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Barclays CEO And COO Are Lie-borgate Casualties Two And Three

Tyler Durden's picture




 

First the Chairman Marcus Agius, and now both Barclays' CEO Bob Diamond and the COO del Misser are quitting. Full sweep.

From Reuters:

Barclays Plc said its Chief Executive Bob Diamond had quit with immediate effect following a market-rigging scandal.

 

Outgoing chairman Marcus Agius, who announced his resignation on Monday, will become full-time chairman and lead the search for a new chief executive.

 

Barclays' newly appointed Chief Operating Officer, Jerry del Missier, is set to follow his Chief Executive Bob Diamond and resign from the bank, a source familiar with the matter told Reuters.

 

Barclays declined to comment and del Missier could not immediately be reached.

 

Del Missier has for years been a key lieutenant of Diamond, helping him build up the Barclays Capital investment bank. Del Missier was appointed COO last month.

 

Diamond resigned with immediate effect earlier on Tuesday over an interest rate-rigging scandal in a sudden move.

The politicians, who know their secrets are safe if only for a little longer, are delighted:

British finance minister George Osborne welcomed the resignation of Barclays Chief Executive Bob Diamond on Tuesday, saying he hoped it was the first step in a new culture of responsible British banking.

 

"I think it's the right decision for Barclays, I think it's the right decision for the country because we need Barclays bank focussed on lending to our economy and not distracted by this argument about who should be in charge," Osborne told BBC Radio.

 

"I hope it's a first step to a new culture of responsibility in British banking."

Just how deep does the Lieborgate rabbit hole go if it resulted in a complete turnover of executive management at just the first named bank? Whichever bank is the US equivalent of Barclays in the US better have a succession plan.

 

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Tue, 07/03/2012 - 06:36 | 2582982 GeneMarchbanks
GeneMarchbanks's picture

In other news UK unemployment remains unchanged.

For now.

Tue, 07/03/2012 - 06:41 | 2582994 LULZBank
LULZBank's picture

Even after Diamond's resignation. Surely, it must have gone up by one!

Tue, 07/03/2012 - 06:45 | 2582998 i-dog
i-dog's picture

 

"first step in a new culture of responsible British banking"

Fat chance!!

Tue, 07/03/2012 - 06:52 | 2583011 Snidley Whipsnae
Snidley Whipsnae's picture

LIEbor manipulation = Let's make Brit banking look better, more stable... according to pols and bankers involved...

Making a killing in mkts had nothing to do with it... LOL

"It is emerging that Gordon Brown’s economic adviser in Downing Street, Shriti Vadera, an ex-UBS investment banker, circulated a paper on ”Reducing Libor” at the height of the banking crisis, which she argued would be “a major contribution to the stability of the banking system and to the health of the economy”.

That message will have gone out to the Treasury in Whitehall, the regulators and the Bank of England. They in turn will have given a nod and a wink to the investment banks. Bob Diamond is reportedly furious that the “lowballing” of LIBOR rates by Barclays – which was explicitly encouraged by the authorities to stabilise already panicked markets – is being used against Barclays. Bob Diamond is expected to testify tomorrow that the Bank of England’s deputy governor Paul Tucker encouraged the “lowballing”.

http://order-order.com/2012/07/03/liborgate-diamond-v-tucker-at-treasury-select-committee/

Tue, 07/03/2012 - 10:12 | 2583551 tooktheredpill
tooktheredpill's picture

that Mr Osbourne sure is a funny fellow.

Sure is a bad time to be bringing this up - with hell and the European horsemen probably being just around the corner.

Tue, 07/03/2012 - 07:01 | 2583026 Freeman-S-Stratos
Freeman-S-Stratos's picture

A new position for chairman has opened up. It's to be filled by same chairman who just left....

 

Marcus Agius returns as chairman.

http://www.telegraph.co.uk/finance/newsbysector/banksandfinance/9371729/...

