What the CEO of Barclays Bank, Bob Diamond, really meant to say in that memo

 

Here’s Bob Diamond’s memo, with a few italicized changes to make it seem more sincere…

It has been an incredibly tough period for all of you given the nature and volume of negative comment that has come against Barclays in the past few days as I cling onto my ‘total remuneration package’ and sacrifice my friends whilst hanging [...]

Central Bank of Ireland demands answers from RBS over on-going Ulster Bank fiasco – now ten days

 

cantankerous has previously reported the growing anger of the Irish government with RBS.  In an unusually candid statement issued yesterday, Ireland’s central bank has expressed its growing impatience with the continuing and unresolved RBS IT fiasco:

28 June 2012

The Central Bank of Ireland is concerned by the unacceptable continuing delays by Ulster Bank in fully resolving its systems [...]

Channel 4 exposes how Hester rejected RBS insider’s warnings to MP in 2010 of the ‘enormous risk’ of ‘total outages’ due to offshoring and outsourcing

At last, a mainstream broadcaster begins to question the RBS PR spin that the NatWest and Ulster Bank fiasco, still not over, has nothing to do with its sacking of hundreds of experienced and highly-qualified UK staff as part of its massive outsourcing and offshoring strategy.  cantankerous has already exposed how overnight batch support was moved abroad with [...]

Enough is enough: £26,000 p.a. is enough

Iain Duncan-Smith is taking an awful lot of flak from bishops, the liberal media elite and hand-wringing Liberals, such as Paddy Ashdown, about his plans to cap benefits at the median take-home wage of working families – £26,000 per year.  Why have we become trapped by this materialistic concept of child poverty, itself a remnant of [...]

A Prescription for the NHS: The Emperor has no clothes!

The NHS has just announced that an astonishing £11.8 billion has been wasted on the National Project for IT – otherwise known as the failed attempt to computerise medical records.  In addition, it has suddenly been ‘realised’ by NHS Trusts all over the country that their fantastic PFI deals are actually crap and unaffordable.  How can [...]

Barclays Capital Pay vs Barclays Dividends: Another chart Bob Diamond won’t be showing shareholders this year

Figures are from Barclays Results Announcements and Annual Reports. This graph doesn’t really require much in the way of commentary, does it? It isn’t hard to see where most of the spare cash Barclays generates is going, and it certainly isn’t to the shareholders who were nearly wiped out in the financial crisis.

Since Legal & General [...]

Tiari Sanchez: Labour failing those it promised to help

Despite creating Fiscal Fantasy Island with thousands of overpaid non-jobs, quangocrats and special advisers over the last thirteen years, this Labour Government can’t even pay its own cleaners at the Treasury a living wage, forcing 14-year-old Tiari Sanchez’s family to live on a diet of lentils. Watch the heartbreaking [...]

Mervyn King confirms UK election victory will be a poison chalice

Reuters reports Mervyn King, Governor of the Bank of England, as telling fellow economist David Hale:

whoever wins this election will be out of power for a whole generation because of how tough the fiscal austerity will have to be

Mervyn King tells the truth

The economically literate have long known that we are living [...]

Fire Service Cuts: What goes around, comes around, FBU

How much sympathy now?

Cantankerous was stopped this morning by a fireman protesting at proposals to cut a fire engine from the local fire station. The fireman said the cut primarily risks public safety; secondly, jobs are threatened. Of course, the historic willingness of the Fire Brigades Union (FBU) to strike shows that [...]

Clueless: Barney Reynolds

Barney Reynolds, despite being a partner of a Legal 500 law firm, Shearman & Sterling LLP, and sharing a prestigious alma mater with cantankerous,  just doesn’t get it. Commenting in the FT today on Lord Turner’s demands that global policymakers should examine financial transaction taxes and even tougher capital requirements for banks that trade for their [...]