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Barclays' Disgraced COO Gets £8.75 Million Golden Parachute Instead Of Jail Time
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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Crime pays - quite well, too.
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!
Screw them all....
i will be happy to do my part and offer him a golden shower on his way out as well.
http://www.dailypaul.com/246032/dennis-kucinich-rocks-the-house-in-support-of-hr-459-audit-the-fed
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.
But they took down the statue of Diamond in front of the Barclay's building, right?
It's not a golden parachute. It's not severance. It's fucking HUSH MONEY !
olympics archery athletes should aim for this guy's heart.
Make history.
he is screwing children (as well as adults)
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.
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/
Holmes must be angry he didn't become a banker before going on a mass murder spree.
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.
Because they're nuts.
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.
Because they are weapons who are purchased, drugged, and aimed by -- the people you are wishing they would target.
purchased with your money, you should add
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.
barclays is ex-lehman fixed income.
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...
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.
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.
Or that you have an extra 30 years to plan and prepare...
At 58, your savings are being decimated by ZIRP, among other things.
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
I'm 31 now. I know that I cant tolerate any more than another 35. My lifestyle reflects that realization.
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.
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.
when your numbers reach a critical mass, that criticism will become more than words
so now that came into that realisation what have change in your life rather than being pissed?
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.
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?
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.
Anyone have Barclays' COO Jerry del Missier email address? I'd love to drop him a farewell note.
I could arrange to spam his email with 20k or so emails every minute, if you'd like.
Until these motherfuckers are hunted down like dogs, the criminality will not end.
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?").
Like dogs? Dogs are you're friend. This guy is just a little prick.
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.
I guess I was thinking small.... thanks.
They should be hunted by a pack if wild dogs...I'll pay for the popcorn and drinks!
vmromk said:
(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
Another meaning to 'Jump you fuckers!'.
The system works!
(NB. Depends who you are though)
neil diamond
'they all come to america'
Cocksucker!!
Surprise, surprise, surprise - http://www.youtube.com/watch?v=J6_1Pw1xm9U
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.
UNBELIEVABLE ?? When will SOMEONE do SOMETHING about THIS !!
They are, his pay was cut to 8.7 million pounds and not 10 million pounds.
That will teach him!
Yeah! Wha are YOU waiting for?
There I fixed my own :-)))
FUCKER!
Furrowed brow: check
Hands clasped: check
Quizzical look: check
$5000 suit: check
Yea, he's worried
Poor guy. Hope that parachute could prevent him becoming homeless. It's barely enough to live without food stamps this year.
No, really, that guy knows a lot more about the fraudulent banking system - this money is thought to keep him silent. So, clean the scaffold, heat the irons - we're going to get what we need to know.
Barclay's will go bankrupt, yes? hm? And they have all of Lehman Bros. former bond ETF assets, yes?
Sheila Bair said people are mad at the bankers because they did some stupid things. Um, no they didn't.
So the wages of of sin are more wages.
Long piano wire and lampost manufacturers.
Wow. Death by G-String?
this is beyond fucked up.
what a fucking joke.
I'm shocked.
Serving king and country pays well
He also serves Queens.
http://www-archive.appsci.queensu.ca/alumni/profiles/delmissier/
Fucker is a chemical engineer. Which means he should be smart enough to understand his crimes.
I should have guessed, like Diamond, another fucking American.
Sick, sick, society...I hope Socrates is wrong and HELL does exist for this slime.
Show of hands. Who is shocked by this? Come on... there must be at least one of you.
Nevermind.
I, for one, am shocked that it took this long for him to get his payday. Surprised the city of London didn't just give it to him directly at his questioning of the LIEbor, right then and there.
That's the perfect idea, handing him out the money whilst questioning, with tv cameras all over. What do you think about giving him $5000 for any answered question, and some extra if he can give proper details?
People would love to watch - better than any soap opera.
We could call the show "Who Wants to be a Fraudinaire!"
Lol, commit fraud, loot and possibly even murder without being prosecuted!! The message is clear,if your a powerful enough bankster you can do anything you want and you are immune from prosecution. Just contribute to the right political people, pay your fine and be on your way. That's if you get caught.
i don't want to live on this planet anymore.
I don't want fucking bankers like this COO and Shalom living on this planet
I want them to live on this planet a long time. As the clerks at the newly created Complaint Department of WalMart.
The rich aren't like you and me. They're paid millions of dollars for abject failure.
We should elect an ex-private equity guy worth half a billion to make sure such people are held to account in the future!
There's no failure. He's being well-paid for aiding the take-down of a sustainable economic environment.
You might call him the world's most successful hit-man. Time will tell though who ultimately gets bestowed with that honor.
Right on. Why cannot otherwise highly intelligent people grasp the fact that this is NOT failure or stupidity? Why must this be repeated so often?
I sense some sarcasm in your comment, Chet.
Perhaps instead we should re-elect the community organizing, constitutional law professoring, do-gooder we have now. He'll clean up the corruption, starting with his buddy Corzine...right after the election I'm sure.
(Can you sense it too?)
Shit that's nothng Corzine got a $1.3 billion parachute for blowing up his firm plus he got a blow job for all the nation to see in front of the senate banking committee.
Plus he was kindly thanked, and gently kissed on the buttocks with a puff of talcum after blatantly lying to them.
What vmromk said.
Only the day is different, otherwise, same ol', same ol'.
Back to work fodder!
Wonder not why the people call for the hanging or beheading of banksters and corrupt politicians instead of non-existent enforcement of "the rule of law".
What a little weaselly lookin cocksucker.