Tue, 07/03/2012 - 07:04 | 2583029 Freeman-S-Stratos
Freeman-S-Stratos's picture

Yesterday the chairman walked, saying "the buck stops here". Today he's re-instated because another fall guy has walked.

 

 

Edit: p.s. it isn't because he is on the Bilderberg attendees list.

Tue, 07/03/2012 - 09:01 | 2583317 DogSlime
DogSlime's picture

Guess which family Marcus Agius married into...

Tue, 07/03/2012 - 10:37 | 2583684 i-dog
i-dog's picture

A Papist married to a Rothschild. Whooda thunkit?! The more things change, the more they remain the same. LOL.

Tue, 07/03/2012 - 06:35 | 2582983 Rusticus
Rusticus's picture

"Orf with their heads!"

Tue, 07/03/2012 - 06:57 | 2583017 lewy14
lewy14's picture

Where's the Red Queen when you need her?

Tue, 07/03/2012 - 06:38 | 2582987 gojam
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“Daddy, why did Mr Diamond resign ?”

“Well son, he tried to implicate, Deputy Governor of the Bank of England, Paul Tucker by releasing details of a telephone conversation he’d had with him.”

“And didn’t that work daddy ?”

“Actually, no son, because the conversation was back in 2008 and concerned Libor rates, he just implicated himself by showing that he must have known what was going on.”

“Ahhhhhh"

http://theneedleblog.wordpress.com/2012/07/03/diamonds-arent-forever/

Tue, 07/03/2012 - 06:37 | 2582988 ciscokid
ciscokid's picture

They should pay back all the bunos they took!!!

Tue, 07/03/2012 - 06:46 | 2583000 i-dog
i-dog's picture

Fat chance!!

Tue, 07/03/2012 - 06:38 | 2582991 Gmpx
Gmpx's picture

If 1,200 trillions of derivatives are wiped, will remaning money become 100 times pricier? From mathematical point it should be so. Please clarify.

Tue, 07/03/2012 - 06:41 | 2582995 MaxPower
MaxPower's picture

Infinity - 1200 Trillion = ???

Tue, 07/03/2012 - 06:51 | 2583005 Gmpx
Gmpx's picture

All world value = 1200 trillions of derivatives + 80 trillions of economy. If 1200 trillions are no longer considered as haveing any value, that All world value = 80 trillions. It means that my 1000 dollars should be buying about 100 times more than now. Is this correct?

Tue, 07/03/2012 - 06:57 | 2583020 MaxPower
MaxPower's picture

Perhaps if those derivatives were physical products instead of ledger entries in a computer somewhere? I get your point and, in theory, you'd be correct. In this nutty world? Who can say?

Not me. I quit this line of work and went to clown college.

Tue, 07/03/2012 - 07:07 | 2583033 THX 1178
THX 1178's picture

If you mean REAL money as in Ag and Au, and not currency as in USD or EUR, then yes... much more than 100x probably. As for currency, no, because the Federal Reserve will print like crazy, and once that happens, there will be a massive run on rapidly-devaluing treasuries-- as countries unload them all at once to buy PM/real estate. Cash is not safe; hard assets are.

Tue, 07/03/2012 - 06:39 | 2582992 cherry picker
cherry picker's picture

How many people are starving today, marriages destroyed, how many homeless hungry children and violence happening where there should be none?

All because guys like these, Obama, Holder, Corzine, George W and more had no integrity or compassion.

Remember the old adage, do unto others.

Payback time will be hell, whether that is on earth or after the fact makes no difference, I don't think they will walk away unscathed.

Tue, 07/03/2012 - 06:52 | 2583010 BlackholeDivestment
BlackholeDivestment's picture

...the strong delusion and corruption calls for the vengeance of mercy, that which was lost and found wanting behind the sealed gate of judgment. All of these boys are lost and do not want to be found, they will kill mercy in order to prolong their unbecoming. That is the nature of the beast and the short term reality of contempt.

