Barclays was engulfed in scandal again last night after reports emerged of an £8.75m payoff to the most senior executive to authorise the false submission of Libor interest rates. Jerry del Missier resigned last month but is said to have arranged the payoff in the days before his departure. The move stands in stark contrast to a decision by his boss, Bob Diamond, to give up deferred bonus payments worth up to £20m.
Last night a political storm was brewing over the payment, which Barclays repeatedly refused to deny. "We're making no comment," a spokesman said.
A Labour member of the parliamentary inquiry into banking standards, however, said such a payoff would be "totally inappropriate". Andrew Love said: "In the light of the circumstances in which Mr del Missier left Barclays it is totally inappropriate that he should be rewarded with a substantial payoff. Since he was the trusted lieutenant of Bob Diamond you would have thought he would have taken a similar stance to Bob Diamond."
The TUC also reacted with fury. Its general secretary, Brendan Barber, said: "If these figures are true, this takes rewards for failure to a whole new level. The City desperately needs to improve its stock with the British public and excessive payoffs like this won't help one bit. Full story...
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Last night a political storm was brewing over the payment, which Barclays repeatedly refused to deny. "We're making no comment," a spokesman said.
A Labour member of the parliamentary inquiry into banking standards, however, said such a payoff would be "totally inappropriate". Andrew Love said: "In the light of the circumstances in which Mr del Missier left Barclays it is totally inappropriate that he should be rewarded with a substantial payoff. Since he was the trusted lieutenant of Bob Diamond you would have thought he would have taken a similar stance to Bob Diamond."
The TUC also reacted with fury. Its general secretary, Brendan Barber, said: "If these figures are true, this takes rewards for failure to a whole new level. The City desperately needs to improve its stock with the British public and excessive payoffs like this won't help one bit. Full story...
Related posts:
- LIBOR scandal is the crime of the century, but where's the outrage?
- LIBOR or Lie-more? Will banking cartels bite the dust this time?
- How Tom Cruise's divorce hijacked the LIBOR banking scandal...
- LIBOR banking scandal deepens: Barclays releases damning e-mail...
- Jailing bankers is the best way to curb market abuses...
- Put bankers in the dock!
- Tony Robinson: Are bankers human at all?
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