so why are Politicians getting involved in sacking Bob Diamond

[youngmafbog]

I just dont get this. Since whe has it been the resposibility of Politicians to appoint the CEO? I watched some labour MP on sky yesterday, clearly he did not know what he was talking about, had no conception of investment banking and retail banknig, and indeed had contradicted himself by the end of it. but he is not alone and it's not just labour.

The appointment of the board is by the shareholders vote. It becomes a very dangerous place when the State think they can change things. If he personally has broken a law, been taken to court and found guilty then fine, but those measures are already in place. So should they not be keeping ther noses out?

And 290m is not a great deal of money.

[jake-the-peg]

I think we've all seen that proper running of the banking system is too important just to be left to the private sector.

They have after all almost brought the country to bancruptcy in paying for their mistakes.

Of course Cameron wants less red tape in the city - I wonder if he still thinks that?

I think we can all see what you city boys do when there's less red tape

290M is not the point - that's the fine - not the damage

The arrogance displayed in your question is truely shocking

[jno]

"And 290m is not a great deal of money. "

Indeed it isn't, considering the scale of the market they were manipulating. (£300 trillion?) They got off quite lightly, didn't they?

I wonder if it affected the mortgage rate you were paying.

[rojash]

"It becomes a very dangerous place when the State think they can change things. "

I agree youngmafblog. The worst interference by the state in an organisation like this was when the US government jailed Al Capone, forcing the The Chicago Outfit to elect a new boss.

[Old_Geezer]

The State is always responsible for the framework in which business operates. If that framework looks to be inadequate then it isn't a surprise politicians wish to look at the issue. In this case the activities of the guy in question is claimed to have had far reaching affects, not simply confined to their own bank. As I understand it markets were affected, as possibly was the aid given by the taxpayer. I must find time to read the juicy details sometime soon :-)

[bazwillrun]

"The arrogance displayed in your question is truely shocking"

Wow youve got some front coming out with that , looking at most of your posts, arrogance is a trait you seem to excel at

[sandyRoe]

It seems the banks can dip into our pockets when the need arises. So, it's not out of order when the people holding the purse strings have something to say about dubious dealings.

[LazyGun]

No, they should definitely not be keeping their noses out.

It is lax and "light touch" regulation that has allowed banks to succumb to overwhelming greed and sharp practices that all but brought the global economy to its knees,and from which we are still recovering. Politicians have every right to express their own and our rancour at the big banks, and most especially when it comes down to cases of outright fraud.

Barclays is, from the sound of things, only the first of several big banks who are implicated in manipulating the LIBOR - something that trillions of dollars of global transactions are based upon, and which has a direct effect on yours and my mortgage rate or savings rates.I want to know, now, whether effectively I have been paying an artificially high interest rate repayment on my mortgage, feeding the greed of the bankers, but putting myself out of pocket?

Once again, greed and a cavalier attitude to risk and the law - this culture needs to be addressed, and Bob Diamond is CEO - the buck stops at his desk, it is under his guidance that such a culture has been allowed to flourish - something he obviously recognises himself, with his attempt to forestall public anger by stating that he will he forgoing his bonus.

If his resignation starts the process of cleaning up the banks, and forcing them to live up to their obligations, rather than casino gambling using the taxpayers as stakeholders of last resort, then that would be great, and I would join with any politician or petition organised to apply pressure on the Barclays board to force his resignation.