American Banker Bob Diamond Retires With Golden Parachute
A day after Barclay Banks chairman, Marcus Agius, retired with full benefits for colluding with other banks to fix loan prices Barclay’s CEO Bob Diamond, an American banker, has resigned. Marcus Agius tried to stop the exposure of his corrupt colleges stating “The buck stops with me” but the high level of banker manipulation on loan rates and investment fraud is too big to contain.
Marcus Agius retired on Monday from the scandal with a nice 10 million a year package and it is assumed that Bob Diamond will retire with even a larger remuneration package proving crime does pay when committed at the top.
It is alleged that price fixing at all levels for all loans, investments, commerce and commodities was a common everyday practice for Barclays and their cohorts at Bank of England, Goldman Sachs, and Morgan Stanley among the large players. The investigation into the pricing scandal will bring to light the larger overall corruption in the financial system and that must be cut off before too many people are caught out for their crimes.
Barclays was fined by the British financial authorities $450 million when they found out its traders had lied about the interest rate other banks were charging it for loans. The fraud cost investors and depositors over $150 billion, which the bankers pocketed and, of course, the fine is a spit in the bucket compared to what was earned and provides reason to continue the practice.
Earlier this month Agius pushed a pay package of 17.7 million pounds a year for his co-conspirator Bob Diamond, even after shareholders voted against it.
For its part the British government, through David Cameron, said on Monday there would be a full parliamentary inquiry into the matters but by Tuesday Cameron changed position and has banned any inquiry into the matter due to state secrets and exposure of the Bank of England to the frauds. The secret being if you found out how bad banker fraud was no one would have confidence in the corrupt system.
Bank of England governor Mervyn King has stepped aside from his usual corruptions to deride the industry for resorting to deceitful methods to make money.
The best news is the corrupt Marcus Agius will stay on to appoint the new CEO! Corruption appointing corruption as the theft goes on.