Tag Archives: bob diamond

Lib Dems should back a judge-led inquiry into financial scandal

I get why the Tories are opposed to a judge-led inquiry into the scandalous rate-rigging practices employed by Barclays and other banks: their experiences of the Leveson Inquiry show how scandals, even ones that blend across the red/blue parties, have a habit of rebounding on the government of the day.

I get why Labour are in favour of a judge-led inquiry: so complicit were Labour (and Ed Balls in particular) in the catastrophic financial mess of the last few years, of which the banks are just one part, that they are desperate to appear transparent in the hope the inquiry will rebound on the government of the day.

But I don’t get why the Lib Dems are lining up with the Tories to oppose a judge-led inquiry.

Posted in News and Op-eds | Also tagged , , , and | 58 Comments

Barclays and the Bank of England: BAD rate-rigging and GOOD rate-rigging

The Barclays rate-rigging scandal has conflated a number of issues — Bob Diamond’s bonus, ‘casino’ banking, failed regulators — making it hard to get behind the media’s shouty headlines to understand the issues which should really concern us. Here’s my brief show-your-working attempt, starting with what Barclays.

What Barclays did right: ‘fess up

LIBOR (London Inter Bank Offered Rate) is the rate at which banks in London lend money to each other for the short-term. It’s used as a proxy measure of market confidence in individual banks, as well as a benchmark for setting mortgage interest rates.

Barclays has admitted filing misleading …

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++ Barclays chief executive Bob Diamond quits

Yesterday Nick Clegg called for more resignations at Barclays in the wake of the rate-rigging scandal. Well, he’s just got his wish in part fulfilled, with the news that chief executive Bob Diamond is falling on his sword (or was he pushed?). Here’s how the BBC reports it:

Barclays chief executive Bob Diamond has resigned with immediate effect.

The move follows the resignation of chairman Marcus Agius and comes less than a week after the bank was fined a record amount for trying to manipulate inter-bank lending rates.

Mr Diamond said he was stepping down because the external pressure on Barclays

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Vince ahead of the game – again

Yesterday the Prime Minister and Chancellor of the Exchequer made an attempt to appear in tune with public outrage over the behaviour of Barclays’ bankers and the failure of the bank’s Chief Executive to take full responsibility for the market manipulation practised by his staff.

However it seems that once again Vince Cable was ahead of us all.

Hat tip: Richard Morris

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Lord Oakeshott attacks Barclays over bonsues

The Guardian reports:

Barclays was tonight accused of making a mockery of attempts to call a truce with the government over “banker bashing” amid fresh expectations that its chief executive Bob Diamond would be awarded a bonus of at least £8m.

After months of talking with the banks, the coalition is yet to announce a deal, codenamed Merlin, under which the industry would to agree lending targets of up to £190bn and show restraint on bonuses in return for less criticism from the government.

The talks with the banks have been led by Diamond’s predecessor John Varley and tonight Lord Oakeshott, a Liberal

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