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Tuesday, July 3, 2012

Barclays CEO Diamond quits over rate rigging

Blogman's Notes: This is the extent of the punishment that these 'Rich men' suffer when their corrupt, fraudulent, and illegal activities are brought to light. They get a 'Golden Handshake', millions in severance pay, and hundreds of millions through their stock options and other bonuses. What about criminal charges? A small timer like Bernie Madoff gets scapegoated and gets years in prison but big fish like Jamie Dimon (JP Morgan), Lloyd Blankfein (Goldman Sachs), and other executives from UBS, Deutsche bank, and other European and American banks not only go Scot free, their deeds that defraud billions across the world, and bankrupt countries not only go unpunished but are handsomely rewarded! They will have their day in court, the highest court of the Universe, from which no bribe will be able to save them!

  • James 5:1 Go to now, ye rich men, weep and howl for your miseries that shall come upon you.   ___________________________________________________________________
(Reuters) - Barclays Plc Chief Executive Bob Diamond quit on Tuesday under a barrage of fire from politicians, the highest-profile casualty of an interest rate-rigging scandal that spans more than a dozen major banks across the world. "The external pressure placed on Barclays has reached a level that risks damaging the franchise - I cannot let that happen," said Diamond, 61. His resignation was a sudden reversal, hours after he said it was down to him to clear up the mess at Britain's third-largest bank, fined nearly half a billion dollars for its part in manipulating a global benchmark interest rate.

Barclays Plc President Bob Diamond waits to pose for photographs after being named as the company's next chief executive officer at a bank branch near their Canary Wharf headquarters in London in this September 7, 2010 file photograph. REUTERS-Dylan Martinez-FilesDiamond will appear before a parliamentary committee probing the scandal on Wednesday, at which he could reveal details about the bank's dealings with regulators over the affair.

He had sent a long letter to staff on Monday showing his resolve to continue. But he decided to quit later that day after Prime Minister David Cameron and finance minister George Osborne announced a parliamentary inquiry into the scandal, a person familiar with the matter said.
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