Please, read carefully this post from Reuters… title was “Diamond admits traders’ behavior reprehensible…” yet not the one I put in this blog: BOB DIAMOND, 60, QUIT THIS WEEK AFTER BARCLAYS AGREE TO PAY NEARLY HALF A BILLION DOLLARS IN FINE… [Short excerpt from same article…]
Which one do you prefer?… Can You comprehend the aspects of loosing this top job in all of the economies of the world?… Diamond is now totally unprotected and totally chastised by Shareholders of Barclay’s, Stock Markets, and he will, YES HE WILL, become the biggest and most important whistleblower on its own industry they created… Industry of deception, lies, greed, total inconsideration for others… End of Industry based on control over all others through lack, fear, greed, competition, rules and oppression…
Now, this industry ends… Even if you are not fully aware… This industry is Caput.. It could take week or so, yet not to worry, truth has broke the dam of deception and the little creek coming out of the once unbreakable concrete wall [or Wall Street…] and it turned in total raging tsunami of truths that will cleanse all these old energies of greed, self-service, hoarding, lies…
Can you imagine that even Reuters cannot any more be ignorant, or complacent with wrongdoings of these once ‘mighty’ forces, like banks, like vatican’s… Yes, we are truly on precipice of New Age of TRUTH and real Freedom…
Even Reuters cannot play this game of deception any longer… So, what we do?.. Do we blame them because they lied to us for such a long time?… Do we accuse them they caused so much suffering for so many generations?… Or Do we play ignorant game, as we did for such a long time, because we were afraid, un-informed, or simply being lazy to move our butts of the Lazy Boy’s and Lazy Girls?….
Do we continue playing this game of ignorance, that ‘They’ counted on for such a long time?… Do We allow self a grain of possibility to see what is happening around us without fear and without guilt’s?… Do we dare to ask forgiveness dear Bobby Diamond for not doing this earlier?… What about Now?.. Can You send him forgiveness for these actions and behavior, realizing that it was your responsibility as well, ending UP in this experience of Age of ‘All for Few, and nothing for Rest’?…
Do You have enough courage to send him compassion, simply knowing that All is well, and there will be no more fear of lack?… Any kind of Lack?… To send him compassion, simply by not taking responsibility of his actions, and not playing victim anymore?… Because You are not…
You are not a victim of some ‘cabal’ secret system as soon you became aware that You always have a choice… That You always had a choice, yet pretending that You do not want to see it?… God was sending You messengers, not only kinds like Buddhas’ or Jeshuas’ or Muhameds’, or Assanges’, but as well messengers like Hitlers’, Lucifers’, Diamonds’, Bushes’, Ratzingers’….
Can you see the similarity between them?… All of them from same God, with same intent… right?… But what is the INTENT God want US to figure out?… What is this secret covenant that we signed ages ago, to be discovered?…
IT IS YOU DEAR ONES… IT IS YOU TO DISCOVER YOURSELF… It is your inner knowing who You are… and why You are here… It is your awareness of God within… God within every single being experiencing these wondrous times on Planet Beautiful…
IT IS YOU WHAT YOU ARE DISCOVERING, DEAR ONES… By keeping your head in sand, will not make your vision wider… but taking it out of the sand will only show you many different choices… but this is not an end, yet…
But Now when You have all these choices with your head out of your a**, You can sit, and sit, and contemplate, and doubt, and question, and become angry on you, on ‘them’, or even on God, by giving you so many choices…
Now is the time to ACT… Now is time to choose…. Choose Not to allow any more for Diamonds to choose for you… But YOU choose the way, and question NOT… IT is perfect choice at this present time of NOW… It is so perfect, that is useless to write of this…
Once you choose, and here I mean choose between compassion or anger… if you choose to be forgiving toward Diamond or being very revengeful… It is still a choice… and this time it is only YOUR choice… You cannot blame governments any longer, You cannot hide behind social structure in your region [here I refer to all the ***ism’s… fascisms’, communisms’, socialisms’, capitalisms’… ]
You do not need to play victim any more… yet if you choose anger and resentment toward Ratzinger or queen or Diamond, you will continue playing victim role…
Consider this: When all these [we will call them for sake of separation…] ‘dark’ duds are no more, when they disclose all these information’s, their actions, their greed’s and their lies… are you ready to jump out of playing victim for centuries, and become aware that your forgiveness toward these ‘monsters’ brought you peace within… That Your compassion toward them and all others who still play victims of these ‘darkies’, brought in your heart true realization of who YOU ARE:
