Barclays Chief Executive Bob Diamond Resigns

Barclays Chief Executive Bob Diamond Resigns

news.sky.com

Bob Diamond has quit as chief executive of Barclays bank with immediate effect, in a shock twist to the rate-rigging scandal.

Marcus Agius, who announced his intention to resign as chairman only yesterday, is to become full-time chairman and lead the search for Mr Diamond's successor.

The announcement was unexpected in that Mr Diamond had made it clear to staff in a memo only 24 hours earlier that he had no intention of falling on his sword - saying it was his responsibility to restore the bank's reputation.

Barclays was fined £290m by UK and US regulators for manipulating the inte

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Barclays fined for attempts to manipulate key bank rates

This was pretty much inevitable really, only so long you can stick it out when the public wants your head on a block.

Hopefully we won't see this as punishment enough, but i wouldn't doubt him getting huge payouts for ending his contract. People like this always have something coming thier way moneywise no matter what they've done

So 12 other money lenders are under investigation? This rabbit warren of deceipt is going to go so deep, i wonder where it will stop?

CX.

news.sky.com
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reply to post by CX


Big friggin' deal. I still cant get my money. Him resigning doesn't help me.

so basically he's going on his hol's for a few months before taking up a post somewhere else on twice the money and i bet he gets to take a mega wedge with him probably tax free along with shares

The most interesting thing about this, I hope you will note, is Marcus Agius, the man married in to the Rothschild banking family, is BACK in his position after a few days.

"Marcus Agius, who announced his resignation on Monday in an attempt to conduct anger away from the bank and its chief, will stay on as full-time chairman and lead the search for a new chief executive. "

What annoys and should annoy is this man will walk straight back into a well paid position simply because he has the accepted mentality for the banking institution...

Rip off every one and make it as hidden as possible.

Even thought the serious fraud squad are on the case you will not see a single top person even get a slap on the wrist, the whole happy handshake brigade will make sure only some lowly poor sod will be thrown like a lamb to the slaughter.

It will be business as normal for the Masonic elite.

Very sad....

This from a bank that admitted to the rigging of Libor. 20 other banks are being investigated who have not admitted their guilt, could be even more messy for them.

I did enjoy the Sun's headline last week "Sign on you Crazy Diamond".

I hope, on a personal level that this is a good move for him.

He has recognized banking as a cesspit, and he's getting out.

I don't think it will help banking all that much but maybe it will help him some.

Originally posted by hadriana
I hope, on a personal level that this is a good move for him.

He has recognized banking as a cesspit, and he's getting out.

I don't think it will help banking all that much but maybe it will help him some.

But this is the same man who said a mere 24hrs earlier that he was not going to fall on his own sword.

Does not sound like a man who realised banking was a cesspool, more like a man who was pushed but offered something to come later.

I simply cannot feel sorry for a person so high up in the world of banking, no more than I would feel sorry for a rabid dog. Sure the dog was once most likely a lovely dog but now its capable of destroying and infecting all around it with the same disease.

i said this about the board member that up & quit too...
diamond is the more corrupt/involved in comparison to the two of them

...
a dollar to a donut that he gets a primo retirement package,,,

it's all too little too late...considering he must have had some input into crafting the infamous 'living wills' for the major (TBTF) banks...articles.chicagotribune.com... living-wills

Big banks craft "living wills" in case they fail
June 27, 2012|David Henry and Dave Clarke | Reuters

theres a lot that's not being said of the contents of these 'living will' for the banks..
most likely the multi-year pay packages being guaranteed even if they run the institution into the ground

Originally posted by St Udio

theres a lot that's not being said of the contents of these 'living will' for the banks..
most likely the multi-year pay packages being guaranteed even if they run the institution into the ground

edit on 3-7-2012 by St Udio because: (no reason given)

Yes indeed, there's no way this man will walk away without there being a huge pay out, be it known or hidden.

I mean, when was the last time you saw a top banker lose their OWN money, yours and mine yes but their own accounts are always looked after.

Originally posted by Peruvianmonk
This from a bank that admitted to the rigging of Libor. 20 other banks are being investigated who have not admitted their guilt, could be even more messy for them.

I did enjoy the Sun's headline last week "Sign on you Crazy Diamond".

