July 3rd, 2012

Diamond Is Not Forever

Don’t buy a newspaper this morning – it’s already out of date with the musical chairs:

“Barclays today announces the resignation of Bob Diamond as Chief Executive and a Director of Barclays with immediate effect. Marcus Agius will become full-time Chairman and will lead the search for a new Chief Executive. Marcus will chair the Barclays Executive Committee pending the appointment of a new Chief Executive and he will be supported in discharging these responsibilities by Sir Michael Rake, Deputy Chairman.

The search for a new Chief Executive will commence immediately and will consider both internal and external candidates. The businesses will continue to be managed by the existing leadership teams.

Bob Diamond said “I joined Barclays 16 years ago because I saw an opportunity to build a world class investment banking business. Since then, I have had the privilege of working with some of the most talented, client-focused and diligent people that I have ever come across. We built world class businesses together and added our own distinctive chapter to the long and proud history of Barclays. My motivation has always been to do what I believed to be in the best interests of Barclays. No decision over that period was as hard as the one that I make now to stand down as Chief Executive. The external pressure placed on Barclays has reached a level that risks damaging the franchise – I cannot let that happen.”

Diamond has nothing to lose now at tomorrow’s Treasury Select Committee appearance. He’s unlikely to go out quietly…


118 Comments

  1. 1
    Comrade Scalded Bollock says:

    Indeed,watch out for the Governor of the Bank of England.

    I understand that he will be wearing brown trousers today.

    Like

    • 23
      SIR EVERARD PENIS Q C says:

      I wouldn’t wear Browns trousers , they’re already full of shite

      Like

    • 34
      Anonymous says:

      wow..the BBA and the BofE will be very worried now…
      Hopefully Bob Diamond can now explain that the banker rabid public, media and politicians are confusing 2 issues here:
      1..the criminality of some interest rate traders who were manipulating LIBOR fixes. The SFO should punish these individuals severely. However I suspect the imapct on LIBOR for the general public (and mortgage rates) was minute (less than 5 basis points) compared to issue 2:
      2. The complete breakdown of the inter-bank money market. Anybody who has been involved has known that the London InterBank Offered Rate no longer represented the rate at which banks would lend to each other. At times in 2008~2009 3mth/6mth LIBOR was miles away(up to 100 basis points) from the rate at which banks could obtain funds. The fact that the BBA allowed the market to be an “indicative” market rather than “observed” has led to what will be shown as an officially sanctioned manipulated rate.

      Like

      • 85
        Quisling says:

        None of this will come out from Bob. In order to protect the political classes (of all colours) who had their hands all over this Bob will have a lovely compromise agreement to sign so that his lips will be relatively sealed for a considerable ‘consideration’.

        Wait and see

        Like

      • 106
        The Accountant says:

        That is not the issue;

        LIBOR profoundly affects credit availability — and the 2008 bank bailouts were directly designed to combat a freeze in credit availability. If market participants were manipulating or rigging LIBOR, they were manipulating a variable directly tied to the bailouts.

        Could the manipulators have purposely exacerbated the freeze, to get a bigger and quicker bailout? If they did the global pay off was about 29 trillion dollars. Nice work.

        Like

  2. 2
    Ed Balls - Shallow Chancer says:

    Another victory for me !

    Like

    • 12
      Bad Bob Diamond says:

      I’ll be exposing you’re fucking dirty dealings tomorrow. You’re toast mate, believe me!!

      Like

      • 35
        UKIP.i.am says:

        If only politicians were forced to resign when they fiddled the figures on things like reasons for going to war, debt, unemployment, crime, immigration, school exam results, etc.

        And if people think they don’t do it for personal financial reward I have only one thing to say. Blair.

        Like

        • 79
          Forkbender says:

          The name is B’LIAR , please get it right, and don’t forget Dave is my heir, but not as good a liar as me poor sap he is found out too soon.

          Like

        • 90
          JAMES GORDON BONKERS McMAD says:

          There would be nobody left to run the country !

          Like

          • Forkbender says:

            And you call the present way of doing things is doing the right way, very light regulation (government avoiding responsibilty for regulating anything), politicos not even obeying what rules they have (expenses scandle, ministers who leave office going into businesses conected with their ministerial positions), Gordo do everyone a favour and sit on top of a pole for 40 years, then anyone who wants “advice ” can come and see you.

