• Steve H. Hanke
    05/04/2016 - 08:00
    Authored by Steve H. Hanke of The Johns Hopkins University. Follow him on Twitter @Steve_Hanke. A few weeks ago, the Monetary Authority of Singapore (MAS) sprang a surprise. It announced that a...

Barclays' Disgraced COO Gets £8.75 Million Golden Parachute Instead Of Jail Time

Tyler Durden's picture




 

The guy who openly admitted he was getting notification from the BOE to manipulate Libor, and was advising his traders appropriately, Barclays' COO Jerry del Missier, and who quit the same day as his boss Bob Diamond, has finally had his pay package revealed. The payoff to get him out and shut him up? £8,750,000. 

From SKY:

The Barclays executive who presided over the falsification of the bank's Libor submissions is to receive a cash pay-off worth almost £9m in a move that will spark a political outcry.

 

I can exclusively reveal that Jerry del Missier, who resigned as Barclays’ chief operating officer earlier this month, negotiated a severance deal worth at least £8.75m in the days before he quit, according to people close to the bank.

 

I’m told that the £8.75m figure represents just over half of a £17m potential long-term incentive award made to Mr del Missier some years ago, and which matured in March. City sources say he was asked by senior colleagues to defer receipt of the award in the spring because Barclays executives intimated that it was an inappropriate climate for such a lavish bonus to be paid out.

 

Insiders say that Mr del Missier verbally agreed the outline of his payoff with Marcus Agius, the outgoing chairman of Barclays, in the days before the former’s departure was announced on July 3. The cash element of the deal was settled upon in an attempt to secure Mr del Missier’s signature on a severance agreement, one source said.

 

The bank is understood to have felt that there was no legal basis for forcing Mr del Missier to forego the cash payout once he resigned because he was entitled to have taken receipt of it in March.

 

What is less clear is the fate of share options held by Mr del Missier that could be valued at tens of millions of pounds. A large chunk of these options – which analysts estimate could be worth up to £40m – were subject to clawback provisions contained in his contract and I expect that he will not be able to cash in many, if any, of them in addition to the £8.75m cash payoff.

 

By deciding not to waive the £8.75m award, Mr del Missier risks becoming the latest lightning rod for public anger over bankers’ pay. And the news that the Canadian former head of Barclays’ investment banking arm could receive such a gargantuan golden goodbye threatens to plunge the bank deeper into chaos just 36 hours before it reports its financial results for the first half of 2012.

Because there is nothing like engaging and being caught in criminal activity to be rewarded with a nearly $15 million golden parachute.

And then they wonder why bankers are just loved by the people. So much so in fact, that the SBA is drowned in applications from small businesses specializing in portable guillotines.

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Wed, 07/25/2012 - 14:16 | 2650107 icanhasbailout
icanhasbailout's picture

Crime pays - quite well, too.

Wed, 07/25/2012 - 14:19 | 2650120 camaro68ss
camaro68ss's picture

I wish i would have wished to be a banker when i was a kid growing up. Who wants to be a doctor and work for a living? Be a banker, Screw people over and get paid well doing it!

Wed, 07/25/2012 - 14:23 | 2650139 gmrpeabody
gmrpeabody's picture

Screw them all....

Wed, 07/25/2012 - 14:29 | 2650142 bigdumbnugly
bigdumbnugly's picture

i will be happy to do my part and offer him a golden shower on his way out as well.

Wed, 07/25/2012 - 14:30 | 2650164 Michael
Michael's picture
This is today; Dennis Kucinich Rocks the House in Support of Ron Paul's HR 459 - Audit the Fed

http://www.dailypaul.com/246032/dennis-kucinich-rocks-the-house-in-support-of-hr-459-audit-the-fed

Wed, 07/25/2012 - 14:56 | 2650258 Daily Bail
Daily Bail's picture

Watch Geithner Ignore CNBC Reporter Who Asks About Sandy Weill's Call To Break Up Big Banks

Had I been the reporter, I would have punched Geithner repeatedly until I got a response.  Maybe that's why I'm no longer on the air, and instead write an anonymous blog.

I depend on the kindness of strangers to read my shit.

Thanks.

 

Wed, 07/25/2012 - 15:04 | 2650316 Bicycle Repairman
Bicycle Repairman's picture

But they took down the statue of Diamond in front of the Barclay's building, right?

Wed, 07/25/2012 - 15:11 | 2650347 Precious
Precious's picture

It's not a golden parachute.  It's not severance.  It's fucking HUSH MONEY !

Wed, 07/25/2012 - 18:27 | 2651144 AldousHuxley
AldousHuxley's picture

olympics archery athletes should aim for this guy's heart.

 

Make history.

Wed, 07/25/2012 - 16:41 | 2650717 DaveyJones
DaveyJones's picture

he is screwing children (as well as adults)

Wed, 07/25/2012 - 18:32 | 2651155 AldousHuxley
AldousHuxley's picture

He outsourced child rearing to a boarding school long time ago.

He is going to lay off his wife from her duties despite age discrimination and get a new young worker. Of course, he is going to bring his buddies in as consultants to justify the decision and how it is good for both of them.

