BREAKING….This Diamond is not forever after all: Black Bob quits – and dodges the Select Committee.

Another day, Another Slog, Another Scalp

Image

From an earlier Diamond-supportive Slog story

CHANCELLOR OSBORNE FINGERED AS CHIEF IINFLUENCE ON DIAMOND DECISION

Having bled all over the Barclays carpet yesterday in an email to all staff (truly vomit-inducing staff) Bob Diamond abruptly resigned an hour ago…and handed back the reins to Marcus Agius, whose resignation proved to be the shortest in banking history.

Last Thursday, The Slog made great play with Diamond staying while his Chairman left – suggesting in various tweets that the Queen should resign over Cameron’s EU policy disaster. At last, a scintilla of sanity has returned…via, I’m told, the machinations of Draper Osborne….who wants Bank of England Deputy Boss Paul Tucker’s ‘word’ to be protected (and the select committee denied a key witness) by hooking the Diamond Geezer of the stage…so that he George Osborne won’t be next in line for tricky questions….along with David Cameron’s former Treasurer and close mate Michael Spencer.

My God, it’s a man’s life in the Libor Party.

And finally, this final bit of risible mendacity as a rough diamond gets broken up:

“I looked forward to fulfilling my obligation to contribute to the Treasury Committee’s enquiries related to the settlements that Barclays announced last week without my leadership in question.”

Barclays is going to take a market hammering in the light of this.

And the British Bankers’ Association outgoing boss Angela Knight’s position isn’t looking too good either.

74 thoughts on “BREAKING….This Diamond is not forever after all: Black Bob quits – and dodges the Select Committee.

  1. PM David Cameron and Chancellor George Osborne say Bob Diamond has ‘done the right thing for Barclays

    Then why didn’t they say he should resign when this all broke?

  2. “I looked forward to fulfilling my obligation to contribute to the Treasury Committee’s enquiries related to the settlements that Barclays announced last week without my leadership in question.”
    Is it me or, do I read that statement as ‘ Payback time?’

  3. This is weird. I was trying to find out if Fundsmith is linked in any way to Fundswell (the company that was involved in the Pindown child abuse scandal) All the Fundswell stuff appears to have been blocked from Google. So I used another search engine to try to find some links to the Fundswell/Pindown child abuse Government enquiry. I found some, including this, but Google are blocking me from posting it on Facebook, they are saying it is spam. Yet this is the BBC report!

    http://wzeu.ask.com/r?t=p&d=eu&s=uk&c=a&app=a16&dqi=&askid=&l=sem&o=10000994&oo=10000994&sv=0a65290e&ip=5614947d&id=CB6459C4B19EC29144E0D42E0D5055DA&q=pindown+staffordshire&p=1&qs=999&ac=137&g=75a0vs2Y3MTNVs&cu.wz=0&en=te&io=0&ep=&eo=&b=a003&bc=&br=&tp=d&ec=1&pt=BBC%20News%20%7C%20Education%20%7C%20The%20record%20o…&ex=tsrc%3Dtled&url=&u=http%3A%2F%2Fnews.bbc.co.uk%2F2%2Fhi%2Fuk_news%2Feducation%2F182334.stm

  4. I cant post any links to the Fundswell child abuse scandal, not even BBC or Handsard. WHAT THE HELL IS GOING ON?

    • what is going on? you live in a police state and QEII thinks you’re a slave.

      they don’t even let you post stuff. what ya gonna do about?

      stop paying taxes?

      • I don’t know, I suppose it must be you haven’t seen the massive pile of paperwork proving that I am one of the Pindown child abuse children and the secret family court persecuted mums. I don’t suppose you have seen all the letters I have written to politicians about Pindown and the secret family courts either. Or perhaps you have been completly brainwashed by the BBC into believing that everything is just as it should be.

  5. Of course this latest scandal has turned all attention away from all matters EU, hasn’t it?
    Now, I seem to recall posting a couple of days ago that there would be a major distraction coming.
    I wonder just what are the scumags up to while no one is looking I wonder?