            Like

          • Mike Litorus says:

            Your point being…?

            Like

  3. 3
    Shurdy Rover says:

    But I leave with all my goodies!!

    Like

    • 14
      Col Nut says:

      An obscene amount of money. He’ll be laughing all the way from the bank, and didn’t even have to wear a mask.

      Like

    • 24
      Anonymous says:

      As he has “resigned” & not been “fired”will he still receive his contractual “termination” bonus? I think this is of the order of £8mill.

      Like

      • 84
        Forkbender says:

        If Bobjob Diamond voluntarily resigns why should he be payed severance pay he is going on his own accord, in fact leaving in such a way the lower orders would be asked to pay compensation to the employers,why not him, he can afford it

        Like

  4. 4
    Nothing better to do says:

    Lets hope he implicates every politician and banker he’s ever met. Brown to Osborne, Merv the Swerv to Fred the Shred. Brilliant.

    Like

  5. 5

    From Bob Diamond’s letter to Barclays dealing staff:

    I am sorry because we let down the people whose trust we rely on -

    These are really the last people we feel sorry about, considering that we have lost our own bonuses merely because we were rumbled after getting away with it for so long.

    our customers and clients;

    These are the biggest, stupidest, suckers of all. We ceased caring for them years ago. Customer loyalty was a wonderful thing – for us. It meant we could stripe these people because they had not had the wit to try getting better elsewhere. Customers have always been the lowest of the low. They are a major irritant that we would be much better off without altogether.

    our shareholders;

    We used to care about these. But when we saw how you could treat customers like absolute dirt and they would still come back, then we thought “Why not try it with the shareholders, as well?” We did and hey it worked! They are so stupid! The worse we treated them, the more we paid ourselves.

    our regulators;

    Do me a favour! They didn’t even know the time of day. Sub-humans.

    and the communities in which we live and work.

    Anybody who believes this sort of shit needs their bumps felt. We do it because the marketing boys say we must. But as long as I don’t have to breath the same air, that’s fine by me.

    Like

  6. 6
    Ally McCoist says:

    This now leaves the way clear for Bob Diamond to be the new owner of Glasgow Rangers F C .

    Like

  7. 7
    Chuka Urmunneyaround says:

    Like

  8. 8
    Confused says:

    Diamond gone, but Marcus Agius reinstates himself and takes over all control after ‘ The buck stops with me’ how does that work?

    Like

  9. 13
    Aunty Matter says:

    So why didn’t Gordon Brown and Ed Balls resign when they totally trashed the economy?

    Like

    • 17
      Gordon and Ed says:

      The public fired us instead!

      Like

      • 25
        Well it's a thought says:

        But we are just waiting for a few days until the public forget and with our PR helping to destroy the uconned us we will be back to finish our work for the EU, it started in America you know?

        Like

    • 28
      SIR EVERARD PENIS Q C says:

      Because resigning is the “Honourable thing to do” and as we all know the most dishonourable people in this country are the ones who keep calling themselves “The right honourable member”and hardly ever resign

      Like

  10. 15
    Well it's a thought says:

    Change where?, they are all playing the same game , they call it the Establishment game but really it’s the Mafia game, he’s lost his turn in the musical chairs game but don’t worry a new chair is being placed back in the circle , like the Liebour ideals they have no losers.

    Like

  11. 16
    Eton Fags had it all at Florea says:

    Great one down, hundreds more to go.

    Watch out King, you’re in the firing line now.

    Our Govts have devalued our currency, stolen from all with £20,000 for every man woman and child to bail out the banks.

    Enough

    Orange jump suits now

    Like

    • 118
      Conrad says:

      Put them in cages and suspend them six feet above the ground on every street corner in the city, then abandon them to the charity or otherwise of passers by,anything is permitted provided they are not released. Leave them there for five years shall we say. Free any survivors after that.

      Like

  12. 18
    Paul says:

    Agius has unresigned?

    Like

    • 94
      Earwig O again says:

      He remained in post “until a replacement could be found”.

      Looks like they just found him.

      Like

  13. 19
    Aunty Matter says:

    Nicky Campbell and the BBC are really fired up this morning. They are out in force defending Gordon Brown. Nicky Campbell just attacked Danny Alexander for suggesting that Gordon Brown had a role in the collapse of the banking system

    “But David Cameron was sucking up to the banks” claims the socialist and former SNP supporter Campbell.

