236: Another Labour call for a free vote on a judge-led inquiry is given short shrift by Mr Cameron. He accuses Ed Miliband of trying to block an inquiry by MPs because Labour does "not want it's dirty laundry aired in public".

1231: More protests - people from the Move Your Money campaign group are putting up posters on a branch of Barclays in Westminster.


1228: Labour veteran Michael Meacher asks about capital gains tax - and receives a reminder from the PM about his role as a minister in the previous government.

1228: Twitter users have been planning flash mob protests outside Barclays branches today and one branch that seems to have been targeted is in Victoria. Using the #ByeBarclays hashtag, the flash mob made its way to Barclays' branch in Victoria Street armed with banners denouncing the bank.

1225: Conservative MP David Morris raises a road safety issue in his constituency.

1225: Labour MP Graham Stringer calls on Mr Cameron to "stop dithering" and hold an EU referendum. Mr Cameron said he should swap sides and join the Conservative benches.

1224: City news: Barclays share price was down 1.3p at 165.8p this morning after Oriel Securities cut its target price, saying it expects Barclays Capital to be wound down.

1223: Just to recap on where we are with the banking inquiry: on Thursday, MPs will vote on whether to hold a judge-led inquiry, favoured by Labour, or a parliamentary inquiry, favoured by government ministers.

1222: Mr Cameron says a banking inquiry held by MPs would be quicker.

1221: Anas Sawar, Labour MP for Glasgow Central, calls for a free vote on whether there should be a judge-led inquiry and asks if he will back criminal probes into the banking scandal.

SOURCE
Anyone who goes to a psychiatrist should have his head examined.
 

sicho

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Re: Gone For A Barclays
« Reply #19 on: July 04, 2012, 08:59:33 PM »
Diamond Lil is up before the Inquisition right now. His Independence Day celebrations must be on hold.
 

Offline dodgeydave

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Re: Gone For A Barclays
« Reply #20 on: July 04, 2012, 09:56:15 PM »
Watching it live on tv. And sorry to all the yanks out there. But i think Diamond is just like a typical american politician. ie f**cking slippery.
 

sicho

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Re: Gone For A Barclays
« Reply #21 on: July 04, 2012, 10:01:35 PM »
Watching it live on tv. And sorry to all the yanks out there. But i think Diamond is just like a typical american politician. ie f**cking slippery.


As slippery as those newspaper sellers a few weeks ago.

He's missing the 4th July celebrations. I bet he wishes he was back home right now:

Bee Gees - Massachusetts
 

Offline dodgeydave

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Re: Gone For A Barclays
« Reply #22 on: July 04, 2012, 10:12:48 PM »
And on that very subject police have arrested a ex mirror reporter Grieg Box-Turnball for alleged corrupt payments to officials. ie Police officers.

 

Offline thaiga

Re: Gone For A Barclays
« Reply #23 on: July 04, 2012, 10:57:04 PM »
Diamond Lil is up before the Inquisition right now. His Independence Day celebrations must be on hold.
Errr Diamond Jubilee
Anyone who goes to a psychiatrist should have his head examined.
 

sicho

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Re: Gone For A Barclays
« Reply #24 on: July 05, 2012, 08:54:53 AM »
Ho ho ho!

He came across as an arrogant bastard in front of MP's. Still, I suppose it's a requirement of the job.
 

Offline thaiga

Re: Gone For A Barclays BOB THE ROB
« Reply #25 on: July 05, 2012, 07:32:03 PM »
Barclays credit rating outlook cut by Moody's and S&P

Rating agencies Moody's and Standard and Poor's have lowered their outlook on Barclays from stable to negative amid the bank rate-rigging scandal.
Moody's said shareholders and politicians could push Barclays away from investment banking

Moody's said shareholder and political pressure was creating uncertainty about the bank's future.

S&P said the emergence of "weak business practices" had hit the company's prospects.

The move comes a day after ex-Barclays chief executive Bob Diamond told MPs the rate fixing was "reprehensible".

One MP, however, called some of Mr Diamond's evidence "implausible".

MPs will vote later on whether to have a judge-led inquiry over the scandal, favoured by the opposition, or a parliamentary one, favoured by ministers.

Moody's said pressure on the bank could force it to move away from investment banking.

"Although this could have potentially positive implications over the longer term, the uncertainty surrounding such a change in direction is credit negative in the short term," the agency said.

It added that Barclays may find it difficult to replace Mr Diamond, chief operating officer Jerry del Missier, and chairman Marcus Agius, all of whom resigned this week. Mr Agius is staying on at the bank to oversee finding a replacement for Mr Diamond, but will step down once someone has been found.

S&P said "weak compliance" and "current management flux" had knocked the company's outlook.

