Poor Bob Diamond had to accept a pay cut to GBP17 million pounds for FYE 2008. I am sure he will be struggling to continue the dom perignon as a part of the daily routine. Poor Bob Diamond!
Barclays have done everything they can to avoid dipping into the public purse (so far) and Varley and Diamond; the two key operatives are desperate to ensure they can maintain their extraordinary remuneration in light of the public displeasure of such a smell of the entrenched corporate greed in the Banking sector. The scent of money however is too strong and the addiction too alluring to ever consider leaving some on the table for the other stakeholders! Ever alert to market sentiment, Diamond has avoided calling his excessive remuneration (only GBP250K was actually “salary”) a “bonus” because of the smell but instead has re-tagged the payments, in his infinite wisdom as “incentive” payments. A rose, is a rose, is a rose. Both Varley and Diamond need to retire urgently sans the hefty golden parachutes, pension plans, bonuses, stock options, gratuities, free office/sec/travel etc etc etc. Their time has to come to an END and such abuses must be curtailed; it is NOT socially acceptable any longer. WHERE is the voice of the shareholders?!
http://www.guardian.co.uk/business/2009/mar/24/barclays-diamond-pay-cut
