WIKI: Bob Diamond »
Showing posts with label Bob Diamond. Show all posts
Showing posts with label Bob Diamond. Show all posts
November 01, 2017
Bob Diamond on Saudi Economy, Investment Opportunities
WIKI: Bob Diamond »
July 11, 2012
US politicians are considering summoning Barclays' former boss Bob Diamond to Washington to answer questions about the Libor-fixing scandal, in a sign that the controversy is becoming an ever hotter issue in the US.
Two high[-]powered committees, the Senate Banking committee and the House Financial Services committee, are both believed to be considering calling Diamond to testify. The committees declined to comment, but sources close to them said they were in the early stages of gathering information and were almost certain to call the former Barclays chief executive after the summer recess. A spokesman for Bob Diamond declined to comment.
Senator Tim Johnson, chairman of the banking committee, said on Tuesday that his panel would quiz Federal Reserve chairman Ben Bernanke and Treasury secretary Timothy Geithner on the scandal at hearings scheduled before the August break.
"I am concerned by the growing allegations of potential widespread manipulation of Libor and similar interbank rates by some financial firms," said Johnson.
The US justice department is already investigating the scandal, and several cities and state pension funds have launched legal action, claiming that their investments suffered as a result of the manipulation of Libor rates. » | Dominic Rushe in New York and Jill Treanor | Wednesday, July 11, 2012
July 01, 2012
Vince Cable has urged shareholders in UK banks to rise up and purge their companies of corrupt executives, who he says have allowed "systemic abuse" to take root in the banking system.
The business secretary, writing in the Observer, says it is now clear that no one at Barclays Capital, the investment bank that triggered the market-rigging scandal, is prepared to take responsibility for endemic corruption, so the ultimate owners of banks must take matters into their own hands.
Describing the problems in UK banking as "a moral quagmire of almost biblical proportions", Cable says the government is taking urgent action, including creating a clearer separation between "casino-style investment banking" and retail banking on the high street. Ministers will this week begin a review into the libor system under which banks lend to each other and Cable hints that US-style criminal sanctions, such as the threat of prison terms, could be considered against those who abuse it.
But he says shareholder power will be crucial. "Regulators are a backstop: they don't own banks," he writes. "The governance at the top of our leading banks has been shown to be lamentably weak. No one at the top of Barclays will take responsibility for systemic abuse.
"Shareholders, the owners, have a major responsibility here. I am bringing in legislation to strengthen their control over pay and bonuses, through binding votes, but shareholders have to get a stronger grip on weak boards and out-of-control executives." » | Toby Helm, Jamie Doward and Jill Treanor | Saturday, June 30, 2012
March 09, 2011
SKY NEWS: Royal Bank of Scotland boss Stephen Hester has been awarded an extra shares bonus worth up to £4.5m - taking his pay package for 2010 to a potential £7.7m.The award - made under the bank's long-term incentive plan - is on top of a £2m annual bonus already confirmed by the group and Mr Hester's £1.2m salary.
He also stands to pick up six million shares as part of his 2011 maximum annual bonus.
Based on the current share price, these would be worth around £2.7m.
RBS has also revealed bonus payments for a raft of other executives at the bank, which is 83% owned by the taxpayer.
They include a £1.4m annual handout and potential £2.8m long-term incentive payout for finance boss Bruce Van Saun. >>> Graham Fitzgerald, Sky News Online | Tuesday, March 08, 2011
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