Barclays CEO Resigns (WSJ)
Robert Diamond Robert Diamond resigned Tuesday amid intense political and investor pressure from the British bank’s involvement in rigging an important interest-rate benchmark—and another senior executive appeared close to following him out the door. The scandal is tearing through Barclays’s top ranks. Two people close to the bank said Tuesday that Jerry del Missier, the chief operating officer, is likely to step down from his role. Monday, the bank said Chairman Marcus Agius would resign. Mr. Agius will remain chairman while Barclays searches for his replacement—and for a new chief executive, the bank said. Mr. Diamond will leave the bank immediately…Mr. Diamond’s departure comes one day before the CEO will face tough questions from the U.K.’s Treasury Select Committee about the rate-fixing efforts at Barclays. Key will be whether Mr. Diamond or his top managers expressly ordered traders to submit lower rates to make the bank’s funding position look stronger during the financial crisis. Mr. Diamond had a conversation with top Bank of England official Paul Tucker about Libor rates in 2008, according to the report by regulators and people familiar with the matter.
Osborne Hails Diamond Departure With Pledge To Fix Banks (Bloomberg)
“It’s the right decision for Barclays, it’s the right decision for the country; we need Barclays to be focused on lending,” Osborne told BBC Radio 4’s “Today” program. “I hope it’s the first step towards a new culture of responsibility in British banking.”
Barclays Chief Threatens To Hit Back (FT)
Bob Diamond is threatening to reveal potentially embarrassing details about Barclays’ dealings with regulators if he comes under fire at a parliamentary hearing on Wednesday over the Libor rate-setting scandal, according to people close to the bank’s chief executive. “If he is attacked, he will fight back,” said one person familiar with preparations for the Treasury select committee hearing.
Athens Seeks Improved Bailout Deal (WSJ)
Greece will push for a better bailout agreement when it resumes long-stalled talks with international lenders this week, despite warnings from a European central banker Monday that the country must press ahead with its reform program and not dally further in meeting its commitments.
Morgan Stanley Got S&P To Inflate Ratings, Investors Say (Bloomberg)
Morgan Stanley successfully pushed Standard & Poor’s and Moody’s Investors Service Inc. to give unwarranted investment-grade ratings in 2006 to $23 billion worth of notes backed by subprime mortgages, investors claimed in a lawsuit, citing documents unsealed in federal court…The lawsuit focuses on notes issued by Cheyne Finance Plc, a so-called structured-investment vehicle that collapsed in 2007.
CEO Of Poker Site Full Tilt Is Arrested (WSJ)
The chief executive of Full Tilt Poker, the beleaguered one-time Web poker giant, was arrested Monday on a plane that had just landed at John F. Kennedy International Airport as the government unveiled new criminal charges against him related to an alleged Ponzi scheme. Ray Bitar, 40 years old, is the most significant person yet to turn himself into the Justice Department’s 15-month-long effort to prosecute the three one-time leading online poker companies in the U.S. He pleaded not guilty in a hearing in Manhattan federal court Monday, and will be able to be out on bail after posting a $2.5 million bond, a judge ruled.
Ex-JPMorgan Trader Feldstein Biggest Winner Betting Against Bank (Bloomberg)
Andrew Feldstein, who bet against JPMorgan Chase before helping the bank unwind more than $20 billion of trades, has emerged as one of the biggest winners among hedge-fund managers profiting from a flawed strategy. The $4.3 billion flagship fund of Feldstein’s BlueMountain Capital Management LLC returned 9.5 percent this year through June 22, according to a person familiar with the data. That’s up from the 5.4 percent return before JPMorgan announced a $2 billion loss by one of its traders known as the London Whale. BlueMountain, which was on the other side of those wagers, stands to make as much as $300 million, said market participants familiar with the trades.
