Bob Diamond forgoes bonus as Barclays fined for Libor manipulation

[suityou01]

If it's not his fault then why did he give up bonus?

And if it is his fault then giving up some bonus seems irrelevant - somebody should be doing time in jail for market manipulation.

And if they can do such things to LIBOR what hope one can have for other markets like commodities?

POTD.

[Freamon]

If it's not his fault then why did he give up bonus?

And if it is his fault then giving up some bonus seems irrelevant - somebody should be doing time in jail for market manipulation.

And if they can do such things to LIBOR what hope one can have for other markets like commodities?

There is no insider trading laws for money markets or commodity markets.

[sbakoola]

Its tricky because working in some of these banks you tend to find that traders are regarded as the ultimate authority on the office floor, so who will put their career in jeopardy by whistle blowing internally when one of these guys is doing something dodgy; I've sat next to compliance in IBs and they seem to be procedural robots far removed from monitoring the traders real day to day activities.

[Mich the Tester]

What's the point of fining the company? All that happens is the directors fire a load of innocents to try and recover the loss. 290 million? That's easy; sack or outsource 4000 to 5000 people and the fine's paid. Stop this nonsense; if offenses were committed they were committed by individuals doing things probably authorised by other individuals, so those individuals should be prosecuted instead of giving some silly fine that just hits innocent bystanders.

[BrilloPad]

If it's not his fault then why did he give up bonus?

Its to try to placate people like you.

I think he is wasting his time. I think he should take the money and fit smoke canisters to his corporate jet and write "fook you all" above London.

[sbakoola]

What's the point of fining the company? All that happens is the directors fire a load of innocents to try and recover the loss. 290 million? That's easy; sack or outsource 4000 to 5000 people and the fine's paid. Stop this nonsense; if offenses were committed they were committed by individuals doing things probably authorised by other individuals, so those individuals should be prosecuted instead of giving some silly fine that just hits innocent bystanders.

I couldn't agree more, expect the axe to fall on a few Barcap IB employees at Canary Wharf because of this to bolster quarterly profits.

[sbakoola]

Its to try to placate people like you.

I think he is wasting his time. I think he should take the money and fit smoke canisters to his corporate jet and write "fook you all" above London.

ROFL

[gingerjedi]

BBC News - Today - Bob Diamond's Today Business Lecture 2011

For me becoming a better citizen means three things:
First, it's about how we behave, especially with our customers and clients; second, it's about what we do, and in particular how we help those customers and clients create jobs and economic growth; and third, it's about how we contribute to the communities we serve in many other ways.

I know how angry customers are about issues such as Payment Protection Insurance. That's why we are working hard to clear claims as quickly as possible.

We want to put things right. But we know it's not enough just to apologise. We have to try to make sure that things like that don't happen again.

In part that comes down to culture.

It's a very personal thing, but throughout my career - from my time as a teacher, to my time as a banker - I have seen just how important culture is to successful organisations.

Culture is difficult to define, I think it's even more difficult to mandate - but for me the evidence of culture is how people behave when no-one is watching.

Our culture must be one where the interests of customers and clients are at the very heart of every decision we make; where we all act with trust and integrity.

But it's not just about how we behave towards our customers and clients. It's also about how we work together with our colleagues, because if you have to deliver for customers with 150,000 colleagues around the world, as we do, you better be able to work as a team.

As far as I'm concerned, if you can't work well with your colleagues, with trust and integrity, you can't be on the team.

Culture truly helps define an organisation.

[Mich the Tester]

BBC News - Today - Bob Diamond's Today Business Lecture 2011

[Doggy Styles]

I couldn't agree more, expect the axe to fall on a few Barcap IB employees at Canary Wharf because of this to bolster quarterly profits.

They'll get new jobs and besides, they're already minted.

As this is fraud, I think a spell inside would be appropriate for all staff who acted dishonestly in this falsifying of data, plus fines of all bonuses they received since they started doing it.

It's the only way to disincentivise such behaviour. All those in favour say "Aye"...