Mr Diamond’s Performance

When Bob Diamond appeared in Parliament on Thursady to explain how Barclays had managed to manipulate LIBOR rates for fice or so years without the person in charge of the part of the bank that was doing the manipulation (Mr Diamond himself) or subsequently the chap in charge of the bank (also one R Diamond) noticing he stonewalled in a style worthy of General Jackson at the first battle of Bull Run. He stood his ground without conceding an inch and without explaining a jot or tittle or iota. Presumably his arrogance is such that he felt that Parliament (elected by the people) is not worthy of an explanation. Continue reading

Good Riddance to Bad Rubbish

Diamond gone, Agius gone, del Messier gone, so long and we won’t miss you. In Poplar, we would have said “good riddance to bad rubbish”. Mr Diamond earned more than £20 million a year and only now do we know what you get for £20 million a year in the banking industry. Mr Diamond has left the bank he loved. Whether he will be compensated for his sins remains to be seen. The scandal is just beginning, not ending and the chickens have yet to come home to roost; piece by piece most of what actually happened with LIBOR fixing will unravel. Continue reading

Mr Diamond, you belong in jail

It is noticeable just how frightened many journalists and media commentators are. In the recent banking crises hardly any of them have written or spoken openly the thoughts of almost all of their readers, viewers and listeners. The journalists are no longer fearless, but fearful. The ordinary people know the truth, which is that the leaders of the banks belong in jail, not in the boardrooms. Continue reading

Our Crooked Banks

Banks Cheating? My goodness me. Surely not? Who would have thought that British Banks, established for centuries and servants of the economy their executives honoured and feted and given extreme wealth, would ever resort to rigging markets?

Continue reading