Facebook wants to cash in on ‘like’ button (NYP)
On the hunt for new revenue streams, Facebook is pitching TV chiefs on a new online video ad model that would monetize its popular “like” button, The Post has learned. Under the plan being discussed by the social network giant and some cable TV executives, Facebook would give the networks the ability to ascertain the popularity of certain video content on its platform while taking a cut of the added ad revenue created by the increased exposure, sources said. The idea has been met with mixed reviews. “It’s hard to pin down the measure of a like,” said one senior TV executive, who added that any deal would likely have a cap to limit a company’s exposure to paying for an astronomical increase in likes.
Bob Diamond Withdraws From Romney Event (FT)
He’s a little tied up now.
Who Will Take Over For Diamond? (FT)
Antony Jenkins, who runs Barclays’ retail banking operations, is seen as the most likely internal replacement for Mr Diamond as chief executive, with investment banking boss Rich Ricci also seen as a candidate. Jerry del Missier, Mr Diamond’s longtime associate who recently moved from co-head of investment banking to be chief operating officer, is not in the running for the top job. Some say he will also leave the bank.
Chinese ‘cannibal’ attack caught on camera as drunk bus driver leaps on woman and chews on her face (NYDN)
The recent terrifying spate of ‘cannibal attacks’ seems to have spread to China, as a drunk bus driver was caught on camera gnawing at a woman’s face in a horrific random attack. The unfortunate woman will apparently require plastic surgery to repair the damage done by her crazed attacker. According to local news reports, the driver, named Dong, had been drinking heavily during lunch with his friends before the outburst on Tuesday.
In communist China, Dong eats you!
I hope there's good senior banker attendance at my going away party
Half an hour after I eat a Chinese woman's face, I'm hungry again.
Not even a single brain nibbled…yet, somehow, the MSM blames it on the zombies.
- Zombie who thinks his kind are getting a bad rap
This Ladies not for turning, U turn if you want to.
- Bob Diamond of BarCrap.
"When police arrived, they managed to take Dong into custody, bringing the appalling rampage to an end."
The chinese.. subduing dongs since 2012.
Too soon…but I'm advancing you a +1 for about a month from now.
How ridiciulous these Facebook salespeople must feel.
Get your Dong of my face.
She acts like this is the first time she's had a Dong slobber all over her face
I'm upset there's no David Einhorn/WSOP references here in the Opening Bell today :(
There are so many pricks in the oil business these days that it wouldn't surprise my old ass if there was an oil company by the name of "Dong".
What exactly would you have the reference say? David Einhorn is playing in the WSOP right now, more as this story develops?
Donger need food.
- UBS 80's Quant
I bet there are many Dongs on Wall Street that won't find a face to slap tomorrow.
Chinese face tastes so much better…
- General Tso
The guy was basically done for treason:
http://www.ft.com/cms/s/0/0130d092-c473-11e1-9c1e…
Bob Diamond is threatening to reveal potentially embarrassing details about Barclays’ dealings with regulators if he comes under fire at a parliamentary hearing on Wednesday over the Libor rate-setting scandal, according to people close to the bank’s chief executive.
“If he is attacked, he will fight back,” said one person familiar with preparations for the Treasury select committee hearing.
Someone in Denmark chose that name for an E&P company but I'm guessing you already knew that.
+10 for the Albert Fish reference.
Like.
I feel like a bad person for clicking +1
i think if we just let Maxine and Barney question the guy at that UK treasury hearing it would be punishment enough
So maybe there's a US oil company with the Danish slang name of "Pik"?
Now that's a Diamond in the rough!
Photo Cap: It's $10 for a BJ, $12 for an HJ, $15 for a ZJ…
Monetize the poke button, much better returns.
I'm really starting to get pissed off with all these politicians thinking they know how to run banks better than the people actually working for them.
Good story, thanks. And again, the people running banks ran them well heading into 2008? And they'd be alive and kicking now if not for those politicians providing trillions in bailouts? A 12 year old student council treasurer could run banks better than what these idiots accomplished between 2007-2009.
You're forgetting about the legitimate years…
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1JH4TP Hey, thanks for the article.Really thank you!