The time for these bitchez to die defines the end of this generation, and that is defined by Jerusalem.  

http://www.youtube.com/watch?v=3j3okb3kuts

Tue, 07/03/2012 - 06:40 | 2582993 jmcadg
jmcadg's picture

Notice Osborne deparately trying to shift the spotlight off Liebor.

I think it should read, "Let's stop losing our focus on Liebor, by trotting out false ideas of Banks lending to the economy".

Osborne you are desparate to not allow another Leveson enquiry, because you know the rabbit hole is VERY deep.

WE ARE NOT FOOLED ... by a fool.

Tue, 07/03/2012 - 06:42 | 2582997 Alpo for Granny
Alpo for Granny's picture

Are they gonna be simultaneous or sequential hangings for all these rat bastards? I vote for sequential..that way the pay per view will last for weeks...

Tue, 07/03/2012 - 06:57 | 2583003 i-dog
i-dog's picture

It is the system (ie. statism) that is corrupt and corruptible.

Hanging this lot will just make way for the next lot that are eagerly jostling for their chance at the money spigot that is taxation and rule by elites.

Change the diseased system, don't just paper over the symptoms!

SECEDE FROM THESE STUPID 'UNIONS' ... they are a centralised banksta control mechanism!!!! 

Tue, 07/03/2012 - 06:47 | 2583001 TPTB
TPTB's picture

What happens if they're no longer able to stealthily manipulate the interest rates because of public outrage?

Tue, 07/03/2012 - 06:52 | 2583009 GeneMarchbanks
GeneMarchbanks's picture

Presently two tall Slavic bimbos are making sex sounds over at Wimbledon while hitting balls with sticks. My guess is "public outrage" is on hold for the time being so you need not worry.

Tue, 07/03/2012 - 06:58 | 2583021 Snidley Whipsnae
Snidley Whipsnae's picture

"public outrage" ?

Public outrage in the US is on hold because of the huge dole, swag, payola, from the pols to their constituents...

Take away the social programs, thereby the free food/health care/hand outs, and we will see 'public outrage'... Until/unless this happens we see continueing complacency.

For those that don't understand this see 'French Revolution', et al.

Tue, 07/03/2012 - 07:11 | 2583039 Dr. Engali
Dr. Engali's picture

Public outrage? If the public doesn't give a shit about Corzine stealing 1.3 billion dollars they aren't going to be outraged about this. Outrage is reserved for people showing a nipple on tv. Otherwise it's just business as usual.

Tue, 07/03/2012 - 06:53 | 2583012 LULZBank
LULZBank's picture

They will find a way. Trust them.

Tue, 07/03/2012 - 07:39 | 2583032 TPTB
TPTB's picture

I just assumed there was public outrage, I just realized probably most people don't understand what it is :D

I was just wondering if the manipulation was not for done out of greed, but because it was necessary to stave off a rampant collapse. Max keiser gives the impression that the CEO's are allowed to do whatever they want to keep it all afloat, where if they are caught they just sort of walk away from the spotlight with a golden parachute, etc.

 

Tue, 07/03/2012 - 06:50 | 2583004 Catullus
Catullus's picture

Now you're just somebody that I used to know.

 

Tue, 07/03/2012 - 06:54 | 2583007 Benjamin Glutton
Benjamin Glutton's picture

FSA's Adair Turner goes medieval on banksters on both sides of the pond. 7/3/12

 

"The LIBOR scandal has caused a huge blow to the reputation of the banking industry. The cynical greed of traders asking their colleagues to falsify their LIBOR submissions so that they could make bigger profits – has justifiably shocked and angered people, in particular when we are facing hard economic times provoked by the financial crisis. But sadly it is clear that the behaviours evidenced in the LIBOR case were not, in the years before the crisis, confined to this specific area of financial activity. Documents such as the U.S. government’s Financial Crisis Inquiry Report and the Senate report on Wall Street and the Financial Crisis, or indeed Michael Lewis’s insightful account of “The Big Short” have revealed, for instance, a cynical willingness of many traders to sell securities whose value they doubted to customers whose judgments they disparaged. And too much of what is described in the investment banking world as “creative” or “innovative” , is not creative or innovative on behalf of the real economy, but devoted to tax structures which simply shift money from the generality of taxpayers to the financial sector, to regulatory arbitrage which seeks to gain an improved regulatory treatment of unchanged economic substance, or to accounting devices which attempt to put a favourable gloss on the underlying situation of firms or their clients, for instance understating a country’s true level of debt.

