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Time for apologies is over, says Barclays' Bob Diamond
Nicholas Cecil and Joe Murphy
11 Jan 2011
Related links
* Business: Barclays won’t quit London if it is ****** to break up, says Diamond
* Sketch: Bob delivers a sparkling masterclass in persuasion
* ES Comment: Diamond's bonus defence won't wash
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Financial Crisis Banks
Will Debts cause a Global Downfall? Read: Ending the Global Casino !
EndingtheGlobalCasino.org
Barclays boss Bob Diamond clashed with MPs today as he declared that banks should no longer have to apologise for Britain's economic crisis.
He was mauled by MPs as he defended banks from criticism over bonuses.
“There was a period of remorse and apology for banks,” he told the Commons Treasury committee. “I think that period needs to be over.”
But within minutes Tory MP David Ruffley attacked the Barclays chief executive, who is rumoured to be in line for a bonus of about £8 million on top of his salary of £1.35 million.
Mr Ruffley demanded the banks show more gratitude for the bailouts that avoided a bigger meltdown. “Are you grateful to the British taxpayer for subsiding you in this way?” he asked.
When Mr Diamond said he was “very grateful to the central banks around the world and governments around the world”, Mr Ruffley interrupted angrily: “No. I am talking about the British taxpayer.” Mr Diamond said: “We are thankful to everyone.”
Mr Ruffley repeatedly challenged Mr Diamond to say how much extra lending the bank was planning this year. When told that it was “not a simple question”, Mr Ruffley, a former Treasury aide, said: “Yes it is a simple question. What are you going to lend next year?”
Committee chairman Andrew Tyrie said Mr Diamond should be allowed to answer the questions. But Mr Ruffley said: “He's not doing terribly well at the moment.”
Shortly afterwards, Streatham Labour MP Chuka Umunna grilled the financial boss over tax “efficiencies” by Barclays, saying: “Your efficiency may be our avoidance.” Mr Diamond responded: “I don't think that's the case.”
Bankers are set to get £7 billion in bonuses for 2010, down from £7.3 billion, according to City experts. Mr Diamond said the bank had not yet determined the bonus pools for this year. He has waived his bonus for the past two years and said his decision on this year's payment would be taken with his ******. Mr Diamond also rejected the description of investment banks as “casino” banks, insisting they played a key role in supporting companies.
Afterwards George Osborne faced pressure from Labour in the Commons following speculation that Government efforts to limit bankers' payouts have failed.
The Chancellor warned banks that "nothing is off the table" if they are not "responsible" on pay and bonuses.
But his Labour shadow, Alan Johnson, said: "The coalition goes from the scent of the rose garden to the stench of broken promises."
Premium Link Upgrade
Time for apologies is over, says Barclays' Bob Diamond
Nicholas Cecil and Joe Murphy
11 Jan 2011
Related links
* Business: Barclays won’t quit London if it is ****** to break up, says Diamond
* Sketch: Bob delivers a sparkling masterclass in persuasion
* ES Comment: Diamond's bonus defence won't wash
Sponsored links
Ads by Google
Remortgage at 2.4% FIXED
£200,000 Mortgage from £335/mo. Whole Market & More. Free Quotes!
GovRemortgageHelp.Lendgo.co.uk
UK Census 1841-1901
Freely Search the UK census Find your ancestors fast
Premium Link Upgrade
Best Saving Account Rates
Save your cash with a High Rate & Start earning now. Top Rates here.
moneysupermarket.com/saving-account
Financial Crisis Banks
Will Debts cause a Global Downfall? Read: Ending the Global Casino !
EndingtheGlobalCasino.org
Barclays boss Bob Diamond clashed with MPs today as he declared that banks should no longer have to apologise for Britain's economic crisis.
He was mauled by MPs as he defended banks from criticism over bonuses.
“There was a period of remorse and apology for banks,” he told the Commons Treasury committee. “I think that period needs to be over.”
But within minutes Tory MP David Ruffley attacked the Barclays chief executive, who is rumoured to be in line for a bonus of about £8 million on top of his salary of £1.35 million.
Mr Ruffley demanded the banks show more gratitude for the bailouts that avoided a bigger meltdown. “Are you grateful to the British taxpayer for subsiding you in this way?” he asked.
When Mr Diamond said he was “very grateful to the central banks around the world and governments around the world”, Mr Ruffley interrupted angrily: “No. I am talking about the British taxpayer.” Mr Diamond said: “We are thankful to everyone.”
Mr Ruffley repeatedly challenged Mr Diamond to say how much extra lending the bank was planning this year. When told that it was “not a simple question”, Mr Ruffley, a former Treasury aide, said: “Yes it is a simple question. What are you going to lend next year?”
Committee chairman Andrew Tyrie said Mr Diamond should be allowed to answer the questions. But Mr Ruffley said: “He's not doing terribly well at the moment.”
Shortly afterwards, Streatham Labour MP Chuka Umunna grilled the financial boss over tax “efficiencies” by Barclays, saying: “Your efficiency may be our avoidance.” Mr Diamond responded: “I don't think that's the case.”
Bankers are set to get £7 billion in bonuses for 2010, down from £7.3 billion, according to City experts. Mr Diamond said the bank had not yet determined the bonus pools for this year. He has waived his bonus for the past two years and said his decision on this year's payment would be taken with his ******. Mr Diamond also rejected the description of investment banks as “casino” banks, insisting they played a key role in supporting companies.
Afterwards George Osborne faced pressure from Labour in the Commons following speculation that Government efforts to limit bankers' payouts have failed.
The Chancellor warned banks that "nothing is off the table" if they are not "responsible" on pay and bonuses.
But his Labour shadow, Alan Johnson, said: "The coalition goes from the scent of the rose garden to the stench of broken promises."
