MPs furious at slippery Bob’s question dodge July 4, 2012 BOB Diamond frustrated MPs yesterday by failing to answer critical questions and raising more questions about the bank’s actions. Treasury select committee (TSC) chairman Andrew Tyrie called Diamond’s recollections “somewhat implausible,” and said he hopes to speak to the Bank of England’s Paul Tucker “very shortly” to find out more details. Tucker has asked the [...]
THE RISE AND FALL OF BOB DIAMOND July 4, 2012 1996 Bob Diamond is appointed chief executive of Barclays Global Markets. 1997 Barclays founds BarCap investment bank from its Barclays de Zoete Wedd (BZW) unit. Diamond is involved from the start. 2005 Barclays traders start to manipulate the London Interbank Offer Rate (Libor) while Diamond heads the British bank’s investment banking operations. 2008 Barclays refuses [...]
Diamond gives MPs a lesson in evasiveness July 4, 2012 PROTESTERS in Robin Hood costumes chanted their disapproval, armed police patrolled the corridors and members of the Treasury select committee limbered up for battle. The circus was waiting for its star attraction – one Robert Diamond Jr. – to kick off the greatest show in financial regulation history. And then the questioning began. Hamstrung by [...]
Tucker keen to give his side of Libor phone call July 4, 2012 BANK of England deputy governor Paul Tucker made a pre-emptive strike to distance himself from the Libor fixing scandal yesterday, asking to give his own evidence to MPs on the topic “as soon as possible”. Before ex-Barclays boss Bob Diamond had even appeared at the Treasury select committee (TSC) yesterday, Tucker raced to clear his [...]
It isn’t just Diamond that missed Libor’s warning signs July 4, 2012 MICHAEL Fallon of the Treasury select committee voiced a question yesterday that must be on many people’s lips. After passing on Paul Tucker’s message from the Bank of England in October 2008, how did Bob Diamond manage to know so little for so long about the Libor manipulation at Barclays that followed? Diamond dodged, “I [...]
Analysts argue lawsuits from Libor are unlikely to succeed July 4, 2012 LAWSUITS against Barclays linked to Libor-fixing are unlikely to succeed based on yesterday’s evidence to the Treasury select committee, analysts have said. Barclays’ finance boss has told analysts that the bank has “not suffered any deposit flight as a result of recent events” during a conference call. And number crunchers at Espirito Santo Investment Bank [...]
Cameron: No diamond pay-off July 4, 2012 DAVID Cameron yesterday weighed into the debate over Bob Diamond’s bonuses, arguing that the former Barclays chief executive should not be paid a golden goodbye. Speaking before the Commons, Cameron said it would be “inexplicable to the public” and “completely wrong” for Diamond to receive a pay-off after resigning from the bank, which was fined [...]
CITY VIEWS | ARE YOU MORE OR LESS OPTIMISTIC ABOUT THE UK ECONOMY THAN AT THE START OF THE YEAR? July 4, 2012 DAVID GOULD METRO BANK “I was more optimistic about the UK economy before recent events occurred, but Barclays has changed that. I’m hoping as new regulation comes in we’ll start to get trust back in the economy. SPENCER JONES LLOYDS “I’m more optimistic but mainly because my personal situation is slightly better than it was [...]
FTSE ends flat in thin trade with US shut and all eyes on central banks July 4, 2012 BRITAIN’S top share index edged down in thin trade yesterday, moving within a tight range as investors awaited central bank meetings today that many expect to result in fresh economic stimulus. A US holiday contributed to low volumes across the market, at less than half the 90-day daily average, with many investors preferring to wait [...]
Trust has lost all of its value in our state-regulated financial markets July 4, 2012 THE spotlight in the Libor rate-fixing scandal has moved. Questions are being asked about the culpability of the FSA, which may well have ignored repeated warnings about Libor calculations from market participants. The role of the Bank of England and the Treasury is also being questioned. Of course, regulators are not to blame for the [...]