Wed, 07/25/2012 - 14:34 | 2650189 Silver Bug
Silver Bug's picture

Once again, what a surprise, as said a few days ago. Don't hold your breath waiting for these guys to go to jail. The system is horribly corrupt.

 

http://ericsprott.blogspot.ca/

Wed, 07/25/2012 - 14:20 | 2650127 ACP
ACP's picture

Holmes must be angry he didn't become a banker before going on a mass murder spree.

Wed, 07/25/2012 - 14:25 | 2650145 Crummy
Crummy's picture

Begs the question.

Why don't spree shooters ever shoot a bunch of people who deserve it - Or better yet, a bunch of people who can afford it.

Wed, 07/25/2012 - 14:26 | 2650151 Bastiat
Bastiat's picture

Because they're nuts.

Wed, 07/25/2012 - 14:38 | 2650207 NotApplicable
NotApplicable's picture

Nothing nuts about taking on "soft targets." Well, from a military standpoint, that is.

http://en.wikipedia.org/wiki/William_Tecumseh_Sherman#Total_warfare

Ethically... yeah, I'm with you there.

Wed, 07/25/2012 - 14:28 | 2650158 mick_richfield
mick_richfield's picture

Because they are weapons who are purchased, drugged, and aimed by -- the people you are wishing they would target.

Wed, 07/25/2012 - 14:31 | 2650171 icanhasbailout
icanhasbailout's picture

purchased with your money, you should add

Wed, 07/25/2012 - 14:50 | 2650253 J 457
J 457's picture

Anyone doing business with Barclays should choose to stop.  At least you would not be directly contributing to the problem. But your tax dollars will...This whole situation makes me sick.

Wed, 07/25/2012 - 18:36 | 2651172 AldousHuxley
AldousHuxley's picture

barclays is ex-lehman fixed income.

 

 

Wed, 07/25/2012 - 14:32 | 2650180 MachoMan
MachoMan's picture

because it's society at large that plagues them...  as well as the fact that if you're suicidal in the first place, others' safety isn't at the forefront of your mind...

Wed, 07/25/2012 - 14:53 | 2650238 graneros
graneros's picture

I'm 58 and and over the past couple of years have begun to realize what a fool I've been most of my life. I've busted my ass, played by the rules, and have peanuts to show for it while these smug MF'ers break every law posible and walk away to a golden retirement.  God I'm pissed.

Wed, 07/25/2012 - 14:55 | 2650276 Dr. Richard Head
Dr. Richard Head's picture

Imagine figuring this out at the age of 28 and realizing you still have another 30-50 years of having to live in this.  it becomes increasingly hard to not eat a gun or drink oneself to death.

Wed, 07/25/2012 - 15:23 | 2650421 gmrpeabody
gmrpeabody's picture

Or that you have an extra 30 years to plan and prepare...

At 58, your savings are being decimated by ZIRP, among other things.

Wed, 07/25/2012 - 18:40 | 2651184 AldousHuxley
AldousHuxley's picture

fuck retirement.

just invest in a gun and rob banksters.....

either you get arrested and put in in jail with free housing and food

OR you have enough money robbed to live like a king in another country.

WIN/WIN

Wed, 07/25/2012 - 15:23 | 2650423 SmackDaddy
SmackDaddy's picture

I'm 31 now.  I know that I cant tolerate any more than another 35.  My lifestyle reflects that realization. 

Wed, 07/25/2012 - 19:03 | 2651240 AldousHuxley
AldousHuxley's picture

learn as much as you can, quit and start a competitor, buy out corporation, lay off CEO.

 

NEVER FORGET WHAT CEO CLASS DID TO YOU.

Wed, 07/25/2012 - 15:31 | 2650453 mick_richfield
mick_richfield's picture

I promise that you will not be living with this for another 30 to 50 years.

When the great demons of fake money are acting like there's no tomorrow ...  that's what you should worry about.

 

Wed, 07/25/2012 - 16:45 | 2650744 DaveyJones
DaveyJones's picture

when your numbers reach a critical mass, that criticism will become more than words 

Wed, 07/25/2012 - 15:05 | 2650317 miltiadis
miltiadis's picture

so now that came into that realisation what have change in your life rather than being pissed?

Wed, 07/25/2012 - 16:08 | 2650587 JimBowie1958
JimBowie1958's picture

I've busted my ass, played by the rules, and have peanuts to show for it while these smug MF'ers break every law posible and walk away to a golden retirement.  God I'm pissed.

Me, you, millions of other citizens and God too.

This shitty process wont last much longer. These vermin can only delay the consequences of their lies, theft and corruption for so long, then the Truth finally comes out and the people do payback twenty times over.

Thu, 07/26/2012 - 00:33 | 2652089 Cosimo de Medici
Cosimo de Medici's picture

What?  Life isn't fair?  The Universe plays favorites?  You were stopped from accumulating stuff at the same rate as others?  That's a funny lament you've got working there.  It's kind of like saying that you washed your face religiously, exercised and ate well, but you still don't look like Tyler Durden's avatar.

Isn't character its own reward?