    • Not just the EU.
      Allegedly the UK has Special Forces in Syria. The Arab Spring seems to be an attempt by the West to isolate Iran/get Russia out of the Middle East-presumably as a prelude to an attack on Iran.
      No, I don’t understand how getting more countries controlled by Islamists will isolate Iran either–but of course Iran is not an Arabic country so possibly thats the angle. It defeats me what benefit we will gain by any of it.

      • Russian troops are having “exercises near the borders of unknown countries with Iranian troops-ooh!

  6. Talk about manipulating the British public and getting the usual British whitewash out and you see the circus performance before your very eyes.

    No one in any government has done anything to fight the true TERRORISM in the world.
    Bankers are the world’s biggest terrorists as most people everywhere see it and yet we spend trillions going into useless wars and killing innocent people .
    The real enemies and terrorists today are the out of control greedy Bankers, in such financial cess-pits as London and Luxembourg.

    This is what is turning the civilized world into a sewer.
    The governments are terrified as they have been colluding and covering up the crimes.
    This is the circus we are witnessing in London and Luxembourg as government, judiciary and press are colluding to protect the guilty bankers and get back to party time !

  7. If the UK police don’t start making the arrests they need to make, this country will soon be echoing to the jackboots of the Nato forces. They need to stop twiddling about with petty crime and go for the Mr Bigs – starting with Bob Diamond. Because the people of this country are deliberatly being pushed into a revolution, and if the Nato forces end up over here many UK police officers will be put onto the scrap heap.

    • The forces will appear on the streets first ! As government starts to realise that everything is running out of control (which it already is) and the MSM can no longer hide true life from those living it.
      An incident will happen where overreaction by those ‘purchased’ to keep the population under control will force a mass reaction by those trying to ensure their life does not become a living hell. The numbers will be everything. It is how these things always happen. Small ‘issues’ get blown up and enslaved populations rise against their would be masters. History has been rewritten and ignored by the monsters at the top of the chain. Blood will call for blood !
      I do not wish it………….but it is to me inevitable (as I have been saying long time !) Sometimes people are asked to make the untimate sacrifice in order to preserve or (re)establish what (to the huge majority) is good and right………..it has always been so :)
      Everywhere and throughout history there have always been people desiring to be in control and ‘have the power’ (money is just a measure of power to these people) – eventually, from the (hopefully but not always) ‘benign’ comes the despot and the people are forced to remove them. It is a circular process and the downward spiral began for the UK in the second decade of the 20th Century when the beginnings of despotism within government started to dismantle the protections against it which had held the ‘power’ in check for a couple of hundred years. We have reached endgame and the pieces are moving.

      • @morningstar – I agree, and people don’t seem to realise how central london is to exactly what is going on in the world and the global financial crisis. Greece? Spain? both can convert back to crackpot romantic old agrarian economies and most people would harldly notice the difference (most= non civil servants). But the UK and London? with our broken communities, our masses of uneducated deadbeats living off the state? Whats comming is likely to make the london riots look like a five year olds birthday party with a clown. And likewise with the murder of mr duggen, there will be another trigger moment. This time it won’t stop until everything is trashed.

        Take from that what you will – I see positives and negatives (is that Mi5 at the door?). At some point there will be a reaction from the productive class; they will have their atlas shrugged moment and simply stop trying. At that point the deadbeats being provided for by the government can jump and sream all they want, they won’t be able to steal any more. I suggest people prepare, then get ready to enjoy!

      • How on earth can we be at end game when people like JW can take little holidays to his second home in France???

        YOU aren’t going to do anything, and nobody else is going to do anything. You will just sit back and whinge.

        GROW UP!

