The Press Association reports:
Nick Clegg has ramped up the pressure on Bob Diamond by indicating he believed the Barclays chief executive should follow the lead of the bank’s chairman, Marcus Agius.
The Deputy Prime Minister said he had “no problem with more inquires” into what went wrong with the industry after Labour called for a Leveson-style investigation.
Mr Clegg sidestepped calls to directly demand Mr Diamond’s resignation, insisting it was not for politicians to hire and fire bankers.
But, during a visit to a school in east London, he insisted the buck stopped at the top.
He said: “I’m like everybody else in this in that now that the chairman of Barclays has fallen on his sword and has taken responsibility for what has happened, everybody is asking when are the other senior people at the top of Barclays going to take responsibility for the things that happened on their watch. I don’t think it is for politicians to individually hire and fire bankers, but I do think the buck stops at the top.”
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A power vacuum?
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8 Comments
Firing only the people at the top is not the whole answer. It gives no deterrent to people lower down, who actually do the bad things. It means that, in future, people can continue with bad practice in the secure knowledge that they won’t be punished if they get found out.
I’d rather see them do the perp walk from their own offices, pour encourager les autres, so to speak 🙂
So the buck stops at the top, unless you are a coalition Minister. Hunt gets to stay despite it being accepted his staff acted Badly and without supervision but Diamond should go. I believe both should go, but to call for one to without the other is hypocrisy.
Part of the blame lies with the Libor system itself and the cabal of bankers who failed to safeguard its reputation. Sackings might be good politics but what we really need is New Libor and quickly.
Not the Libor “system”, the banking system. It is based on market manipulation by the authorities which is just as bad as what their closely guarded cartel has been doing.
http://www.bbc.co.uk/news/business-18685040
I do agree with sacking of the Bankers on the top level,but What about Mr Hunt why he was not removed from his post,and same with Mrs May she is making a right mess of our border controls and now with the olympics games be here soon and Heathrow be a no go area.
I think criminal proceedings should now be instituted against them, and all the others guilty of fiddling with the Libor rate.