The Diamond Saga

reblogged from i-thorts' i-Politics

For anyone who's not from this planet, Barclays bank chief is in hot water.

Bob Diamond is to be grilled in the Commons over rate rigging. 

The scandal for the Barclays boss is putting him in more hot water today. After admitting in a letter to the Commons Treasury Select Committee's chairman, Tory MP Andrew Tyrie, that the banks reputation would not easily be restored; even after apologising, disciplining offenders, forgoing bonuses and paying fines.

Over the coming weeks it is his chance to provide answers.

So far, he has blamed 'a small number' of traders (who were out to line their own pockets), but that better control had now been imposed. He also blamed their actions on "negative speculation during periods of acute market stress". He agreed in this letter that the nature of behaviours uncovered questions accountability. But went on to say that they are 'completing a review of employee conduct'.

It seems obvious that he has entered the political realm of passing the buck. Take your punishment Mr Diamond, is what most Barclays account holders and shareholders would probably say.

Mr Diamond looks underwhelmed by the
new found interest in him.
Photo: Reuters

info: Letter from Barclays chief Bob Diamond to Andrew Tyrie via @Telegraph

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UPDATE:
This morning (30/06/12), Bob Diamond has insisted that he will not resign...

info: How can I protest against the banks? via Gaurdian