    Fuck off BBC, this whole mess is the fault of Gordon Brown and Ed Balls, nothing can change that.

    Like

    • 31

      Agree that Gordon Brown is the (sub-)prime mover in all this. He created the conditions – no doubt.

      Balls was his advisor and the real brains behind the mad jock.

      Blair was culpable because he let it happen. And then doubly so as he handed over to the maddest (sub-)human ever to hold top political office. Nero would have done better.

      The FSA was a joke. I don’t actually blame the (sub-)BofE as much as they had been stripped of their regulatory powers.

      The leadership that grew up in nearly all the major banks was dismal.

      I exclude HSBC and Standard Chartered from most of this. They made some mistakes (everyone does) but remembered to spread their exposure and keep international.

      Like

  14. 20
    Mad, Bad & Dangerous Gordon McRuin ( Member in absentia ) says:

    You can’t say I didn’t warn you….

    Like

    • 32
      Well it's a thought says:

      I wish you wouldn’t show pictures of this nut and fruit cake, he’s still frightens the kids and gives me heart palpitations , can you just mention his name.

      Like

    • 46
      UKIP.i.am says:

      “I would like to pay tribute to the contribution you and your company make to the prosperity of Britain,” Mr Brown told Lehman bankers in London’s Canary Wharf . “During its 150 year history, Lehman Brothers has always been an innovator, financing new ideas and inventions before many others even began to realize their potential.”

      Like

  15. 21
    SIR EVERARD PENIS Q C says:

    He will now fuck off back to America to avoid any threat of prosecution , keep all the millions he’s made , and show us just how one sided the “Special relationship” with the USA is when we try to extradite him back to the UK
    #

    Like

  16. 22
    Lord Scalded Bollock says:

    If you wish to contribute to Bob Diamond’s leaving present,just carry on paying your taxes,

    Like

    • 41
      Backwoodsman says:

      Good to see such a full and frank admission of guilt **irony**.
      Hopefully his leaving present will be to place balls and brown in the dock where they belong.

      Like

  17. 26
    Raving Loon says:

    A real shame, despite the eternal nitwits in government, the FSA and the Bank of England, it’s Bob Diamond that has to fall on his sword.

    Like

  18. 27
    Mervyn the Mediocre says:

    Fuck me – I hope he doesn’t spill the beans. Could we give him a knighthood to keep him quiet?

    Like

  19. 30
    pissed off voter says:

    Don’t think Diamond will be squealing, his resignation is damage limitation. No doubt there have been more than a few phone calls in last 24 hrs – public inquiry would be extremely uncomfortable for an awful lot of politicians, bankers and journos – like the man says, they are all in it together.

    Like

  20. 35
    Marcus Agius says:

    I will confirm that Jimmy Carr is on the shortlist for the vacancy of CEO at Barclays.

    Like

  21. 39
    Jock MacMental says:

    I will be out of the country for the foreseeable future.Please do not try to contact me to ask me questions.

    Like

  22. 40
    Andrew Efiong says:

    Aha, he’s been flushed out!

    If he had to go, why didn’t Gordon Brown and Ed Balls resign for fudging the “Golden Rule” on borrowing?

    They were playing with the nation’s public finances like a pair of rogue barrow boy traders.

    Like

  23. 42
    Tom Watson says:

    I don’t feel that we need a Leveson on the banks for one simple reason.

    NI deliberately fucked over Gordon and its war, whereas Gordon deliberately fucked over the banks.

    So the only reason we need any banking review is to gloss over the political facts.

    Like

  24. 43
    Money Bags says:

    ‘The external pressure placed on Barclays has reached a level that risks damaging the franchise – I cannot let that happen.’

    Translation: Osborne made me go, the ungrateful bastard.

    Like

  25. 44
    Gord Nobruin says:

    Sarah, how do you spell proodents?

    Just putting the finishing touches to my CV. Tony always said I was a total banker.

    Like

  26. 45
    Gordon Brown says:

    I have never met Bob Diamond. I don’t know who he is. I have witnesses for when I didn’t meet the man I don’t know.

    Like

    • 61
      nellnewman says:

      Bet you’ve never met shr iti vad era either (Oh wait a minute she was your right hand man in No.10) and she’s the one who wrote the policy advising banks to reduce libor – that policy you and edballs then pressured banks to follow.

      Oh the next few weeks are going to be fun but first they need to pry gordon out of his kirkcaldy playroom where he’s hiding.

