Diamond Geezer

Posted: July 4, 2012 in This is the Voice of Lefty Reason

More bonkers-banking news yesterday as Bob “is he married to Anne?” Diamond resigned as Chief Exec. Of Barclays following the latest rum goings-on in the city. The Diamond Geezer quoted those perennial favourites; he was “deeply disappointed”, he wanted a new “culture” at the bank and he did not want to further damage the “franchise”. Bob is the second big noise to step down in the last week following on from Chairman Agius’ departure from the troubled bonkers-banking-behemoth. The crux of the tomfoolery was the fixing of the Libor rate; the rate at which banks lend to each other. Or rather, the rate at which numbers are shuffled round screens in an attempt to rustle up more profit; the Maths and Physics Quants have hijacked the banks and have pushed the system far beyond the ken of us mere mortals. Armani-clad expense account monsters patrol the corridors of power looking for ways to push up margins whilst the rest of us wonder what happened to the cash. Bob’s falling on his sword may herald a new era of banking; especially if some of his former cronies can be pinned down and sent down. Can’t help thinking though that a severe letting off will be the result, a couple of slapped wrists, the ineffective inquiry and the continued be-Knighting of the faceless Masters of the Universe. Good luck Bob; you can now spend more time with Anne.

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