WHEN YOU REALIZE THAT YOU ARE one and the same as Hitler, as Assange, as Obama, as Diamond… You realize that God is within US all… That only You have choice to act in compassionate and forgiving way… No one can force you to become forgiving… No one will twist your arm to be compassionate and loving toward family members who did this or that… No one will choose for you to make YOU love self… No one but YOU dear ONES…. NO ONE BUT YOU…
When you give others total freedom to be what they feel to be, knowing that you have your own freedom to be what you choose to be… This moment of REALIZATION is CALLED TRUE FREEDOM…
And this is the moment of truth coming from within: this realization that YOU are FORGIVING, that YOU ARE LOVING, that YOU ARE COMPASSIONATE… AT THAT MOMENT YOUR REALIZATION OF INNER ACCEPTANCE BECOMES OUTER FEELING…
You realize: YOU ARE GOD ALSO…
I AM THAT I AM God within, Predrag Saint Germain…
Diamond admits traders’ behavior “reprehensible”
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Thu, Jul 5 2012
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Wed, Jul 4 2012
- Hedge fund star Odey snaps up more Barclays shares
Thu, Jul 5 2012
- UK’s FSA told Barclays board to change culture
Thu, Jul 5 2012
By Matt Scuffham
LONDON | Thu Jul 5, 2012 8:51am EDT
(Reuters) – The chastened former head of Barclays apologized for the “reprehensible” behavior of his traders who fixed interest rates, but told British lawmakers on Wednesday his bank had been unfairly singled out after coming forward to admit wrongdoing.
Bob Diamond, 60, quit this week after Barclays agreed to pay nearly half a billion dollars in fines for manipulating the interest rates at the heart of the global financial system.
British politicians have seized on the case as a symbol of a culture of greed that has poisoned the entire financial industry. Newspapers have highlighted e-mails disclosed in the case which show traders congratulating each other for fiddling figures with promises of bottles of champagne.
Appearing thoughtful and humble before an often hostile parliamentary committee, the man who until Tuesday was one of the world’s highest paid and most powerful financial executives with an aggressive reputation acknowledged “inexcusable” behavior among his group’s traders.
“When I read the e-mails from those traders, I got physically ill,” Diamond said. “That behavior was reprehensible, it was wrong. I am sorry, I am disappointed and I am also angry.”
He said those involved in rigging interest rates would be subject to criminal investigation and should be “dealt with harshly”.
The wrongdoing at the 300-year-old bank was “not representative of the firm that I love so much”, the American banker said, appearing on his nation’s Independence Day. But he insisted that Barclays was being made a scapegoat because it had cooperated with the authorities to help unearth the misdeeds.
“This week the focus has been on Barclays because they were the first,” Diamond said, describing years of cooperation with regulatory agencies to uncover the practice.
“I think it’s a sign of the culture of Barclays that we were willing to be first, we were willing to be fast and we were willing to come out with this.”
The decision by Britain’s third-biggest bank to cooperate with regulators may have been designed to limit damage but it appeared to have backfired, hurting Barclays’ reputation and costing Diamond his job, banking analysts said. It may also discourage other banks from cooperating with regulators.
The case has reopened a debate in Britain on whether big banks should be split into retail and investments units, while also raising questions about the morality of bankers’ salaries and bonuses and whether banks should be more closely regulated.
Diamond testified for nearly three hours, during which time the Barclays share price was volatile before closing at 164.6 pence, almost exactly where it was when he started speaking.
In the committee room, he was accompanied by half a dozen Barclays staff but ignored them, not seeking any guidance.
He sipped water continuously from a plastic cup, especially when questions became more uncomfortable, downing so much he had to be given a new bottle.
The committee remained stoney-faced throughout, with their skepticism, frustration and open disdain at his answers becoming more and more apparent.
A composed Diamond also pointedly referred to each committee member by their first name, even in the face of hostile questioning with one MP calling Barclays a “rotten, thieving bank” and saying Diamond was either complicit in wrongdoing or “grossly incompetent”.