"There is therefore a major challenge for the investment banking industry and related areas of finance: how to rededicate their business to a focus on fundamental economic functions – raising capital for companies creating real wealth, managing customer risks rather than creating new risks to bet against, and how to purge the industry of the culture of cynical entitlement which was far too prevalent before the crisis. These issues should, I believe, be a major area of focus for investigation by the committee of both Houses of Parliament that was announced by the Chancellor yesterday.

"These issues relate to what we label “wholesale” rather than “retail” conduct. And it’s fair to say that in the past the FSA has tended to a somewhat “caveat emptor” approach to wholesale conduct issues. After all, the logic went, we’re dealing here with relationships between professional counterparties, or at least between banks and large institutional or large corporate clients, which ought to be able to make their own judgments. But as we have discussed the regulatory approach for the FCA, we have found we need to consider how far that caveat emptor approach is sufficient. An insurance company or pension funds may be itself a large institution, but sitting behind the company or pension fund are retail investors: and any poor practice which unreasonably shifts income to the industry is at the expense of some end retail customer. There are no free lunches, and shoddy wholesale practice is not a victimless act, even in those cases where it is not defined as a crime. We will therefore need to think carefully how far we should shift our past approach to the supervision of wholesale conduct, and what resources and skills we need to be more effective in this area. This is an issue currently under discussion between the executive and the Board, and one on which we will comment in the FCA approach document which we will publish in autumn.

 

Full text of speech.

http://www.mortgageintroducer.com/mortgages/243727/4/Daily_news/FSA:_Ban...

Tue, 07/03/2012 - 07:35 | 2583090 Mitzibitzi
Mitzibitzi's picture

Is there only me who keeps mentally translating 'FCA' as 'Ferengi Commerce Authority'?

Tue, 07/03/2012 - 07:53 | 2583131 Mitzibitzi
Mitzibitzi's picture

Just spent an amusing 5 minutes reading the Ferengi Rules of Acquisition, which read like a set of guidelines for investment bankers. My favourites;

5. If you can't break a contract, bend it.

16. A deal is a deal...until a better one comes along.

27. There's nothing more dangerous than an honest businessman.

76. Every once in a while, declare peace....it confuses the hell out of your enemies.

99. Trust is the biggest liability of all.

202. The justification for profit is profit.

211. Employees are the rungs on the ladder of success. Don't hesitate to step on them.

242. More is good...all is better.

261. A wealthy man can afford anything except a conscience.

Tue, 07/03/2012 - 06:58 | 2583008 tony wilson
tony wilson's picture

in typical fashion one of the most government controlled freedom loving countries lurches zombie like on.

the city 

calls from labour the official fake opposition for a toothless public enquiry grow.

tory and labour and the other shower all the same puppets giving the sheep a show.

diamonds handlers baron rothschild just needs a little more quite time to finish off the green and pleasant land olympic event.

diamond was generating to much heat so had to go quick.

funny how danny boyle made the bio virus 28 days zombie flick and is now running the illuminated games.

at the rather odd opening event he has real fake clouds at the site englands green and pleasant lands with lots of sheep in pens.

security provided by an israeli firm.

nato troups on stand by.

 

Iran's Ahmadinejad told to stay away i wonder why?

 

Tue, 07/03/2012 - 06:59 | 2583022 GeneMarchbanks
GeneMarchbanks's picture

From your link:

But Putin dominates his country's politics in a way that Ahmadinejad does not, observers say.

Ahmadinejad has been in a power struggle with Iran's Supreme Leader Ali Khamenei, and he's losing, according to experts.

