Former Barclays boss Bob Diamond and other past executives at the British bank are set to be called as witnesses next year in a court case relating to the alleged manipulation of Libor interest rates. Barclays is being sued for up to 70 million pounds ($114 million) by Guardian Care Homes, a UK residential care home operator, which alleges the bank mis-sold it interest rate hedging products that were based on Libor...A UK judge on Friday refused Barclays' attempts to adjourn the trial, which is due to start in April. [Reuters]
Bob Diamond Lieutenant Jerry Del Missier Ended Up Faring A Bit Better In The Parting Gifts Department Than The Boss
The bad news is that former Barclays chief operating officer Jerry del Missier is still out of a job and it may be some time before he gets a new one, on account of "investigations conducted by American and British authorities [demonstrating] he was a central figure" in the scandal du jour and "asked other bank officials to lower the firm’s submissions to Libor." The good news is that Jer is still (probably) getting paid, unlike some people he knows. Barclays was mired in fresh controversy on Wednesday night after handing almost £9m to a top banker who left following the Libor scandal and after one of its highest profile non-executive directors suddenly quit, taking the toll at the top to four. Jerry del Missier, who resigned after telling subordinates to reduce the bank's Libor submission during the October 2008 banking crisis, was reported to have been handed £8.75m cash as part of his leaving package. Shadow Treasury minister Chris Leslie called on del Missier to follow Diamond and waive the bulk of his payoff. "Having resigned from Barclays over the Libor fixing scandal, people will find the scale of this award completely inappropriate. Bob Diamond rightly waived most of his pay off and Mr del Missier ought to do the same," Leslie said. £9m leaving deal for Barclays deputy Jerry del Missier [Guardian] Former Top Barclays Official in Line for $13.6 Million Payout [Dealbook]
Bob Diamond's Daughter Releases Statement Re: Father's Firing
While most offspring are typically not available for comment following the resignations, voluntary or otherwise, of their banker dads (lookin' at you, Jimmy Cayne, Jr.), earlier today prolific Tweeter Nell Diamond had this to say to the Brits who have been cheering her father's departure: "George Osborne and Ed Miliband you can go ahead and #HMD." Unfortunately the note has since been deleted (and replaced with "No one in the world I admire more than my dad. 16yrs building Barclays. Shame to see the mistakes of few tarnish the hard work of so many") but the vigorous defense was appreciated nonetheless. Previously Nell, a 2011 Princeton graduate, has had words for Ben Bernanke ("you know what bernanke? maybe tomorrow I will make lots of "projections" and YOU will miss the dumpling truck. how ya like them apples B?"), the slag heaps at Coachella ("every girl at coachella looks like pocahontas went to burning man. ugh. you probably can't even pronounce rodarte"), and the amateur hour fucks who think her name is Neil and who she should stab with a trident ("number of people who have called me neil today: 4 via email, 1 via phone. number of people to add to my billy madison lipstick kill list: 5."). Bob Diamond's Daughter Defends Her Dad [NS via DI]
Barclays' Board May Have Banned Bob Diamond From Coming Within 200 Feet Of The Building But That Doesn't Mean They Want To See The Poor Guy Driving Himself Around Town
As you may recall, over the summer, former Barclays CEO Bob Diamond resigned in disgrace after revelations that bank employees had engaged in rampant rate rigging on his watch. And while the scandal clearly had an affect on his last performance review, Bob and friends o' Bob will be pleased to hear that it didn't actually hurt him too badly come pay day! In addition to a couple million pounds (for half a year's work), it was announced today that Diamond's 2012 package also includes lodging while he's visiting old colleagues in town, as well as a company car and driver. No need to see the guy reduced to dirtying his hands opening door or walking, when he's already been through so much.