'Physically ill'

Mr Diamond underwent a three-hour grilling by MPs on Wednesday, some of whom expressed surprise at some of his evidence.

Andrew Tyrie, chairman of the Treasury Committee, said some of what the banker said seemed "implausible", while another committee member, David Ruffley, said he was not satisfied with Mr Diamond's explanation.

Mr Diamond said he had only learned the true extent of the scandal in the past month, and that he had felt "physically ill" when reading incriminating emails from traders that they had conspired to manipulate the Libor rate - the interest rate at which banks lend to one another and which is used to set lending rates across the economy.

Mr Diamond said he "loved" Barclays and had resigned on Tuesday to protect its reputation. "I'm sorry, disappointed and angry," he said.


But Mr Tyrie, who has been asked to lead a parliamentary inquiry into banking following the scandal, was sceptical about some of what he heard.

He told the BBC after the hearing: "We learnt that Bob Diamond says he didn't know anything about this until about a month ago, which I find rather surprising.

"I think, cumulatively, the whole package looks somewhat implausible. And if it is plausible, it's only because there is something wrong with the culture of Barclays and, of course, it's the culture that needs to be put right."

In a separate BBC interview, committee member David Ruffley said: "Either [Mr Diamond] was complicit or, frankly, incompetent."

Misunderstanding
 
Paul Tucker, the Bank of England's deputy governor, will give evidence to the committee next week.

Mr Diamond said that, during a telephone conversation in October 2008, Mr Tucker told him "senior figures within Whitehall" were concerned about why Barclays was setting its Libor rate higher than some other major banks.

Subsequently, the Libor borrowing rates submitted by Barclays fell, potentially understating the extent of the bank's borrowing costs.

Mr Diamond maintains that he did not view his conversation with Mr Tucker as an instruction to change the bank's rates submissions.

However, he said his chief operating officer Jerry del Missier, who also resigned on Tuesday, misunderstood the message from the Bank, and directed traders to take actions to lower Barclays' Libor rates.

The Financial Services Authority has investigated Mr del Missier's actions, and will take no further action.

Banks borrow from each other daily, and report at what rate they got the money. A high rate can indicate a bank is having trouble borrowing money because it is in financial trouble.
Anyone who goes to a psychiatrist should have his head examined.
 

sicho

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Re: Gone For A Barclays
« Reply #26 on: July 05, 2012, 09:31:41 PM »
I think that 'physically ill' came hot on the heels of 'Bugger, we've been rumbled and there's evidence I didn't know about'.
 

Offline dodgeydave

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Re: Gone For A Barclays
« Reply #27 on: July 05, 2012, 09:53:59 PM »
How the hell can someone ie Diamond work his way up from the trading room and not be aware of possible scams. sorry areas that might be manipulated to the benefit of Barclay's.
 

Offline thaiga

A former senior Barclays employee today exposes the “culture of fear” that operated at the bank and claims Bob Diamond would have been aware of his traders' activities.

Speaking exclusively to The Independent, the banker alleges that senior executives would have known of Libor fiddling in 2008.

The Serious Fraud Office announced yesterday that it had launched a criminal inquiry into interest rate fixing amid increasing clamour for rogue bankers to be prosecuted.

Speaking on condition of anonymity, the banker says that senior Barclays bosses would have been told about Libor concerns because staff were drilled to pass anything untoward up to their managers. Failure to do this meant the sack.

"Libor fixing was escalated by several people up to their directors, they would then have escalated it up the line because at Barclays if you don't escalate, and it is found out that you haven't, it is grounds for disciplinary action. You will be dismissed."

The banker also describes the dark side of working for Mr Diamond's bank. He spoke of management by intimidation, even physical threat, punishing hours and a ruthless grading system that left workers in terror of their annual appraisals. Employees were often reduced to tears by the end of a day, but only when they had departed from the building. Such weakness would not be tolerated inside.

The SFO gave no details about who would be the subject of its investigations. It said: "The SFO director, David Green QC, has today decided formally to accept the Libor matter for investigation."

Danny Alexander, Chief Secretary to the Treasury, said he was "delighted" by the decision, which helped to strangle a muted recovery in the bank's shares over the past couple of days. Barclays finished down at 164.75p.

Investigations into other banks are continuing on both sides of the Atlantic. Misreporting of Libor figures is thought to have been common practice in the run-up to the financial crisis. Mr Diamond has claimed the scandal engulfing Barclays could put other banks off alerting regulators about such issues in future. He has argued that Barclays has been punished for being a "first mover".

Mr Diamond has always denied prior knowledge of Libor fixing and told MPs on Wednesday he was only made aware of it last month.

Connections between Mr Diamond and Barclays are understood to have been severed. "He's history," said a source. The scandal led to heated exchanges in the Commons between the Chancellor, George Osborne, and shadow Chancellor, Ed Balls. A parliamentary inquiry into the affair, as opposed to a judge-led public enquiry advocated by Labour, was agreed on Thursday.

