UPDATE: 4 March, 2015 -- Looking back at the scandalous period the result of Bob Diamond's severance money is beyond any description. Bob Diamond part of the Libor scandal which caused 12,000 savers losing their money; costing the taxpayers £500million is being beyond any belief what happened in the banking system. Not one of the top executives were prosecuted. Thousands of bank clerks lost their jobs because banks, involved in the Libor scandal, cut back to pay their fines.
Bob Diamond even refused to give up his £2million salaries and was allowed to resign, not to be sacked as any ordinary person causing fraud would have been. Today it is said that he received at least £20million severance money with his salary, bonuses and shares. He soon set up an investment bank in South Africa and all these years earned high profits on buying and selling in South Africa, Nigeria and Botswana. He is now worth an estimated £105million and is back in the City of London.
Bob Diamond's life and career as far as we know it. Ever since the banks’ executives are getting sky high bonuses on top of their salaries which increase by 40 per in the last two years, Bob Diamond has been in and out of newspapers’ headlines.
Bob Diamond is the Chief Executive of Barclays Bank. Barclays bank and so far three others had been found out that they were monopolizing the interest rates. It is called Libor and it occurs when one bank lends to another and keeps the interest rates high.
Mr Diamond, 60, was one of nine children born in Concord, Massachusetts, USA. His parents were school teachers.
He also started as a lecturer at a university but changed over to investment banking at Morgan Stanley as a bond trader in 1979. Later he joined Credit Suisse First Boston.
Mr Diamond joined Barclays in 1996 as the head of investments banking division, Barclays Capital.
Now comes the interesting point that he narrowly missed in 2004 to be Barclays Chief Executive but at the start of last year he managed to be Chief Executive. Since it was at the beginning of last year it makes you wonder whether there was not more behind than meet the eye.
He is married and has three children. He love playing golf and is a great supporter of Chelsea. He often watches the team from the best suite at Stamford Bridge. Well that again is an eye opener that he would be such a great supporter of Chelsea. It is also said that he flies many time to the USA to watch his beloved Boston Red Sox baseball team.
Furthermore, Mr Diamond sits on board of the Old Vic Production and is a trustee of the Mayor’s fund for London.
Earlier on it was stated that if he was forced out of Barclays he would stand to receive a £20million severance package. After all they done to banking which in any other industry would be criminal that shouldn’t be paid. But knowing how they stick together he will receive it. It also had been revealed that Mr Diamond made around £100million out of banking.
It is people like that who had a free hand because Margaret Thatcher de-regulated the banking system. There never was a credit crunch as such. They hoodwink the public with that and all the time there were millions and billions of bonuses being paid out while the public was pressured more and more.
The quicker they get back to the old banking system the better. PM David Cameron already starts to build a wall to protect them. At a summit in Brussels he stated that doesn't need to be told what to do he knows what to do. This will only lengthen the suffering but eventually it will have to be done.