    • The UK police try to avoid politics, most of the time. You certainly can’t rely on them for any political arrests, however obvious. Come to that, they avoid most kinds of work most of the time…

      • The “productive class” and “the deadbeats”. Do you mind explaining who those people are? Because it sounds to me like you are blaming poor people for being poor. As for people being uneducated, well, as the local libraries have been deliberatly wrecked, filled with trashy novels and good books sold off cheap or simply destroyed, the OU is out of reach for most people (too expensive) and the TV OU broadcasts are replaced by a stream of brainwashing drivel, teachers are not being allowed to educate any more but are used as propaganda merchants, I think you are being a bit unfair to blame the poor for being uneducated. As for this notion of “why dont they get off their backsides and look for a job or go self employed”, well just have a look at how many Uni graduates are chasing minimum wage jobs, and how much red tape there is to stop a person even trying to sell a pot of home made jam!

  8. One phrase Black Bob used in his pep talk to Barclays staff concerning the manipulation of Libor rates last Wednesday evening was ‘something really rotten.’ Well the overpowering stench has pervaded the City, Westminster and Wapping. Someone tell Gideon he’s going to need more than ‘Shake ‘n Vac’ this time.

  9. In the US, banks regard fines as just the normal cost of doing business. Their profits from fraud far outweigh the paltry fines imposed.
    Looks like the same will apply here in the UK.
    If the heat gets really bad, then just retire and enjoy the millions in salaries and bonuses they have already scammed from running their fraudulant businesses. And all the other directors and senior managers get to keep the millions they voted each other while the scam was operating.
    What a cesspool!

  10. The British Top Cats who have exceeded the limits of arrogance and complacency are counting on the British sheeple to do nothing, say nothing and accept everything they are told by their corruption and cover-up experts they are governed by.
    All the pomp and ceremony the British lay on, cannot disguise the stench and all will lead to London and Luxembourg, once the worms start crawling out of the can.
    The world is watching them wriggle!

  11. Hello all , a few random remarks :
    1 LIBOR was fixed . What do people seriously expect to happen ? That every day the rates would be truly impartial with no bias one way or the other ? This whole story smacks of a hatchet job to nail Barclays .
    2 If rates were manipulated in 2007 because of severe market stresses ( and having been in the markets for the past 20 years I can tell you things were literally EXTRA-ORDINARY ) ,s urely the BofE or the government can invoke national interest to justify events .
    3 If the B of E and government had been more open about ‘controlling’ the market rates none of this would be news .
    4 Prices are rigged and fixed all day and every day and no-one bats an eye-lid : food , cars , drugs , oil , gold, electricity, mobile phone rates . But hey no bankers involved so why make a fuss .
    5 Quantative easing has destroyed savings to the extent that a few basis points of LIBOR up or down are pretty irrelevant .
    6 The only real enquiry should be regarding any whether traders made any personal gain from these manipulations , and whether there were any acts of ‘collusion’ between banks . Both these things are illegal and unethical .

    • Yes – well stated. There has been quite an over-reaction to some of this.

      PS John – not sure your analysis of Barclays taking a market hammering is quite right. I think most of the bad news has already been priced in and it trades at a discount compared to some other UK banks.

    • Spot on. It is impossible for Barclays, singlehanded, to have manipulated LIBOR. How could they ? It is made up of stats from 16 institutions. And it is made up of estimates, not actual trading data, so it is a fiction.

      What we should be looking at is the failed regulatory system created by the idiotic Labour Party and none other than Gordon Brown and Ed Balls, with wee Ed Miliband there as bag carrier. So lets see a few resignations – from the opposition Treasury front bench.

    • @S-D “the government can invoke national interest to justify events” which may be OK except that Libor (as I understand it) is an international ‘rating’ and for a countries government to ‘fix it’ to its own advantage will have international repurcussions whereby a countries whole involvement in the processes of international trade (in whatever aspect) cannot be trusted by those in other nations who also (as it happens) have natioal interests.

      This is collusion with international repurcussions – one of the joys of Globalism which no ‘supporter’ ever seems to think about ! i.e. The down side !

  12. Peston is now suggesting that Diamond quit partly because if he stayed on then the big shareholders were demanding a reclaim of past bonuses and stopping future bonus schemes. It could have cost him 16 million at least to stay on. So he didn’t.

