‘BOB DIAMOND AT PARLIAMENT’
[The Independent, U.K.]
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Bob Diamond: Living
Proof that the Banks Cannot be Trusted (Trouw, The
Netherlands)
“Banks are
incapable of simultaneously tending to their public responsibilities and engaging
in financial trade for their own gain. The balance will always be tipped in favor
of the banks’ own gain. … Let Bob Diamond be the living proof that measures are
badly needed and that one cannot take the word of the bankers when they say they
will put their own house in order.”
EDITORIAL
Translated By Marion Pini
July 7, 2012
The
Netherlands - Trouw - Original Article (Dutch)
One must seriously ponder what arouses the most anger: the
fact that traders from Barclays manipulated interest rates, the fact that their
boss coolly declares that he knew nothing about it, or the fact that this Bob
Diamond was rewarded for this not-knowing with an annual salary of £25 million
[$39 million].
The Barclays CEO had to resign this week and a day later appear before a parliamentary committee because
of rate manipulation. Barclays gave misleading information regarding interest paid
on the capital used to boost its own position, and in particular boost profits.
Barclays is unlikely to have been the only bank to do so,
but it has been the first to see this fraudulent practice blow up in its face. And
not only did it explode in its own face, but in the face of the City, London’s
vital financial sector of London, the Bank of England and British politics in
general.
Posted
by Worldmeets.US
British justice and politics still have many questions it
will need answered. But ultimately, legislation and the monitoring of the
financial sector will have to be adapted to make the manipulation of central
interest rates impossible.
And this is not only a concern of the British. Barclays and
Bob Diamond are the standard bearers of a financial sector which cannot control
itself, and which, even after a major financial crisis, is unable to improve
its behavior.
As a result of that crisis, which began four years ago, a
discussion began on how to correct the rules and regulation of banks. In the
Netherlands, among other things, this happened in the De
Wit parliamentary inquiry.
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That inquiry resulted in large files and reports, but insufficient
measures. Technically it is obviously difficult and care is required, but
leading it all must be the realization that banks are incapable of simultaneously
tending to their public responsibilities and engaging in financial trade for their
own gain. The balance will always be tipped in favor of the banks’ own gain.
The legislature should ensure that the public interest is protected.
That was also one of the De Wit inquiry recommendations. But while they were
positively received by the Lower House, politics linger in terms of
implementation. Let Bob Diamond be the living proof that such measures are
badly needed and that one cannot take the word of the bankers when they say they
will put their own house in order.
SEE ALSO ON THIS:
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Komsomolskaya Pravda, Russia: Putin is Better than Goldman Sachs
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Semana, Colombia: Indignation Spreads, but Lack of Clarity Dogs 'Occupy'
Le Quotidien d’Oran, Algeria: Goldman Sachs and 'Human Sacrifice' to Money Gods
El Pais, Spain: Occupy Wall Street: Will it Help or Hinder Reelection of Obama?
Wochenzeitung, Switzerland: Swiss Occupy Movement
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Kayhan, Iran: Wall Street Uprisings Herald Victory of Islam and Iran!
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Jornal Do Brasil, Brazil:
American Default and the End of 'Zero Risk'
The Telegraph, U.K.:
World Needs America
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El Pais, Spain:
Playing Chicken is the
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Mainichi Shimbun, Japan:
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People's Daily, China:
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