Thursday, July 05, 2012

what a confession

Despite admitting to MPs that he had failed to discover the long-running scandal of rate-fixing at his bank until last month, Bob Diamond has declined to forego his estimated £20 million severance pay from Barclays Bank. Nick Clegg, the Deputy Prime Minister, said 
“I don't think Bob Diamond is going to end up rattling a bowl on a street corner somewhere,” 
MPs said they were “shocked” by the fact that the head of one of Britain’s most trusted institutions appeared not to have known about a culture of wrong-doing at the bank dating back several years. Despite telling MPs that he had personally raised concerns with regulators about rate-fixing at other banks, Mr Diamond then claimed he had not sought to check whether it was going on in his own bank. One MP declared that “either you grossly negligent or you were grossly incompetent.” Another said “Either he was complicit or incompetent". Diamond said that he and his senior managers had done a “good job” in ordering a £100m internal investigation into the scandal.

When Diamond admitted that he was “physically ill” by the relevations was his concern for the many who have suffered genuine stress and anxiety over meeting their mortage demands? He described the behaviour of banking executives as “abhorrent”, “reprehensible” and “appalling" was it about those officials who have made people bankrupt and re-possessed peoples homes? Instead, Diamond blamed the interest rate manipulation on 14 bad apples.

"Not my fault, guv. I didn't do it. I know nuffin. He did it, not me. Wasn't just us, they were all doing it"

And that type of person has been worth over the years £100 million in wages and bonuses!

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