It's not surprising that Barclay's Diamond has resigned. Even so, further scrutiny and full disclosure could well vindicate or indeed confirm his fall from grace. Time will tell. What was a surprise was the reinstatement of Agius as Chairman. It's difficult to comprehend and cynically symptomatic of the financial services industry generally. Then again it would be wholly irresponsible for Barclay's to continue to function without both its CEO and Chairman.
Complicity or collusion is by definition inclusive of other parties which raises a number of important questions. Aside from the corrosive taint hanging over the UK's arcane banking and regulatory industries and the associated reputational risk to London's claim of 'global best practice', the threat to the UK's economic prospects cannot be discounted. Endemic complicity is never victimless. In practice, as a consequence, retail investor abuse is both systematic and common.
If complicity is confirmed, the 'Barclay's-event' mutates into an industry-wide issue which opens up the industry, rather than the company or the individual, to civil claim. The threat of a civil claim must, as a consequence, threaten the balance sheets of the banks involved. You could argue that the banks involved, protecting their cash reserves in fearful anticipation of a fine and or a general civil claim, might not be INCLINED to function appropriately in the retail lending markets. The stifling effect on an already unstable economy in desperate need of stimulus cannot be denied.
THIS IS NOT HOW YOU SUPPORT ECONOMIC GROWTH and or REPAIR the reputational damage to the global financial services industry post the events of 2008.
Complicity or collusion is by definition inclusive of other parties which raises a number of important questions. Aside from the corrosive taint hanging over the UK's arcane banking and regulatory industries and the associated reputational risk to London's claim of 'global best practice', the threat to the UK's economic prospects cannot be discounted. Endemic complicity is never victimless. In practice, as a consequence, retail investor abuse is both systematic and common.
If complicity is confirmed, the 'Barclay's-event' mutates into an industry-wide issue which opens up the industry, rather than the company or the individual, to civil claim. The threat of a civil claim must, as a consequence, threaten the balance sheets of the banks involved. You could argue that the banks involved, protecting their cash reserves in fearful anticipation of a fine and or a general civil claim, might not be INCLINED to function appropriately in the retail lending markets. The stifling effect on an already unstable economy in desperate need of stimulus cannot be denied.
THIS IS NOT HOW YOU SUPPORT ECONOMIC GROWTH and or REPAIR the reputational damage to the global financial services industry post the events of 2008.
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