Even though Barclays Bank did not directly receive a bailout, the bank admittedly benefited from central bank lending policies during the peak of the crisis. While some banks are now trying to keep a low profile (the banking crisis is not yet over) Barclays is making it clear that they could care less what the public or the politicians think of their flashy bonus programs. They're probably right that the politicians are much too gutless to do take serious action as the Conservative Chancellor is doing his best to beg the bank to stay in London and not leave. How brave.
One has to wonder what the banks need to do before someone wakes up and realizes how badly they've shafted the economy and the public. Why would anyone want to be a customer of such a bank? One more thumb in the eye from Big Finance.
Sources close to the Liberal Democrat minister said he felt the move to install Diamond, a high-profile investment banker who has taken home £75m in the last five years, at the top of Barclays vindicated the government's decision to set up the commission, which is chaired by Sir John Vickers.
Although Diamond and other members of the Barclays board insisted that they were not pre-empting the outcome of the commission, due to report next year, the bank has previously warned that it is considering whether to move out of the UK because of the Vickers inquiry.
The 59-year-old American, who has been with Barclays for the last 14 years, was described as the "unacceptable face of banking" by Cable's predecessor, Lord Mandelson. He will replace the current chief executive, John Varley, at the end of March.
