Let’s put things into perspective. There is a squabble over whether Diamond should get his $26m payoff. Barclays have to pay a $450m fine (not very much): they helped to fix lending rates, globally, for over four years which affected the price of $360 trillion of securities. And they only helped. Other banks and possibly the central bank were involved – you can’t do this on your own. However the key banks remained standing and relatively profitable, and this is a very very important outcome. The current mass hysteria is understandable to a degree, but please, banking reflects human nature and humans want to both make money but also ensure that everyone else continues to make money. This is not price-fixing, this is keeping the markets going. Let the man have his payoff – he had no idea what his people were up to, he’s got the sack because of his well paid position, the money is neither here nor there in the grand scheme of things and we wont actually feel any better watching him squirm. Which he won’t.
Call to limit Diamond’s pay-off – Business News | IOL Business | IOL.co.za
