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Barclays Boss:'banks Should Be Allowed To Fail'

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The Chief Executive of Barclays has said that banks should be allowed to fail if they have bad management.

Bob Diamond told a Treasury Committee hearing that tax payers should not fund further bail outs.

Mr Diamond said risk-management and strong regulation was the key to ensuring that tax payers never have to put money into banks again.

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'It is unacceptable for the Tax Payer to bail out banks', he says.

He must be on drugs?

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Hmmm, in other news, Barclays wants to split out its non-performing assets into a separate bank.

If we put these 2 news nuggets together, what do we get?

That is not fact; that is the opinion of UBS banking sector analysts. In another opinion (by RBS bankiing sector analysts) UBS should close its FICC division.

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'It is unacceptable for the Tax Payer to bail out banks', he says.

He must be on drugs?

I thought Barclays was the one that was doing well. If he's the head of the best performing large british bank and banks are allowed to fail, he can see his competition getting wiped out, bonuses galore for him and retiring on that private island in the Caribbean will be a possibility.

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The Chief Executive of Barclays has said that banks should be allowed to fail if they have bad management.

But all the banks had good management even the bailed out insolvent ones :huh:

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Whats that I see in the background--just outside the window wher Bob is speaking? Oh yes--I see its a big crowd of people with pitchforks, burning torches and woodsmens axes and they all seem a bit cross.

Edited by Realistbear

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'Unacceptable to bail out banks"

Why did nobody think of this before ?

it's just words, words, words...

Talk is cheap. So many things have been said. It started with 'no boom and bust'....

Don't pay attention to what they say. Watch their actions.

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He appears to have a lack of grey hairs on his head despite being of an age when one might expect a slight toning down of youthful hair colour. Perhaps he is not at all what he seems.

IMO he looks like an achetypal bankster--a spiv through and through and willing to tell lies thinking he is too big to be called to account. He probably has nothing but thoughts of disdain for the MPs who think they are "grilling" him. Toothless sheep ready for the slaughter.

"Bob Diamond" couldn't think of a better name for a Bankster--cartoon character name if you ask me. His grandfather must have been Bob "Legs" Diamond who also used to relieve banks of cash.

http://en.wikipedia.org/wiki/Jack_Diamond_(gangster)

Edited by Realistbear

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Don't be silly Bob! Banks cannot fail, otherwise planet earth will spin off it's very axis and humankind will be plunged into the ether.

Save the banks, save mankind!

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I thought Barclays was the one that was doing well. If he's the head of the best performing large british bank and banks are allowed to fail, he can see his competition getting wiped out, bonuses galore for him and retiring on that private island in the Caribbean will be a possibility.

Barclays had to be bailed out with an almost Fifty Billion Dollar loan from the Fed: Reuters

The Fed made more than 1300 loans under the Primary Dealer Credit Facility, or PDCF, set up for broker-dealers, with the largest -- $47.9 billion -- going to London-based Barclays, the Fed's data showed. The facility marked the first time since the Great Depression that the Fed had lent to non-depository institutions.

Right on Bob - no (more) bailouts (unless absolutely necessary).

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He's playing games. He's pretending that Barclays could have survived without the liquidity support, 0% rates and asset price support.

They even created money (i.e. lent it to investors) to recapitalise themselves during the crisis - something that should never be allowed.

He is dissembling so he can sit there and say 'I didn't need you and I don't need you'. Go f*ck yourselves.

+1 absolutely

He might also like to be sniffing around the ruins of the other banks: I am sure he'd like all other banks to 'go away'; it would be very good for Barclays - look how well they did out of Lemans.

As we all know, without the support for the system his bank would have gone bye bye

Note: I say system because people think it is individual banks which were given support. It wasn't.

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I think what the cunning Mr Diamond is referring too is that banks should be able to deposit their turds in a special "bad bank" which can then fail taking out all the dumb investors leaving all the nice bankers to feed on the profitable stuff.

Repead ad infitium.

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'It is unacceptable for the Tax Payer to bail out banks', he says.

He must be on drugs?

If you are the head of a bank that hasn't been bailed out, making sure that your competitors don't get bailed out is a no-braininer.

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Barclays had to be bailed out with an almost Fifty Billion Dollar loan from the Fed: Reuters

Right on Bob - no (more) bailouts (unless absolutely necessary).

...better idea than Gordo's burden on taxpayers to reach his idealistic dream..... :rolleyes:

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  • 312 Brexit, House prices and Summer 2020

    1. 1. Including the effects Brexit, where do you think average UK house prices will be relative to now in June 2020?


      • down 5% +
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      • Even
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      • up 5%



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