The story about a... once-upon-a-time lapidarial diamond's stolen fortune, by a conniving rat from the money-misers temple,... called lawrence of finkdom ---
the humble and nascent iShares and ETF's levitation?
http://www.blackrockinternational.com/News/PressRelease/index.htm [june/august/december/ 2009]
http://www.article.wn.com/view/2012/05/21/Barclays_to_sell_BlackRock_stake/
sorry bout last link --- must be googled :-( ie., simply put BLk inc. now owns the algo world that houses the FRB [trillions $$$]
Probably won't hear about this on Good Morning America.
Last year Barclays fired 1000 employees in the UK alone. Think retail service and financial planning employees.
So they could pay these criminals millions of dollars in bonuses and severence to commit fraud.
When Geithner states that TARP was a success, i want to point to examples like this and say "the moral hazard of TARP will end up costing the world trillions of dollars".
What a shit show of a world. Sometimes wonder if worth living in anymore.
I think his payoff is so when he is on the stand giving testimony he will say, what was it that that world famous western rancher and boss of a terroist , Hilary Clinton said, oh yea, "I cannot recollect how I made $100k in cattle futures."
"What a shit show of a world. Sometimes wonder if worth living in anymore."
Yes, it is...and yes, it is. It's your world too...make it better.
Actually Lizzy they are currently recruiting bank staff who will do normal customer facing banking but be good at selling too.
The minimum wage in the UK? £6.08 ($9.42) per hour
and Barclays are paying a whopping great ........... wait for it .............
£7.08 ($10.97) per hour
Great aren't they? I used to work for them but left in 1986. I have always referred to them as Barclays Wankers from the first day I worked for them. I was lucky, I worked in IT.
http://jobs.barclays.co.uk/job/customer-advisor-b1-whickham-newcastle-upon-tyne/
lizzy36, you're as sane and rational as any poster on this site, but maybe you've sucked in too much doom porn. Take a breath of fresh air, count what blessings you have, and try a little George Herbert: living well is the best revenge.
Geithner's an a-hole. Always was, always will be. That'll be written on his gravestone. F'em.
This is the only way to be sure we get all the bankers.
https://www.youtube.com/watch?v=IrVmNg7i9e4&feature=plcp
I hope he occupies the opposite lamppost from Tony Blair so they can watch each other die. What is it going to take to reset this corrupt, wealth-sucking system?
An asteroid, a big asteroid.
Only if Edward Wodward was still alive.
+1000... Equalize THIS motherfuckers.
Disgusting!
Rob a bank or liquor store; do 10 years in maximum security. Rob millions of people blind via fanancial manipulation, get a $12 million bonus check.
No wonder people are going on rampages.
http://online.wsj.com/article/SB10000872396390443295404577546941210112970.html?mod=WSJ_hps_LEFTTopStories
everyone is in on this looting. Rob rob rob steal steal steal
"its a small club, and guess what...you aint in it..."
Indubitably.
as far back i can remember i always wanted to be a bankster
A great example of a world occupied by 99% sheep... first, the regulators should all be beaten, buggered and boxcare'd. Then the bankers, one by one, tarred and feathered... hung from Wall St lamposts... then the politicians... we need folks to populate the FEMA camps and clean toxic waste dumps, so there ya go. Problem is, the corrupt politicians, including the #1 'roid, BO, own the cops and military... hard to change things... here comes the American Spring.
This is where a little bit of vigilante justice wouldn't go a miss.
I looked for footage of that fool... could'nt find any...
YouTube - UK Parliament Questions Barclay's CEO Bob Diamond: Complicity or Incompetence? Which is it?
...
if you think Obama is a Socialist watch this: ... or you like Big Texas Oil
YouTube - MIDGET v. GIANT: You Didn't Build That, James Dean! says President Obama
For those who may be curious, Msr Missier is completely and utterly flammable.
where does he live, address?
Fuck this little fucking piece of shit cocksucker and his family and his kids too and his neighbors and his friends! A mob should rush his house tonight and tear them all limb from limb for all the pain and suffering they have caused millions of people world wide. I can't believe what I am witnessing in this country, this is no longer the United States of America. I can't take this shit anymore. Why won't someone start shooting these mother fuckers!!?!?!! What's it gonna take?! If I weren't poor I swear I'd pay someone to do it. This shit has got to stop and someone has to start the trend of shooting bankers and politicians. All it's going to take is a couple shots and I promise people will get in line to take their shot at them!
I FUCKING DOUBLE DOG DARE YOU BITCHEZ!!!!!!!!
When are people going to realise they are not part of their country, they are just production units. They think there are too many of us and want to increase the speed of eugenics.
Haven't you noticed the laws are only applied to people outside of the Establishment. Their entire life is devoted to working the 99% to death and sucking the financial life out of them in the process.
The insiders who have been forced to take the hush money are resentful that they have been treated so unfairly. They really don't get us, the serfs who should be grateful that they allow us to live. Who are we to complain about their pittance for compensation. We don't understand how much it costs to live in the style they are accustomed to.
I do so admire the people of France in 1789
http://www.youtube.com/watch?v=otnADq4Y0-A
see you Next Tuesday
Yes this is fucked up, but it's difficult to get worked up about.
Aren't you starting to get it? The money isn't real, and it's not going to last. The most it buys this joker is a trophy wife with a plastic face, a villa and a few boats. It doesn't give him eternal life, it doesn't give him control over everybody, it doesn't give him omniscience or 99 virgins.
He's going to get old and waste away and die like the rest of us.
But nobody really believes this. We all chase the digits.
The money must come from the BOE
Looks like its time for us to vote NOT GUILTY on jury duty.
True that may let rapists, murderers and other criminals free, but if there is to be no rule of law, we should apply it to ourselves as they do to them.
I am sure, that if this happens even once, then the elites will freak out and actually start doing their jobs as they can see where that would go.