Lord Ashcroft, a Tory peer, raised the temperature ahead of Monday's appearance before MPs of Paul Tucker, deputy governor of the Bank England. A note of a conversation between Mr Tucker and Mr Diamond, published by Barclays last week, appeared to suggest that senior government officials were endorsing Libor fixing.

Writing on the Conservative Home website, Lord Ashcroft criticised the Tory approach of "trying to establish shady motives on the part of Labour for demanding one type of inquiry rather than another; speculating about the role of former Labour ministers; and wondering what sort of 'senior figures' a Bank of England official was referring to in a conversation with the Barclays chief executive four years ago". He added: "The Libor scandal happened on Labour's watch, but voters have already passed judgement on Labour's time in office."

Mr Tucker is expected to face a grilling from MPs who will want to know exactly who the officials he talked to Mr Diamond about were.

Mr Diamond said he viewed the memo as a warning that the Barclays Libor submissions, which were higher than those of other banks, were worrying government officials.

Last night, a Barclays spokesman pointed out that Rich Ricci, head of the investment banking division, conducted the investigation into the Libor issue and reported to the board. Mr Diamond could not be contacted in time for publication.


Ricci’s tears: Banker who broke down

Rich Ricci, the man with the most notorious name in banking, has feelings, too. The Barclays’ investment banking boss reportedly wept as he tried to reassure staff the bank would be able to pull through the outrage after the Libor rate-rigging scandal.

SOURCE
Anyone who goes to a psychiatrist should have his head examined.
 

Offline thaiga

Re: Gone For A Barclays Barclays must stop Bob Diamond's £17m pay-out
« Reply #29 on: July 08, 2012, 08:34:07 PM »
Vince Cable has piled pressure on Barclays to stop the bank’s outgoing chief executive Bob Diamond from receiving an estimated £17 million payoff.

Vince Cable called a possible £17m 'golden parachute' for Bob Diamond an 'outrage'

The Business Secretary warned it would be an “outrage” for Mr Diamond to claim a huge final payment in light of the “shame” brought on the bank by the interest rate-fixing scandal.

Mr Cable accused banks of “throttling” the economic recovery by failing to issue loans to businesses, while the Labour party called for the big five high street banks to be broken up.

Mr Diamond resigned last week following disclosures that Barclays manipulated the key Libor rate, which is used to determine borrowing for millions of consumers, businesses and investors.

Two other senior figures at Barclays have also quit in the wake of the scandal, which has dominated political debate for the past week, and led to calls for radical reforms of the banking industry.

The Serious Fraud Office has launched an investigation which could lead to criminal charges being brought against individual bankers.
He has been received more than £100 million in pay, pensions and bonuses since 2005 and is in line to receive a further significant payment under his contract.

Speaking to BBC’s Andrew Marr programme, Mr Cable said there was little that ministers could do to stop Mr Diamond taking home a multi-million pay-out but urged the Barclays board to intervene.

“There isn’t anything government can directly do about it, but I think in view of the shame that’s already been heaped on Barclays bank, I would be very, very surprised if the chairman and the board were to allow another outrage to occur,” he said.

“I think in view of what’s happened, I sincerely hope that the board of Barclays take a fairly strict view about all of this.”

He argued that the government had to take a “systematic” approach to banking rather than focusing on individuals.

Last week, David Cameron said it would be “completely wrong” shamed bankers were given “some vast pay-off” but stopped short of naming Barclays or Mr Diamond.

Mr Cable said the Government had to focus "single-mindedly" on getting credit flowing to small businesses, and accused the banks of "throttling the recovery" by failing to lend.

"There is an issue of demand. The governor [of the Bank of England] has taken the view that he cannot print money in that way, he wants it to be done in a very rigorous way,” he said.

"Given that our leading banks are frankly throttling recovery by not making business lending available, particularly to small scale companies, that’s where the real problem is. We have to focus single-mindedly on that task – how to make sure that he additional money gets into British business."

The Labour leader, Ed Miliband and Ed Balls, the shadow chancellor, have called for "root and branch" changes to retail banking, including an increase in the number of big banks from five to seven.

Speaking to the Mail on Sunday, Mr Miliband said he wanted the existing five banks to sell of around 1,000 high street branches and for them to stop selling customers complex and confusing products.

Mr Balls told the Andrew Marr Show that Labour wanted the Government to speed up reforms to make it easier for customers to switch bank accounts.

http://www.telegraph.co.uk/news/uknews/9384498/Vince-Cable-Barclays-must-stop-Bob-Diamonds-17m-pay-out.html
Anyone who goes to a psychiatrist should have his head examined.
 

 



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