I imagine he'll get a multi million pound pay off deal, so I wouldn't expect to see him down Job Centre + anytime soon. He should be in Wormwood scrubs, with the other thieving criminals.

Strange the way the government and media call it a scandal.
A great way of misleading the public.

These are CRIMES !

The british goverment say stepping down or resigning is the right thing to do........Wrong.

The right thing to do is take these criminals to court for crimes.

Whenever a politician, banker, member of parliament or media mogul commits a crime. They are classed as a Scandal.
When a member of the public commits a crime. they go to prison !

Theyre all in bed together.
We have to face Austerity because of these criminals.
Not to mention the housing and bail-out fiasco.

We should be suing these criminals for what they`ve done to scociety.

I will not be happy until I see him and every other person accountable in a court.

Anything less than criminal prosecution is simply not acceptable to me in this case. They fraudulently rigged the banking system in their favor for monetary gain, they should all be facing prosecution as should anyone who assisted in their crimes.

I've said it before, but I think it always needs to be pointed out again and again - if justice is not seen to be done in this case then the people will likely feel that they need to take action themselves.

This could be either through boycotts of these businesses, or through direct protest.

Something that startles me is that there are no replacements being provided. We are seeing an entire industry collapsing around us and yet there are no new businesses rising up to offer security and stability with morality. You'd think someone would be taking advantage of the situation and providing customers of these banks an alternative.

The idea that this hasn't happened in the last four years is incredible, and it tells me that there is some restriction going on to prevent new businesses from taking their place. In any other market natural competition would spring up within months. But here there's remarkably nothing. That reeks of rigging in the industry from bankers to regulators to government, in my humble opinion.

Why these criminals are not behind bars for fraud and embezzlement say's more about the endemic corruption of modern society than it does with the banksters.

I would like to know how many people and families over these four years of fake interest rates have lost their homes as a direct consequence. How many people of the world died of starvation due to this fraud based on greed of the already rich?

Corruption in the UK is rife and is the domain of the rich and who pay for it? We the common people. Those with little to no wealth and no say or power.

We pay with our jobs, businesses, homes. Our pensions, savings and our children’s futures. The prisons are bursting with inmates there for petty crimes, debt, dole fraud and drug addiction. There appears to be no space for politicians that defrauded the state. For the rich and multi nationals avoiding paying massive amounts of tax. For media giants ignoring the law and banksters for a whole catalogue of crimes the ordinary person on the street would be imprisoned for even while awaiting trial.

This is a 'do as I say not as I do' society where we have fooled ourselves we are free and not the surfs and slaves of old. Only good for tending the horses of the rich and dying in foreign lands at the whims and for the entertainment of the powerful.

So Diamond resigns to safeguard his golden handshake and gilt edged pension. No one is even demanding the bonuses he paid himself over that four year period be taken back.

Corruption is in All big business.
from the banks to Coke cola.
and dont forget the government.
90% are crooks. the rest are stupid.

even if he did not work again they would give him a BIG pension and pay off.
which the banks customers pay for.

This saga has taken on a new twist.

Barclays has revealed how its most senior executives became embroiled in the Libor rate-fixing scandal. The bank has disclosed details of a phone call between former boss Bob Diamond and the deputy governor of the Bank of England, Paul Tucker, in 2008. Mr Tucker told Mr Diamond that Barclays' Libor submission did not always need to be as high as it was. Barclays said Mr Diamond did not view this as an instruction, but another executive, Jerry del Missier, did.

www.bbc.co.uk...

So basically, they are saying the Bank of England told them to do it.

These men all need stringing up. They have destroyed countless lives in their quest for pointless greed. How many people have lost everything, their jobs, their homes, some their (relative) freedom and even their lives, just so these men can profit? But we all know that nothing will be done about it. The government are doing their best to avoid holding these men to account. Why?

I can see this turning into one hell of a # storm. These men have no consciences, so they will likely drag down as many people as they can with them. And Barclays have already started by dragging the Bank of England into it, will it stop there, or will it escalate?

reply to post by Firefly_
Strange how when the rich and powerful commit a crime it is called a scandal. When the poor and powerless commit a crime it is called a prison sentence.