      Like

    • 70
      Paxman says:

      And exactly when did you not meet this man?

      COME ON, COME ON

      Like

  27. 50
    UKIP.i.am says:

    Once again the Tories are having to clear up another mess caused by the Labour party. What next?

    Like

    • 60
      Anonymous says:

      UKIP cleaning up the mess of Dodgy Dave and his playmates?
      Well it’s a thought!

      Like

      • 73
        taC eht abbaJ says:

        If Farage ever got his hands on the national chequebook, he would make all these thieving bankers and politicians look like amateurs…

        Like

    • 64
      Tony Eden from Eton says:

      My dear friend the next action is quite obvious.

      There will be a string of dawn police raids followed by a multiplicity of police bail applications which will go on for several years whilst people delve over computer print outs with lots of numbers they cannot understand.

      in the interim the interests of the many million innocent and unsuspecting customers of Barclays will be protected by Government lawyers and accountants rushing headlong to the Royal courts of Justice and obtaining the appointment of an Administrator whose fees will be a multiple of Diamond x 2.6.

      there will also be a major diplomatic incident involving Mr Cameron and the Qatari Royal Family which will only be resolved when the Queen hosts a garden party at Buckingham Palace

      Like

    • 68
      Drinkin' with Bob says:

      What’s next? I’ll tell you what’s next, the fuckin’ bbc that’s what’s next.
      For two years now they have moaned groaned rubbished smeared slaged-of scare mongered gloated and LIED about the ‘Torie-led coalition, but more often of late just the Tories.
      When are the conservatives going to wake up, WAKE UP, they are trying to destroy you so their profligate hypocritical conscience soothing mates can get back in power.
      Sits back. Sound of Heavy breathing.

      Like

    • 69
      SIR EVERARD PENIS Q C says:

      That should read “The Liebor Party”

      Like

  28. 52
    T.B£iar - the People's Messiah says:

    Barclays now need a man of integrity, trustworthiness, decency and sincerity.
    I am ready to step immediately into Diamond Bob’s shoes and am willing to adopt his pay and bonus package too. I will, of course, need a £ 20 million ‘signing on’ fee.

    Like

    • 81
      In Guido veritas says:

      I think people are missing the point.

      Barclays is holed below the plimsol line.

      No one with all his marbles will want to sort out this mess.

      I mean to say just look at that Stephen Hester. He has lost all of his hair. And the Portuguese guy at Lloyds ended up in bed with stress after couple of months.

      Get your money out of Barclays now I say.

      Like

      • 92
        Well it's a thought says:

        Nah the queues will be ten miles long with people wanting to run Barclays, how will the laundries operate if they can’t pay the money in, the pole may be greasy but while there’s money to be made, we may even lose a few MPs as they think the trough is on the greener side.

        Like

  29. 53
    Loopylou says:

    I have just heard Lord Oakshit on the telly.

    He has accused Barclays of criminality.

    As a peer of the realm I hope he has long ago visited his local police station and handed over his evidence and got one of those date stamped police receipts to prove it

    Like

    • 107
      Money Bags says:

      You’re absolutely right Loopylou. Barclays are so innocent that the chairman and CEO have resigned and the bank has been fined a large amount of money. Still, all is for the best in the best of all possible Loopylou worlds.

      Like

  30. 54
    Gordon Brown says:

    I never did trust that Bob Geldof

    Like

  31. 56
    Gordon Brown says:

    I wish the UK banking sector all the very best

    Like

  32. 57
    nellnewman says:

    http://www.dailymail.co.uk/news/article-2167940/Now-Labour-dragged-bank-rate-scandal-leaked-documents-Browns-baroness-proposed-scheme-drive-rates.html

    Yes the truth’s going to come out now and here’s the beginning – shrieky shriti, whilst right hand man to gordon’Isavedthe world’brown, wrote an advisory paper ‘Reducing Libor – it is desirable’ which was widely circulated just before the crisis began.

    When will the commission be calling gordon to explain why he not only trashed the economy but also the banking system with this irresponsible criminal policy?

    Like

  33. 58
    Fog says:

    No mention of Brown and Balls on Sky

    Like

    • 62
      nellnewman says:

      Not to worry they’ll be all over the news in next few days alongside gordon’s bosom shr iti va dera who wrote the policy on reducing libor for gordon.

