Tuesday, July 3, 2012

BOB DIAMOND of Barclays

Today Bob Diamond, CEO of Barclays resigned amid a Libor-rigging scandal that occurred in 2008.  Two years ago Diamond was on the hot seat in the Southern District of NY Bankruptcy Court over the lawsuit of Lehman vs Barclays. Lehman claimed that Barclays took advantage of the market chaos of 2008 to get an unfair" windfall profit".
Former CEO of Barclays Bank Bob Diamond testifying at the Barclays/Lehman lawsuit in 2010
I recall Judge Peck( pictured here) got rather irked  and said he felt that Mr Diamond was being evasive at times when questioned by Lehman's  lawyer Robert Gaffey.  Judge Peck is such a thoughtful and deliberate judge to see him get annoyed stuck in my mind. 
Will be interesting to see how Mr. Diamond performs before a British parliamentary committee next week.

story links
http://dealbook.nytimes.com/2012/07/03/a-chief-with-flair-falls-from-his-perch/

http://www.businessinsider.com/barclays-ceo-bob-diamond-faced-a-rebellion-in-new-york-over-the-libor-fixing-scandal-2012-7
Lehman Attorney Robert Gaffey questioning Bob Diamond
I recall  Robert Gaffey grilling Mr Diamond and getting frustrated when he would not directly answer the questions. That frustration showed all over his face.  Seated next to Mr Gaffey is the famed lawyer David Boies, who represented Barclays Bank.

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