Barclays insider lifts lid on bank's toxic culture- Diamond would have known of traders activities

[JohnyCanuck]

A former senior Barclays employee today exposes the "culture of fear" that operated at the bank and claims Bob Diamond would have been aware of his traders' activities.

Speaking exclusively to The Independent, the banker alleges that senior executives would have known of Libor fiddling in 2008.

The Serious Fraud Office announced yesterday that it had launched a criminal inquiry into interest rate fixing amid increasing clamour for rogue bankers to be prosecuted.

Speaking on condition of anonymity, the banker says that senior Barclays bosses would have been told about Libor concerns because staff were drilled to pass anything untoward up to their managers. Failure to do this meant the sack.

"Libor fixing was escalated by several people up to their directors, they would then have escalated it up the line because at Barclays if you don't escalate, and it is found out that you haven't, it is grounds for disciplinary action. You will be dismissed."

http://www.independent.co.uk/news/business/news/exclusive-barclays-insider-lifts-lid-on-banks-toxic-culture-7920809.html

[unblock]

1. right, no way he didn't know. but why should it matter? here's a thought:

anyone compensated in a way that takes a giant share of the credit when things go right should take a giant share of criminal responsibility and civil liability when things aren't kosher.

hey, that's one way to create a "maximum wage". hey, you're free to earn total compensation in excess of 10 times the lowest paid worker, but if you do, you accept criminal responsibility for any crimes committed by the company.