Another day, another shonky deal. This time by the Barclays Banksters (again)! Barclays, ever desperate to repair it’s ailing balance sheet and ever mindful of the need to line their pockets on the way through have done it… again! This time they have shifted GBP3.1 billion of assets off the balance sheet to CVC Capital (Citi Venture Capital) and they have largely funded it to the tune of GBP2 billion and on the way through…. wait for it… the senior Barclays Bank management have managed to pocket GBP150 million! Not bad for a days work and CVC are also sneaking in GBP34 million in fees. Varley and Diamond must be smiling as they sip their Krug!
Best of all, they are billing it as a win for the ’shareholders’?! Somebody has to put a stop to this madness. Where are the newly strident FSA when they are needed? Even though Barclays’ have managed to cleverly stay out of the pocket of HM Treasury, they are still stealing from the shareholders by lining their pockets unashamedly on the way through. Have these guys got no moral scruples whatsoever?
Raising GBP3 billion is far from enough however as some ‘experts’ argue that Barclays needs another GBP 15 billion or so to get the balance sheet ratio’s in line with their peers. This means we can all expect to see more, new, creative deals from Varley, Diamond & Co to line their pockets enhance the tier 1 capital of the bank. This is all for the betterment of the ’shareholders’…
http://www.telegraph.co.uk/finance/newsbysector/banksandfinance/5129088/iShares-sale-nets-Barclays-staff-150m.html
Shonky – def - http://www.urbandictionary.com/define.php?term=shonky