      • Surely if Bob’s bonuses were the proceeds of crime the courts could confiscate them on conviction of a money laundering offence. Lots of speculation this morning about what changed Bob’s mind about staying on after he left work last night at 9. I suspect he spoke with Osbo who suggested a criminal investigation with confiscation of his illegal profits was a possibility unless he played ball. Naturally Bob loves his money more than Barclays so he had no choice, an offer he couldn’t refuse. Don’t expect him to say anything juicey tomorrow though.

        It seems RBS were up to Liebor fraud aswell and they have sacked 4 traders. Presumably this was under Fred the shreds watch, can someone now prosecute him and do the job properly please.

  13. Have just had a look at Barclays profit-growth since 1996 when Robert Diamond Junior took over the fixed income division at BZW , as it was then called . Rougghly speaking , Barclays now makes about 3 times more net profits than in the late 90 s . Moreover , despite the usual hysterical calls of him sybolizing Casino Bankers , Barclays profits are remarkably consistant ; While RBSHBOSLLOYDSNATWESTGREENWICH is now one big underperforming state-owned mess , Barclays is argualy one of the top 3 or 4 global investment banks . They even made money in 2008 . Basically , Bon Diamonsd , love him or loathe him , is probably the best banker of the past 15 years .

    • Isn’t that similar to saying that the ‘Brinks-max’ (???) bullion theives were the best entrepreneurs of the 1980’s (or was it 90’s) ?

    • That’s like saying he’s the most effective cancer, or least smelliest turd.

      Hooray for him, he’s great at making money and helping to defraud the entire world with his assistance/complicity in rigging the foundation interest rate.

      I should buy him a coke!

  14. David Cameron [+ TB & GB] needs to go away and read G.K.Chesterton if he wants any assistance on what might lie in wait!

    From the poem ‘…We are the people of England…’

    They have given us into the hand of new unhappy lords,
    Lords without anger or honour, who dare not carry their swords.
    They fight by shuffling papers; they have bright dead alien eyes;
    They look at our labour and laughter as a tired man looks at flies.
    And the load of their loveless pity is worse than the ancient wrongs,
    Their doors are shut in the evening; and they know no songs.

    We hear men speaking for us of new laws strong and sweet,
    Yet is there no man speaketh as we speak in the street.
    It may be we shall rise the last as Frenchmen rose the first,
    Our wrath come after Russia’s wrath and our wrath be the worst.
    It may be we are meant to mark with our riot and our rest
    God’s scorn for all men governing. It may be beer is best.
    But we are the people of England; and we have not spoken yet.
    Smile at us, pay us, pass us. But do not quite forget.

    • Brilliant piece……….
      But we are the people of England; and we have not spoken yet.

      My favorite however is…

      It was not part of their blood,
      It came to them very late
      With long arrears to make good,
      When the English began to hate.

      They were not easily moved,
      They were icy-willing to wait
      Till every count should be proved,
      Ere the English began to hate.

      Their voices were even and low,
      Their eyes were level and straight.
      There was neither sign nor show,
      When the English began to hate.

      It was not preached to the crowd,
      It was not taught by the State.
      No man spoke it aloud,
      When the English began to hate.

      It was not suddenly bred,
      It will not swiftly abate,
      Through the chill years ahead,
      When Time shall count from the date
      That the English began to hate.

      Rudyard Kipling

  15. So Cameron and Draper are safe for a few more days. But I never thought that Bob would take a fall over this one.

    Of course, empty turd that he is, he’ll probably resurface in 6 or 8 months at some other bank/mafia outlet. But in the meantime, anyone taking bets on him bringing down camerlot before the end of the summer?

