John Varley Gets Some Good News

The former Barclays CEO has the faith of the courts that he’s not mulling a Brexit.
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John Varley's not even sure where his is, honest. By uk passport office (prado) [Attribution], via Wikimedia Commons

John Varley's not even sure where his is, honest. By uk passport office (prado) [Attribution], via Wikimedia Commons

Whatever it is that British prosecutors accuse him of—more or bribing Qatari investor to save it from becoming an British Lehman Brothers back in 2008—John Varley plans to deny it. So does a former deputy, Roger Jenkins. But there’s something about the bank’s former private equity and Middle East chief that a bewigged West London magistrate doesn’t like, possibly the Middle Eastern links, and so he has to pony up a half-million quid to stay out of jail for now. Varley is apparently no such flight risk over the next two weeks.

On Monday, a judge said Mr. Jenkins and Thomas Kalaris, a former Barclays executive who worked alongside him on the Qatari capital injections, would have to post £500,000 bail. Mr. Varley and Richard Boath, who headed the bank’s European financial institutions group, were granted unconditional bail. The trial will now be heard in a South London court starting July 17.

By then, presumably, Barclays will have decided what it’s position is, i.e., guilty or not guilty. While the courtroom drama may not be Jes Staley’s fault, it still remains very much his problem.

Former Barclays CEO John Varley in Court on Fraud Charges [WSJ]

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