Friday, July 6, 2012



Mr Diamond acquitted himself admirably yesterday, in front of the inquiry. Having been subjected to hostile cross examination in court in a previous life, I remembered the techniques I was taught to use by my lawyer, to deflect and frustrate the questionner. Diamond followed these to the letter, being the grey man, submissive, evasive, unclear, forgetful … the list goes on. I was most bemused by Mr Mann having said “you are either a liar or incompetent”, or words to that effect, to which Diamond replied “is that a question”? Anyway well done Bob, you outclassed them all easily, as one would expect from one of the smartest and ruthless international bankers on the block.

Having viewed the woeful "question time" performances of the would be investigators, David Cameron made the correct investment banking decision, of leaving the losing team in place to pursue the inquiry. No professional judge, just amateurs, quick and dirty to “satisfy” the public.

As for the other ex victim Marcus Agius, the reinstated Chairman of Barclays, it may interest you to know he is also Chairman of … The British Banking Association, (“BBA”), which of course “fixes” the LIBOR rates daily. They even have  a direct link to the LIBOR charts on their home page. Much to my surprise however, Mr Agius has just given up the Chairmanship of the BBA, but who knows he may be back next week.

Anyway do not worry too much for his welfare because even if he ends up in the dole queue, his wife Katherine, the daughter of multibillionaire banker Edmond de Rothschild, should be able to keep him in pocket money.

And what of Angela Knight the Chief Executive of the BBA, who resigned a few short weeks ago. She also has directorship positions with Tullett Prebon, where she is a member of the audit committee.  Tullett Prebon, per their website, operates as an intermediary in wholesale financial markets facilitating the trading activities of its clients, in particular commercial and investment banks…. No potential of conflicts of interests here of course.


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