  16. @ Chris . As I’ve said the B of E and the Treasury are defaruding you much more than a few libor ticks ever could . I’m not making a moral defence of Bob Diamond or bankers BUT I am saying that as bankers go he was extremely competent . The world needs well-run customer-oriented Investment banks just as it needs effective and fair Retail Banks . Currently we have neither and it is unlikely that this will change .
    For me there is one big grey area regarding Bob and Barclays and it concerns the off-loading of toxic-assets into company created for that sole purpose . These accountancy tricks to clean up banks balance sheets and improve performance need to be looked at much more closely .

    • For me he’s simply been better at keeping himself clean than the others. Though discussing libor manipulation via email seems to be a fairly dumbass move for him to make.

      And obviously part of this teflon nature is that he seems to know where everyone’s skeletons are. The fact that he seems to have been forced out by politicians is even more of a surprise in that sense. Surely it will give him even more motivation to take them with him?

      Yes there are lots of people in many industries and walks of life doing illegal,amoral things, breaking multiple laws and generally being s***ty people. But just because the banks and their employees have been targeted a lot doesnt mean we should take it easy on them for a while. When they’re not watched they behave even more poorly.

  17. ” If all investment banks had been run as well as Barclays from 1996 to 2008 there would have been no financial crisis per se ….” Discuss .

  18. Paul Mason just put up a post – but the last line was deleted 12.23 p.m. “Such is the power of the British establishment. But its problems are not over” deleted was the Bank of England, Treasury and the Government – i.e. their problems on cover up – also no comments

  19. the banking elite have pushed & funded all sides of every war for the last few hundred years,they,along with the pharmaceutical companies fund the politicians,which in turn pass legislation that has enabled them to to destroy our schools,health service,food industry,our entire democratic system is finished,they poison vaccines with mercury,fluoride in water and gm foods that have drastically reduced nutritional value,which kills the iq of us & more importantly our children.it makes us unlikely to question and ultimately not rebel against these fascist inhumans at the top.lets recount history quickly.fluoride was first used by the hitler to pacify the “socially unfit” in concentration camp’s,prescot bush the father of g.w.bush snr made millions from laundering money for the nazis,the blitz was only possible because of specialised fuel made by standard oil especially for hitler’s planes,I.B.M’s first computer was the clock card system for registration of the “socially unfit”. (will continue)

  20. Why are Cameron and Osborne in the frame for all this when it happened under Blair/Brown? Particularly Brown because he was solely in charge of the Treasury and then PM during the crisis. Why is no one pulling them into the mix? Cameron/Osborne just inherited someone else’s cockup/conspiracy/whatever. They didn’t create it. So why tip the blame on their heads?

    • Because they are Conservatives and all the world hates Tories. Like so much else this is a Labour Party mess but everyone (including JW) seems to pretend otherwise.

      It’s pretty much par for the course: you have a chronicly incompetent Labour Government and the Conservatives are forced yet again to clean up the mess. This time they have left the states finances in such a mess it will take two generations to put it right, if then.

      • I agree the Labour Gov was pretty useless about financial regulation and believed the BoE and FSA ‘light touch’ fables, especially as they could pretend the economy was booming while they were in charge.
        But the actual crims are rich Tories. Not many Labour voting bankers around, are there?
        The combination of useless Labour and thieving Tories ruined the economy.

      • @andy.

        If they weren’t involved in its inception, they have been complicit in its continuance since they took over.

        Brown and chums were there at the start, cameron saw it when he got into the chair and did nothing. They are all to blame and should (but probably won’t) be held accountable.

      • Chris,
        Actually you are wrong. The New Government are in the process of abolishing Brown’s stupid and useless regulatory system. So how then can you say that the Government are ‘complicit in its continuance’ given that a new system requires an Act of Parliament ? A Bill is before the house (in Lords I think).

        The blame lies fairly and squarely with Brown, Balls and Miliband. So lets start by calling those useless idiots to account.

      • Why? Surely it would have been the perfect way to nuke the entire Labour opposition front bench, just as they sat down? If they had evidence that Brown/Darling/Balls were implicated why sit on it? Why not broadcast it loud and clear? And anyway which is worse – instigating the scandal, or keeping quiet about it when told?

