He’s A Real ‘Bob’Diamond Geeser!

So, Bob Diamond, chief executive of Barclays, has got his bonus of £6.5m for 2010. Despite all the rhetoric it has done nothing but expose the British goverment as being completely spineless in dealing with the very people that have brought the country to its knees. For what its worth here’s a piece of editorial that was first published in February 2009 under the heading ‘Sorry Seems To Be The Easiest Word’  and still, nothing, but nothing has changed!

'What have I done to deserve this?'

Why aren’t the bank bosses getting the message that the country is very, very angry with them? Not only that, and what makes it even more frustrating is that no one seems to know what to do with financial miscreants. If I were to steal something from you and my crime was discovered then I should expect the law to take its course and I would most likely be punished. Justice must be seen to be done. In recent years we’ve seen governments taking a tough line on major organised crime in particular the so-called ‘drug barons’ who have seen their bank accounts frozen and any assets accumulated through their activities seized in the name of justice. Somehow I can’t imagine any drug enforcement agency or government accepting ‘sorry’ as grounds for leniency. It seems to me that the law needs to be flexible enough to deal with extraordinary crimes in extraordinary circumstances like, for example, a group of hitherto respected banking supremos admitting their guilt by saying ‘sorry’ before parliament. But what of the punishment? After all, there have been no criminal charges, arrests or trials. Why then would any private individual say ‘sorry’ in such a high profile and public arena as parliament? Surely one would be tempted to stay very, very quiet and leave everything in the hands of legal representation. What should happen to any individual that has been part of a group or organisation that was responsible for the loss of billions of pounds and dollars from the pockets of ordinary working people? Why is this any different from taking a lorry load of gold from a warehouse at Heathrow? This is not some random faux pas that can be shrugged off over lunch as ‘a bit of a cock-up on the banking front’! There is nothing that any politician, banker, lawyer or Law Lord that can convince me that ‘sorry’ is enough. All of those responsible should have all of their assets seized and all of their financial accounts frozen. Talk of bonuses should be simply laughed out of parliament and court and we should now be talking about how we reimburse all those pensioners and savers. These people were trusted with our savings, mortgages, pensions: lives. Most of us trusted them because we know very little of the financial markets and have little or no alternative but to trust them. But whom can we trust now? The next time a bank or financial representative attempts to introduce you or me to some new savings or pensions product how should they expect us to respond? What would their response be if we were to say that we’d get back to them once we’ve checked it out first with a lawyer? None of this should be happening: none of this should have happened. But now that it has lets at least have justice. We deserve that much.

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One response to “He’s A Real ‘Bob’Diamond Geeser!

  1. Jon Whowell

    Richard I agree with a lot of what you say but although Barclays are a bank they are one of the only ones that did not need direct support from the Government. They are a private compnay and if thier shareholders agree to this bonus its up to them.

    What makes me so mad is the Banks that are now owned by you and me, as tax payers, are still giving bonuses away at ridiculous amounts with the excuse if we don’t do it we will loose talent – loose the talent then more will turn up eventaually. No doubt with the recent announcement on pensions for public sector workers this will be applied to bankers – I think not.

    I do agree with Mervyn King , Govenor , of the Bank of Engalnd who said in front of ar recent Treasury select committee that the people who are suffering in this economic downt turn are not the peole who causd it.

    No street sweeper, Nurse, teacher, soldier, sailor or airmna caused the sub prime mortgae market in the US that caused all this, niether did they cause the collapse of Icelandic banks , the Greek and Irish economy or forced the last Government to rescue the banking sytem from meltdown, which would hav created even more chaos.

    I’m not keen on may political figures and some of my heros- Vince Cable for one – have shown them selves to be poor examples of courage by blaming what has happened and not looking foward to a better future. How can a multi million pound Chancelleor understand or appreciate the cuts they want not only will have a deavastaing effect on the Public Sector but, according to the CBI, will have an even more devastating effect on the Private Sector who are quite dependent on Public Sector projects ? End of rant .

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