"I think Ahmadinejad underestimated the power of Khamenei, and he overestimated his own power," Haleh Esfandiari, director of Middle Eastern studies at the Woodrow Wilson International Center, said last month.

I'm no expert in Persian politics but last I checked Khamenei is more "conservative" i.e anti-West than the current status quo so I'm not sure what you're hinting at.

Tue, 07/03/2012 - 07:50 | 2583119 i-dog
i-dog's picture

You're no expert in any politics! ... but I'll try to fill you in on this one:

1. Putin does not answer to any religious hierarchy in Russia.

2. I'madinnerjacket does. He has been in a standoff with the mullahs for well over a year now ... since Khamenei sacked Dinnerjacket's appointed police minister (or similar...I can't be bothered looking it up right now) as a reminder of who's in charge.

It's as simple as that - and has nothing to do (in this instance) with how pro- or anti-west the Mullahs and the Dinnerjacket may, or may not, be.

You should stop trying to read between the lines and constructing straw men from non-existent words ... you have enough trouble reading what's in the lines!

Tue, 07/03/2012 - 08:15 | 2583134 GeneMarchbanks
GeneMarchbanks's picture

The avatar is fitting: asleep. I'd go farther and say comatose and permanently brain dead but I'd just be stating the obvious.

Please do not chime in with your childish nonsense.

Tue, 07/03/2012 - 06:54 | 2583014 Dugald
Dugald's picture

The British Finance Minister George Osborne welcomed the resignation of.........

Polly speak for "the sooner we get some chaps of the right mind in place the sooner things will return to normal".........London is a very old and very wicked city especially when it comes to cooking the books, remember the 'system' was working both sides during WW1 and 2.

What's needed is a Madam De Farge.....and how!

Tue, 07/03/2012 - 06:56 | 2583015 Zola
Zola's picture

Let me guess, Diamond gets to keep the penthouse and all other niceties that come from doing "god's work?" CRIME DOES PAY

Tue, 07/03/2012 - 06:57 | 2583018 Grimbert
Grimbert's picture

I recon Osbourne probably knew what was going on, but was too stupid / involved to think it was wrong.

 

http://www.telegraph.co.uk/finance/comment/damianreece/9372286/Bob-Diamonds-resignation-reveals-how-British-business-has-become-front-line-politics.html

Tue, 07/03/2012 - 06:59 | 2583024 overmedicatedun...
overmedicatedundersexed's picture

somebody has to go to jail, corzine, no he's done so much for the public serving as gov and senator, Diamond no he's run an international bank helping the world, so who's going to jail?

Tue, 07/03/2012 - 07:18 | 2583051 Miss Expectations
Miss Expectations's picture

This goes out to Egan-Jones:

http://www.champagne-bollinger.com/uk/

Tue, 07/03/2012 - 07:49 | 2583070 NuYawkFrankie
NuYawkFrankie's picture

BREAKING NEWS...

Barclays tea-trolley lady Hilda Stubbins has quit in sympathy.

 

In a resignation letter she stated she was very saddened by Mr Diamond's departure - that she felt him a special friend (ever since he left her a 50pence tip on her 10-year anniversary) and mentor (when she worked the night-shift and stood-in for the often absent COO del Misser on the Barclays Libor Committee).

Mrs Stubbins said she will miss juggling her duties of tea-lady & high-finance  - but, nevertheless, thought it was time to "spend nore time with her 27 (and counting) grandchildren...."    

 

British finance minister George Osborne welcomed the resignation, saying he hoped it was the first step in a new culture of responsible British child-rearing 

"I think it's the right decision for Barclays, I think it's the right decision for Hilda because we want her focussed on those kids and not distracted by this argument about who's faking these LIBOR numbers," Osborne told BBC Radio.

 Developing...

Tue, 07/03/2012 - 18:15 | 2585412 hedgehog9999
hedgehog9999's picture

golden parachutes deployed?

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