Barclay’s COO Responsible for False LIBOR Submissions Given £9M Golden Parachute

July 31, 2012 By 5 Comments

Reports surfaced Tuesday that Barclay’s COO Jerry del Missier received a £8.75M compensation package from also outgoing Chairman Marcus Agius in the days proceeding Missier’s dismissal from the bank in the wake of his personal involvement in LIEBORGATE.
Missier admitted to the Treasury committee last week that he instructed Barclay’s traders personally to falsify (lower) LIBOR submissions in 2008.
Apparently admitting massive CRIMINAL FRAUD to regulators is now worth a cool £8.75M.

Jerry del Missier, the former Barclays Bank executive at the centre of the interest-rate rigging scandal that cost the lender £290m, has walked away with a pay-off of almost £9m.
Mr del Missier, the bank’s former chief operating officer who resigned three weeks ago, is understood to have negotiated the deal with Barclays’ outgoing chairman Marcus Agius in the days before he quit. The pay-out looks certain to trigger another political storm over bankers’ pay.

Mr del Missier was one of Barclays’ highest-paid executives, receiving a salary and bonus package for 2011 worth £6.7m plus a further £10.8m from share awards from previous years.

He became co-head of the investment bank in January 2011, when former chief executive Bob Diamond was promoted to the top job, but emerged as a leading figure in the Libor rigging scandal.

Only last week Canadian Mr del Missier conceded to MPs on the Treasury select committee that he had told Barclays traders to lower the bank’s Libor submissions in the autumn of 2008.
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Perhaps the Brits are slightly more upset at the banksters involved in the LIBOR scandal than Americans?
One of the top comments on the Telegraph’s article:
‘We need to do to the bankers what the Nazis and Hitler did to the Jews.’


Check out these similar articles:

  1. Barclays Chairman Agius to Resign Over LIEBORGATE, Diamond Next?
  2. LIBOR Fixing Scandal Spreads, Lloyds & RBS Now Implicated
  3. Diamonds Aren’t Always Forever: Barclays CEO Resigns
  4. House Financial Services Committee to Probe Fed Correspondence With US Banks Over LIBOR Rates
  5. Senate Banking Committee to Question Geithner, Bernanke Over LIBOR
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Comments

  1. Avatar of UglyDog UglyDog says:
    July 31, 2012 at 4:43 PM

    Purpose of the rigged LIBOR was to enhance the bank balance sheets which in turn enhanced the strength of the banking system.  So, in their mind it was a good thing to do.  We think governments and politicians are idiots and so do bankers.  Orders to rig the LIBOR come straight from the BIZ in Switzerland.  That’s why the big severance package.  These bankers stick together and take care of their own.

  2. Avatar of SilverHawk SilverHawk says:
    July 31, 2012 at 6:29 PM

    No, no no.  It was me.  I cooked the Libor rate.  Please….., I’ll take the fall for the Reserve Chute.  (Silver parachute)

  3. Avatar of PatFields PatFields says:
    July 31, 2012 at 7:08 PM
  4. Avatar of PatFields PatFields says:
    July 31, 2012 at 7:09 PM

    Did he walk outside and spit in the faces of everyone he passed too? In days gone (Lo! The days of Justice!), he’d have been hunted down by the townsfolk; tarred, feathered and provided a rail on which to ride into the sunset … THEN they’d have the Sheriff condemn his Lands and chattels in compensatory damages to the defrauded!

  5. Avatar of Ed_B Ed_B says:
    August 1, 2012 at 12:33 AM

    Nearly $9 million for robbing people of a HUGE amount of money?  Sonofagun!  I can see him now, lounging in the sun on his own Greek island, while drinking champagne, and watching the scantily clad young ladies playing beach volleyball.  Oh, the pain!  Oh, the agony!!  Whatever happened to justice?  In this case, it would be a noose, a short rope, and a long drop through a trap.  :-(

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