Diamonds Aren’t Always Forever: Barclays CEO Resigns

July 3, 2012 By 10 Comments

After yesterday threatening regulators with revealing details (likely that regulators were complicit in LIEBORGATE, as well as every other TBTF bank), Barclays CEO Bob Diamond resigned Tuesday over mounting external pressure.
Amazingly, Chairman Marcus Agius who resigned Monday, has been reinstated and will lead the search for a new CEO.
Apparently Diamonds aren’t alwys forever.  Now if only we could say the same for Diamond’s counter-part at JP Morgan, Jamie Dimon….

 

Barclays chief executive Bob Diamond has resigned from the UK-based financial services giant amid an interest rate-fixing scandal that some believe could be a watershed moment for Britain’s banking system.

In a statement released by the company on Tuesday, Diamond said he chose to leave because “external pressure” on Barclays had “reached a level that risks damaging the franchise”.

The bank said that chairman Marcus Agius, who submitted his own resignation on Monday, would return to his role and lead the search for Diamond’s replacement.

Barclays’ management has come under fire since the bank was fined $453 million last week by regulators in Britain and the United States for submitting false reports on interbank borrowing rates between 2005 and 2009.

Much of that activity originated from traders in Barclays Capital, the investment division Diamond led at the time.

Deputy Prime Minister Nick Clegg and opposition Labour Party leader Ed Miliband led calls for Diamond, a 60-year-old American, to stand down.

Diamond will appear before a parliament committee on Wednesday to answer questions about the scandal, and Agius will be questioned on Thursday.

The government has come under increasing pressure to take a closer look at the bank sector, which has felt the force of public anger since taxpayers bailed out several banks during the financial crisis that spanned from 2008 to 2009.
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Comments

  1. Avatar of 427 427 says:
    July 3, 2012 at 9:46 AM

    So Diamod will be reinstated  tomorrow so he can find a replacement for chairman of the board?

    What there judgment is that good? Now they can hier there buddies. 
  2. Avatar of Argyrion Argyrion says:
    July 3, 2012 at 9:53 AM

    Maybe there will be a position for him at the IMF and BIS?  Once they combine all the financial powers together they bring him back.

  3. Avatar of 427 427 says:
    July 3, 2012 at 10:03 AM

    Argyrion;

    Nope Obama looking at him to run the treasury! 
  4. Avatar of AGXIIK AGXIIK says:
    July 3, 2012 at 10:43 AM

    Diamond’s down; silver’s up.  Fitting.  With 20 more banker resignations and maybe silver will hit $40

  5. Avatar of 427 427 says:
    July 3, 2012 at 11:00 AM

    IMF warns on U.S. economy

  6. Avatar of 4 oz 4 oz says:
    July 3, 2012 at 12:42 PM

    Grandma use to say, ” a guilty guy will run even before someone starts to chase him!”

  7. Avatar of AGXIIK AGXIIK says:
    July 3, 2012 at 12:42 PM

    The World of Cartels

    In the last 4 years we’ve seen banks go from TOO BIG TO FAIL  in Bear Sterns;   TOO BIG TO BAIL in Lehman then TOO BIG TO JAIL in Barkleys Bank.  The financial crisis of 2008 was never solved. No bankers were sentenced.  No one served time.  After $29 trillion in tax payer dollars used to defend this corrupt system,  the Fed spent us into fiscal oblivion to rescue the US Banks and the world financial system.  And accomplished absolutely NOTHING.

      Every single banker overlord got a full pardon, multi billion dollar bonuses and a silver-plated government-issued license to continue with their global thievery.   What ever happened to the little people who were crushed by these evil men and  their weapons of mass financial destruction?  Nothing.   They are just as dead; just as destroyed; just as crushed into penury by this evilness even  as if the malefactors were  actually punished.  No one was held accountable.  To use a favorite phrase of the soft, moist, oily politicians who purport to represent the people, every and every one of these evil men was given a multi billion dollar mulligan and keys to the 19th hole golf club house watering hole. Belly up to the bar boys, your time is coming.  

    Barkleys and its 19 crony banks rigged $350 trillion in LIBOR interest derivatives   This is  25% of the entire $1.25 quadrillion deriatives market.  That  is 192 times larger than  the entire world economy.  It’s a number so vast  there is  really nothing to concern ourselves with.   To worry about this would be like  concern over a Coronal Mass Ejection that burns our world to a crisp.  Get right with Jesus in that case, because there is no saving us in that event.   $350 trillion or its big brother, the  $1.25 quadrillion in derivatives is not really the issue.  In the wonderful world of Cartels, these  derivatives are just  the sand castles  occupied by the bankers who created this empire of debt in 4 short years.  They  are just a distraction that is being used to club us over the head so we willingly give up more of our freedom and money to save the hides of these criminals.

    We have allowed these creatures to built an empire so large and corrupt that to try to tear it down would rain destruction on those least able to defend themselves.  The debt slaves of the world are little more than the serfs who are forced to bow, scrape and curtsey in front of these evil men. 

    That said, we know the hour of reckoning is soon upon us.  So I have a suggestion to those who find the heavy hand of a banker or creditor on your neck. 

     Tell them  “Not no, but Hell no”  No more of my money will go to your corrupt vaults.  I did  not sign a suicide pact with a gang of thieves who have conspired to rig my rates, to strip me of my hard earned money and consigned my family to a lifetime of poverty. Hell   No! 

     If you think my precious  FICO means a damn thing to me you have another thing coming.  Go ahead and destroy my credit rating.  See if I care.  If you think you can kill me with debt I will kill you with non payment.  I will strangle you in your offices with non payment of this wretched debt. You better learn how to eat air, because no more of my money will come your way. None.

    Take my house; I’ll rent.  Take my credit cards; I’ll pay with cash. Take my car; I’ll walk. But try to take my dignity and I will destroy you and I will do it with the best weapon ever invented.  I will borrow no more.  I will pay no more.  I will bankrupt your cartels; your banks, your dens of monetary thieves and criminals. I will live my life free of debt and all forms of counterparty risk and to Hell with you.  The voices and actions of 100,000,000 Americans will be heard in full throated roar as we  take back our freedoms and liberties from the foul,  rat’s nests of the bankers.

  8. Avatar of JerryMatt JerryMatt says:
    July 3, 2012 at 5:41 PM

    WHY ISN’T DIAMOND IN HANDCUFFS???? TO BIG TO JAIL???? THIS IS NUTS!!

  9. Avatar of Marchas45 Marchas45 says:
    July 3, 2012 at 6:48 PM

    Diamonds bosses in the shadows won’t let the jail time happen but it will be interesting tomorrow to see Diamond on BBC News with him sitting in front of the paid off Politicians. I wonder if he will have crowns for cufflinks. LMAO

  10. Avatar of Marchas45 Marchas45 says:
    July 4, 2012 at 10:45 AM

    Diamond under fire from UK politicians why can’t it happen here? Mmmmmmmmm I’m listening Live:

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