The chief executive of Barclays, one of the world's largest banks, resigned Tuesday in the wake of a scandal, the bank announced. Bob Diamond's resignation is effective immediately, the bank said.Diamond has long been a controversial figure, and has been a vocal backer of huge bonuses for bankers. "It's about pay for performance," he told CNN earlier this year, calling bonuses "rewards for success." The bank announced the resignation of Chief Operating Officer Jerry del Missier hours after Diamond's. Barclay's reputation has been hammered by a scandal involving the rates at which banks lend each other money, known as Libor. That rate affects how much interest ordinary people pay on everything from credit card debt to home mortgages and student loans. If they're manipulating Libor, what they're basically doing is taking money out of the public's pocket, because their mortgage rates change, because their interest rates change, their loans/credit cards change -- or their pension income changes.
Diamond will no longer co-host a London campaign fundraiser this month for presumptive U.S. Republican presidential nominee Mitt Romney, campaign spokeswoman Andrea Saul confirmed. Barclays is Romney's 9th biggest campaign contributor and Diamond has pushed for Romney and the GOP to speak out against bank regulations.
goldman sachs supported obama and you didn't care.
"Scandal? Does impeaching an Attourney General count, or is that small potatoes to a Brit fund raiser?"
Diamond and Barclay's have already admitted guilt regarding fixing interest rates that negatively affect all of us. They are the 9th largest contributor to Romney's campaign and Diamond was scheduled to co-host a huge fund raiser for Romney. The Romney campaign is also closely tied to the bank through Barclays' chief lobbyist, Patrick Durkin, who leads the campaign's fundraising efforts within the financial industry. In that role, Durkin has raised $927,160 for the campaign from other donors. He has also been featured at numerous roundtable events during which donors can talk to Romney advisers about policymaking in a future Romney administration.
Do you even know what impeachment means?? Impeachment is a formal process in which an official is accused of unlawful activity. Got that?? Accused. As you well know being an unabashed George Zimmerman supporter, innocent until proven guilty.
Employees of Goldman Sachs, once among the top financial backers of Barack Obama, donated overwhelmingly to Republican presidential candidate Mitt Romney in the second quarter, according to a computer analysis of FEC data conducted by Bloomberg. Romney collected $238,250 from the Wall Street bank's employees between April and June. Obama netted $10,113 in the same period. Goldman donors were Romney's single biggest source of corporate support, Bloomberg found.
"We are counting on you to provide the scoop."
Glad to oblige, so here it is.
Former Barclays chief executive Bob Diamond (who is a major supporter of Romney, and Barclay's - the 9th largest contributor to Romney's campaign, have been significant in pushing Romney and the GOP regarding their support for having less, not more bank regulations)criticised "reprehensible" behaviour over a rate-fixing scandal Wednesday in his first public comments since quitting amid a high-profile boardroom exodus. "Clearly there were mistakes, clearly there was behaviour that was reprehensible," the American banker told the British parliament's Treasury Select Committee.
Last week, the bank was fined £290 million ($452 million, 360 million euros) by British and US regulators for the attempted rigging of the Libor and Euribor interest rates. Libor (London Interbank Offered Rate) is a flagship London instrument used as an interest benchmark throughout the world, while Euribor is the eurozone equivalent.
Prime Minister David Cameron branded the rate-fixing scandal "appalling" and added his voice on Wednesday to a growing chorus of politicians urging Barclays not to give Diamond a generous severance package. Diamond was one of the world's highest paid bankers, earning a package worth £17.7 million (22 million euros, $27.7 million) last year. Britain's Serious Fraud Office on Monday announced that it was considering whether to bring criminal prosecutions over the issue, while Cameron has announced a parliamentary inquiry into the scandal.
The interest rates that were illegally manipulated play a key role in global markets, affecting what banks, businesses and individuals pay to borrow money. This directly and negatively impacts people like you and me and millions of other US citizens.
The largest recipient of campaign contributions from Countrywide was Rep. Ed Royce (R-CA), House Financial Services Committee), who has received $37,500 since 1989.