        You seem to have a personal animus against Cameron/Osborne when its Labour ex-ministers who have the greater responsibility, but you don’t even mention them. Not very even handed reporting is it?

      • @John: With respect, that’s rubbish. You cannot change the fact that Libor rigging happened when Brown was PM and it is very likely that he and Balls were pulling the strings. Elsewhere, you even assert that the high level callers to the BoE were from Brown’s monkeys. Merv/Tucker and the BoE were the likely conduits for communicating Brown’s wishes to the banks.

        Blaming Cameron for slowness in sorting it out is unreasonable. When he walked into No.10 he was faced with an economy in free fall, a bankrupt treasury, a national debt approaching £1 trillion and a banking system with systemic casino corruption and insolvency – all down to Brown’s policies. Would you like to have set DC’s priorities?

        @Jim: Agree with you totally. I’m afraid that JW’s deep hatred of Cameron and the Tories is becoming his obsession…he needs to fix it.

  21. Farewell Bob, the angry mob
    Has taken back your chance to rob

    Never has a cubic zirconium
    Caused such pandemonium

    E. Gervaise Thribb is on holiday.

  22. “Oh not another one,” was the exasperated cry of a lady at my RBS branch when I pointed out the bank had paid a rather large direct debit TWICE in two days. “It’s happening a lot today,”she added while full of apologies. RBS customers, check your accounts carefully.

  23. that’s why prisoners had numbers tattooed on their arms,each number corresponded with a card which held all relevant info to that individual,america were even sending IBM engineers into occupied germany & poland to service their systems right thru the war,that said IBM systems control nukes all over the world,strange that nobody questions this,’ALL’ the top nazis scientists,weapons experts & top nazis population control brains were smuggled to the US & UK to run & head ‘agendas’ like nasa, cia(cocaine import agency),nsa,UN,branches of mi5-6,the list goes on.hitler had ‘masters’.in other words you can trace every major entity formed since & some before the war.nuremburg was a total farce.why would they do this? it doesn’t take ‘von braun the rocket designer’ to work this out.jump forward to today,the only difference is the delivery.the house of windsor(thats a joke in itself) political shills & banker’s continue to bleed us dry & to death in some cases,reap war & havoc on the world for profit.PURE CRIMANALS

  24. be it cons or labour,they all answer to the same ‘masters’.this is where the the con plays out.if you feel you have a choice you think you have say.WE DON’T.to understand this you MUST understand the past & not their account,you wouldn’t let a murderer try themselve so why do the public let these monsters try themselves.they all have the same agendas,again it’s just the delivery that’s different.thats how they keep the single agenda alive.think about this,every change has been consecutively worse for us but they live rather lavish.we suffer & they get fatta,nobody comments on wot i say because it’s easy to be told wot to think than to challenge the real problem at hand.this murderous dictatorship that now controls the world political structure.this IS a global conspiracy not a conspiracy theory AND THE BANKING ELITE ARE AT THE TOP OF THIS.everything i’ve said is well documented.we as a nation are slaves to this and everyone needs wakeup.private centralised fractional banking only creates debt. debt=slaves

    • Is it the 100th Monkey theory, what will it take to wake-up “enough” people to get an avalanche going of an unstoppable force.
      Seems to be a lot more going on in the MSM in terms of exposure of wrong doing, even though, by the sounds of it, a lot was know about wrong doing but nothing was done in the past.

      • i don’t follow the trends,thus the 100th monkey theory does not apply except for you people,who think you have free thought,the past does not lie but shapes the now and will continue as long as these bankers are allowed to regulate themselves.every time someone points out FACT people like yourself put us down to justify how weak you are instead of turning on the real problems.thats why nothing ever happens to these criminals.look at your comment,indirectly it supports them,then think about why nothing ever happens to them.i wish you all the best,we are all in the same boat.one love,peace & unity.

  25. Travelling on the train to London this morning as we passed Canary Wharf a strange thing happened. All the people started to wave goodbye to Bob and do you know one or two were actually waving with all of their fingers!

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