Submitted by Tyler Durden on 07/03/2012 07:06 -0400
Bank of England
Barclays
Bob Diamond
LIBOR
A bottle of Bollinger has brought down Bob. This is just the beginning, because one knows Barclays by definition was not alone. Many, many more banks will emerge, hopefully their bankers were not quite as dumb as Barclays' henchmen to discuss in retainable, email format their plans for interest rate manipulation, although we doubt it. In which case many more executives will fall as all those "conspiracy theorists" over the past 4 years are proven right once again, and as politicians scramble to cover up all loose ends which may expose them as instrumental (and bribed) in the fact that the "market" is once big farce. In the meantime, courtesy of the WSJ, here are the shocked, nay stunned, reactions to Bob Diamond's resignation (whose severance payment, certainly in the millions, is still unknown)
U.K. Chancellor of the Exchequer George Osborne:
Mr. Osborne welcomed Mr. Diamond’s decision to resign and said he hoped it marked a first step toward “a new era of responsibility” in British banking.
Speaking to the British Broadcasting Corp., he said that recent revelations about attempts to rig interbank rates had “in a way opened a door on the very bad practices in banking” that had led to the 2008 financial crisis.
“We need to see a change in the culture of banking and today we saw a step towards that,” Mr. Osborne said. “We are determined to play our part in bringing about this change.”
*Simon Willis, Daniel Stewart & Co investment bank:
“Firstly, we find it difficult, given the dearth of senior banking management talent, [to see] who Bob Diamond’s replacement might be. We believe that it will be harder for Barclays to achieve its growth and ROE targets. At the very least there will be a hiatus period.
“Secondly, the Libor manipulation affair was clearly by no means confined to Barclays. This begs the question which other senior executives in other banks (U.K. and overseas) face being ousted.
“Thirdly, circumstances suggest that a number of people in the regulators — meaning the FSA and the Treasury, as well as the Bank of England — must have known the detail of Libor fixings.”
*Richard Hunter, Head of Equities, Hargreaves Lansdown Stockbrokers:
“The revolving doors at Barclays are working overtime. Discussions at the
http://www.zerohedge.com/news/diamond-cracks-here-are-shocked-reactions?utm_source=feedburner&utm_medium=feed&utm_campaign=Feed%3A+zerohedge%2Ffeed+%28zero+hedge+-+on+a+long+enough+timeline%2C+the+survival+rate+for+everyone+drops+to+zero%29
Realist - Everybody in America is soft, and hates conflict. The cure for this, both in politics and social life, is the same -- hardihood. Give them raw truth.
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