Thursday, 28 June 2012

How long can Barclays boss Diamond keep his job?

Diamond isn't forever
I never thought it possible a new banking scandal could come along that would dwarf the subprime mortgages debacle, the collapse of Lehman Brothers, and the nationalisation of Northern Rock rolled into one.
But news that Barclays had been fined £290 million for manipulating the key Libor interest rate does just that.
Where the motive forces were once the toxic blend of greed and incomptence, one must now add criminal deceit. The prospect is that the bank was not alone.
Barclays boss Bob Diamond is living on borrowed time. Opinion is growing which will sweep him from the bank's boardroom. "Nothing to do with me, guv," is a defence, which won't placate his critics regardless of whether it is justified or not.

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What do you think? GC