Barclays fraud bank’s boss gets millions


Bob Diamond cartoon

By Tony Patey in Britain:

Barclays bungs Diamond £2m on his way out

Tuesday 10 July 2012

by Tony Patey

Barclays boss Bob Diamond walked out of his job at £40,000 a footstep, it was revealed today, a week after he quit amid a rate-rigging scandal.

Mr Diamond – who has already raked in millions as a high-flying banker – is expected to receive £2 million after deciding to forego a potential £20m in bonuses and share awards.

So when he walked out – with immediate effect – of Barclays’ headquarters in Canary Wharf he took the lift from his 31st-floor office and made £40,000 a stride as he went 50 metres to the door.

He has agreed to take up to 12 months’ salary, his pension allowance and other benefits, the bank said in a statement, which works out to around £2m.

Unreality also extended to the world of No 10.

Asked about Mr Diamond’s pay-off, Prime Minister David Cameron’s official spokesman said: “This is a decision for Bob Diamond and for the board of Barclays.

“I think the decision to forgo the bonus is a sign that they understand public concerns and that they understand that there is a need for a change in the culture of banks.”

Barclays chairman Marcus Agius told the Treasury select committee that Mr Diamond had voluntarily decided to forego any deferred consideration and any deferred bonuses worth up to £20m.

Both resigned last week over revelations that Barclays traders attempted to manipulate the key inter-bank lending rate Libor, but Mr Agius is staying on to lead the search for Mr Diamond’s replacement.

The bank was fined £290m for attempting to fix Libor.

It is thought Barclays remains in talks with Mr Diamond’s right-hand man, chief operating officer Jerry del Missier, over his pay-off. He quit the same day as Mr Diamond.

As big banks face the fallout from a global investigation into interest rate manipulation, American and British lawmakers are scrutinizing regulators who failed to take action that might have prevented years of illegal activity: here.

The latest annual study by Democratic Audit depicts important aspects of the decay of democratic rule in Britain under the impact of a growing divide between rich and poor: here.

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