Thu, 07/26/2012 - 10:18 | 2653013 JimBowie1958
JimBowie1958's picture

Bullshit. What it means is that the markets are rigged and people are going to start taking their money elsewhere.

Beyond that, when these criminals finally bankrupt the whole system, the little man is going to call for blood, real flowing blood to answer for their loss of their lifes savings.

You fucking jack ass.

Wed, 07/25/2012 - 14:16 | 2650108 Debtless
Debtless's picture

Anyone have Barclays' COO Jerry del Missier email address? I'd love to drop him a farewell note.

Wed, 07/25/2012 - 14:29 | 2650160 farmerjohn2112
farmerjohn2112's picture

I could arrange to spam his email with 20k or so emails every minute, if you'd like.

Wed, 07/25/2012 - 14:16 | 2650110 vmromk
vmromk's picture

Until these motherfuckers are hunted down like dogs, the criminality will not end.

Wed, 07/25/2012 - 14:27 | 2650156 NotApplicable
NotApplicable's picture

As long as there is an entity existing under the name of the "City of London," the crimiality will not end. Of course, even its demise would not end the criminality, as the rats would merely flee to more comfortable surroundings.

Only decentralization through delegitimization of the idea of central planning will work. Given that this beast also controls public education and borrows into existence all of its expenditures (and then some), well, lets just say that there's a long way to go before this cultural apathy is unwound (or should I say "dies off?").

Wed, 07/25/2012 - 14:31 | 2650173 Segestan
Segestan's picture

Like dogs?   Dogs are you're friend. This guy is just a little prick.

Wed, 07/25/2012 - 14:34 | 2650187 Esculent 69
Esculent 69's picture

Segestan-"Like dogs?   Dogs are you're friend. This guy is just a little prick who has a little prick." 

Fixed it for ya!  And your welcome.


Wed, 07/25/2012 - 14:37 | 2650203 Segestan
Segestan's picture

I guess I was thinking small.... thanks.

Wed, 07/25/2012 - 14:36 | 2650200 SemperFord
SemperFord's picture

They should be hunted by a pack if wild dogs...I'll pay for the popcorn and drinks!

Wed, 07/25/2012 - 19:38 | 2651342 TheFourthStooge-ing
TheFourthStooge-ing's picture

vmromk said:

Until these motherfuckers are hunted down like dogs, the criminality will not end.

(For those that trespass against us)

Tell me my life is about to begin,
Tell me that I am a hero.
Promise me all of your violent dreams,
Light up your body with anger.
Now, in this ugly world
It is time to destroy all this evil.
Now, when I give the word
Get ready to fight for your freedom.
Now!

Stand up and fight, for you know we are right,
We must strike at the lies
That have spread like disease through our minds.
Soon we'll have power, every soldier will rest,
And we'll spread out our kindness
To all who our love now deserve.
Some of you are going to die,
Martyrs of course to the freedom that I shall provide.

I'll give you the names of those you must kill,
All must die with their children.
Carry their heads to the palace of old,
Hang them high, let the blood flow.
Now, in this ugly world,
Break all the chains around us,
Now, the crusade has begun,
Give us a land fit for heroes,
Now!

Stand up and fight, for you know we are right,
We must strike at the lies
That have spread like disease through our minds.
Soon we'll have power, every soldier will rest,
And we'll spread out our kindness
To all who our love now deserve.
Some of you are going to die,
Martyrs of course to the freedom that I shall provide.

http://www.youtube.com/watch?v=1Odi_Lm3SuE

Wed, 07/25/2012 - 14:16 | 2650111 Race Car Driver
Race Car Driver's picture

Another meaning to 'Jump you fuckers!'.

Wed, 07/25/2012 - 14:17 | 2650112 Seorse Gorog fr...
Seorse Gorog from that Quantum Entanglement Fund. alright_.-'s picture

The system works!

 

 

 

 

 

 

(NB. Depends who you are though)

Wed, 07/25/2012 - 14:17 | 2650114 earleflorida
earleflorida's picture

neil diamond

'they all come to america'

Wed, 07/25/2012 - 14:17 | 2650115 AL_SWEARENGEN
AL_SWEARENGEN's picture

Cocksucker!!

Wed, 07/25/2012 - 14:17 | 2650118 Dr. Richard Head
Dr. Richard Head's picture

Surprise, surprise, surprise - http://www.youtube.com/watch?v=J6_1Pw1xm9U

Wed, 07/25/2012 - 14:19 | 2650123 Rich Bagg
Rich Bagg's picture

I have levered bets on QE3 coming next week that will net me around $3.2 million in profits.  Shalom has been very good to me.  I owe all of my material success to Shalom.  I just wish he would honor his religion with pride by wearing his beanie cap in public.

 

 

Wed, 07/25/2012 - 14:19 | 2650125 Zola
Zola's picture

UNBELIEVABLE ?? When will SOMEONE do SOMETHING about THIS !!

Wed, 07/25/2012 - 14:24 | 2650140 camaro68ss
camaro68ss's picture

They are, his pay was cut to 8.7 million pounds and not 10 million pounds.

That will teach him!

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