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 [...]
Drugs company GSK has just been fined an astonishing $3 billion by regulators in the US for fraud which Deputy US Attorney General James Cole described as “unprecedented in both size and scope”. GSK marketed drugs for purposes for which they were unapproved, including to children, and failed to report adverse cardiovascular trial safety data. The [...]
Marcus Agius should, and could, have sacked Barclays CEO, Bob Diamond, over the LIBOR scandal, which has destroyed Barclays’ reputation with the public, regulators and governments, particularly in the UK and United States. It has also cost the bank more than a staggering one quarter of a billion pounds (about $450 million) so far, but multi-million [...]
cantankerous worked with the pay consultancies in top FTSE companies. The greed and corruption of the FTSE executives and the corporate ‘reward’ consultancies was blatant and disgusting, and it is remarkable that nothing was done to stop it. As executives reduced the amount paid into pension schemes for ordinary staff by sometimes as much as a [...]
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 [...]
Here’s a graph showing dividend and share price performance for Barclays shareholders normalised to 2005. Contrast this performance with the pay:income ratio at Barclays Capital, again normalised to 2005. This is not a graph you’ll find in a Barclays annual report or a Bob Diamond presentation.
As an interesting aside, when cantankerous was at business school, half [...]
The BBC has recently published a controversial article in which it quoted claims from headteachers that some families are seeking diagnoses of ADHD for their children for financial reasons. Predicatably, the article has stimulated some hysterical hyperactivity amongst middle class mumsnetters, who now fear that it the BBC is making it appear that all parents [...]
You’ve probably never heard of Cynthia Bower, the £200,000 per year Chief Executive of the Care Quality Commission (CQC).
The CQC is the Yet Another Quango (YAQ) responsible for ensuring high standards in health and social care. While the public might expect a doctor to head up the watchdog responsible for maintaining hospital standards, it is instead, [...]
Jonathan Ross’ agent has announced he won’t be seeking to renegotiate his contract with the BBC. Although Ross claimed his decision was ‘not financially motivated’ this is an important lesson for all senior managers who often accept without question what remuneration consultants tell them: if you pay an employee you value a ridiculous £18 million over [...]
Nadine Dorries get hysterical about the public exposure of MPs expenses. Prime Ministers have understood the public mood all too well. Mass suicide is only likely if Brown calls a snap general election. [...]