      Like

      • 66
        Jane Birkin from Paris says:

        I know it is terribly sexist and politically incorrect but I have never trusted Brown Balled men in my life .

        Like

  34. 63
    Bollocks and Millitwit says:

    Sorry we’re unavailable for comment!

    Like

  35. 65
    Sandra says:

    Smugfest on Pravda Radio 4 Toady this morning.

    They have already started on “should Bob Diamond keep his shares in Barclays” & of course “who is next in our sights?”

    You can bet your bottom Euro that the BBC will never ask Ed Balls or Gordon Brown any challenging questions regarding their part in all this.

    The bias at the BBC is now so blatant it utterly beggars belief that such a monumental failure to adhere to their charter could be happening so openly.

    Like

    • 72
      Jane Birkin from Paris says:

      I think Bob Diamond should be made to keep all his shares in Barclays for a minimum of three years.

      At the same time he should be forced to take up all his share options at the offer price.

      Have you heard any of the political classes giving financial advice as sound as this.

      Like

    • 74
      Anonymous says:

      Well if that’s so, surely the government has the power to intervene and sort them out?
      Down to Dave to get his finger out>

      Like

  36. 67
    Fred The Shred says:

    Unfortunately my compromise agreement prevents me from commenting

    Like

  37. 75
    Bob Double Geezer says:

    I resign my monikor with immediate effect

    Like

  38. 76
    Bob Diamond Belize says:

    Me too

    Like

  39. 77
    SIR EVERARD PENIS Q C says:

    It’s quite funny , just how many of these vile odious bastard MP’s are coming out of the woodwork to tell us all how Bob Diamonds decision to resign is “The right thing to do”
    Something that politicians feel is never the right thing to do !

    Like

  40. 78
    Bob Double Diamond Works Wonders says:

    Me too

    Like

  41. 82
    From the jock bunker says:

    Gordon is not feeling well today and cannot come out to play.

    Like

  42. 83
    SIR EVERARD PENIS Q C says:

    Nobody ever resigns for wrong doing , nor did they ever do anything wrong
    It’s always for the good of the institution or company
    or in the interest of someone else

    Like

    • 96
      Well it's a thought says:

      We have learn’t lessons= we have too much to lose so, so plans have been put into place so we won’t get caught

      Like

  43. 87
    JAMES GORDON BONKERS McMAD says:

    i will be applying for the Barclays job , as Sarah has just bought me a new abacus

    Like

  44. 98
    BordererinEngland says:

    OK…..we all know what happened,Diamond knows what happened,Brown,Balls,Milliband et al know EXACTLY what happened!

    Who has got the BALLS to actually come out and say what actually happened? Osborne must have seen or have access to the proof….why is he not dropping
    my mad compatriot and Balls in it now?

    ok…..the courts will deal (hopefully!) with the actual perpatrators of the fraud but let’s see Brown and CCo brought to book NOW!

    Like

  45. 103
    john in cheshire says:

    There doesn’t appear to be any mention of the bank’s customers or clients in Mr Diamond’s valedictory bleatings. They’re obviously just an afterthought or necessary irritation.

    Like

    • 112
      a welsh tom cat says:

      Following Aguis’s reincarnation this morning I think it is a safe bet Bob will be in the office on Friday

      Like

  46. 108
    Al Coholic says:

    A Double Diamond works wonders.

    Like

  47. 109
    Ivan Agenda says:

    BBC stating that Labour have continued “their attack on government” over the make-up of the committee to investigate this affair.
    They want to scupper it as they fear they will not get a majority of their MP’s and lefty Limp Dims. Without this they will be found guilty of mismanagement yet again.
    Liebor obviously still suffer from retentive memory deficiency as during their period “in power” they always had a chairman and/or majority in all their committees.
    The Conservative chairman is not helping by stating he will resign if it is not cross-party – Seems the Coalition Government is not running our country at all.

    Like

  48. 115
    Out of Europe Now! says:

    Diamond? Tùrd more like.

    Like

  49. 116
    keredybretsa says:

    Looks like he’ll show himself as a rough diamond when appearing before the committee of Dishonourable Ladies and Gentlemen. A lot of rather grubby linen could well get washed in public. But this will, pesumably, all be in Political Speak and Banker speak gobbly gook to Mr+Ms Public. They in turn must rely on whatever media they read, listen to or watch to explain what has/has not been going on.

    Like


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