Good luck with that lads

Barclays’ bosses are to put pressure on Bob Diamond, the bank’s chief executive who last week stepped down over the Libor rate-fixing scandal, not to accept his full pay-off worth up to £17 million.

What\’s your hold over him? Your leverage?

You did fire him and he does have a contract. He\’s not hanging around from a knighthood or peerage (he\’s a septic after all). He\’s not going to be offered another job in a publicly traded company I would have thought. Hedge fund world, maybe, but there\’s no leverage for you there.

What are you going to offer him instead of the £17 million?

11 thoughts on “Good luck with that lads”

  1. Perhaps the government could pass a retrospective law making it possible to fire people without explanation or compensation.

    It would be grossly unfair if this applied only to Bob, so economic recovery would be the unintended by-product.

  2. Erm, he resigned……under pressure, admittedly, but technically they DIDN’T fire him. There were no disciplinary proceedings and he was never censured by anyone for anything. Therefore reducing or eliminating his payoff would be a purely political move to assuage public anger. And it would be illegal.

  3. @Frances Coppola: you appear to be under the illusion we live under the rule of law in this country. You are half right – we (the masses) live under the rule of law – we have to do as we are told. Those who govern us are immune from it. If they decide that Bob Diamond doesn’t get his pay-off then the law won’t help him one jot.

    It is obvious from the various open stinking sewers that have been discovered linking the political classes, the media, the police and now the banking industry that the Powers That Be are up to their necks in multiple illegal acts – crimes of commission and omission (both doing stuff, and/or knowing it was going on and saying nothing). No one other than few minor MPs have had their collars felt. The system is rotten to the core – they are all so deeply implicated that no political party can or will take any action for fear of the skeletons in their own closet. The entire rotten mass needs sweeping away, preferably via democratic methods, because the alternative is far more bloody.

  4. The more they try to wrest money from Bob, the hotter the seat he leaves behind will be, and the tighter the contract needed to attract the next CEO, making it more expensive, and more embarrassing next time round.

  5. Agree with Nautical Nick – if the board pulls this off nobody will touch the job with a bargepole

    Plus it looks like a pretty clear case of constructive dismissal and there are some quite good lawyers who handle that. So they’ll end up paying anyway.

  6. Jim

    Don ‘t be silly. They won’t dare wrest his payoff from him. He knows too much.

  7. If I was in Bob’s position, I would think that not taking the dosh would be stupid and an acceptance of guilt.

    On that basis alone I would claim the full whack and hire lawyers if it wasn’t paid.

  8. all depends on the contract obviously. Be nice if a few more public figures resigned because something happened on their watch. The endemic culture of plausible deniabiliy – started by Clinton? – means nobody wants to run anything, they just want the trappings of power. The best regulation is the fear that you will lose the key to the executive washroom/grace and favour mansion if someone who reports to you f…s something up. The ‘establishment’ has gradually put layers of bureaucracy between them and the job they are paid to do so they can hold on to power and influence at all costs

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