Afterwards, Andrea Leadsom, a Conservative committee member, said Diamond had often just repeated rehearsed lines. “It was so frustrating sitting there for three hours and not getting anywhere, it was really frustrating,” she said.
Andrew Tyrie, chairman of the committee, was equally critical: “Bob Diamond gave a number of what I thought were, at least cumulatively, somewhat implausible replies,” he told Sky News.
“My general impression was that it was not the kind of gun fight at the O.K. Corral that we had anticipated before the event,” said Richard Reid of the International Centre for Financial Regulation, a think tank. “No real smoking gun was found.”
Of his own decision to step down, a day after saying he wouldn’t, Diamond said he had realized that he had become a lightning rod for criticism. “The focus of intensity was my leadership. It was better for me to step down.”
Barclays has acknowledged that its traders colluded with others to manipulate the London Interbank Offered Rate, or Libor, the rate that big banks say they borrow from each other which underpins trillions of dollars in global contracts.
In addition to the manipulation by traders, which took place from 2005-2009, Barclays also has admitted it deliberately understated its submissions of Libor rates at the height of the 2008 financial crisis to make its balance sheet look stronger.
Lawmakers questioned Diamond over a 2008 memo, in which he appeared to suggest that the Bank of England or the government might be giving the firm the nod to report that it was able to borrow money at lower rates to make it look better.
At the time, Barclays was reporting Libor funding costs that were among the highest of the large banks, even though others were in much worse shape.
Diamond wrote in the memo that the Deputy Governor of the Bank of England, Paul Tucker, told him “it did not always need to be the case that we appeared as high as we have recently”.
Barclays has said that another senior executive – Chief Operating Officer Jerry del Missier, who also resigned on Tuesday – understood the memo as a green light to submit lower rates. Del Missier was not immediately available for comment.
Diamond said he interpreted Tucker’s call as a “heads up” that politicians were worried about the rates Barclays was reporting, but not as a green light to fiddle them.
Diamond feared at the time that if the British government believed Barclays’ costs were higher than those of other banks, it might have nationalized it, as it did with several competitors, he said.
“They might say to themselves, ‘My goodness, they can’t fund. We need to nationalize them.'”
The Bank of England said Tucker intended to present his own explanation of the phone call to lawmakers at a later hearing.
Britain’s finance minister, George Osborne, said the government of the previous prime minister, Gordon Brown, had some questions to answer.
“They were clearly involved and we just haven’t heard the full facts, I don’t think, of who knew what when,” Osborne said in an interview with the Spectator, a right-leaning political weekly.
Shareholders, meanwhile, also want answers.
“What was the nature of the manipulation? Who was involved, how long were they involved for? Was it escalated? If it was escalated, who was it escalated to?” asked Dominic Rossi at Fidelity Worldwide Investment, a top 10 Barclays investor.
“What did the people who it was escalated to actually do? Who did they inform? Did they inform the regulator? Did they inform the Bank of England? If they did, who within the Bank of England? Who within the FSA (regulator)? These are all the questions that we need to establish.”
The bank said in documents released ahead of Diamond’s appearance that it was “ironic” that there had been such an intense focus on it alone, as it had been lauded by regulators for its “exceptional level of cooperation” over the Libor probe.
But some investors accuse the bank of missing the “big picture”.
“The board should now proactively break the bank up into its constituent parts after putting in place a coherent bonus and remuneration clawback of all misdemeanors of the last decade, from Libor to mis-selling of mortgage protection and interest rates swaps,” said Neil Dwane, CIO Europe, Allianz Global Investors, which owns 13.4 million Barclays shares via its RCM unit.
“Break it up because it trades at half book value.”
Libor is compiled by Thomson Reuters on behalf of the British Bankers’ Association from estimates supplied by the world’s biggest banks of the amount they believe other banks will charge them for loans.
“Thomson Reuters supports any measures that create a more robust LIBOR for the benefit of the market and is actively supporting the ongoing reviews,” a spokeswoman said.
(Additional reporting by Steve Slater, Sinead Cruise, Raji Menon, Kirstin Ridley, Chris Vellacott, Mike Holden and Tim Castle; Writing by Peter Graff; Editing by Will Waterman and Giles Elgood)