In the typical style of a Government U-Turn Bob Diamond has gone and Marcus Agius, who had already resigned yesterday, will now take over the running of Barclays until a new chief executive is appointed. Whilst it is bad enough that they were fiddling like Nero to line their own pockets, it transpires that the consequence of what they were doing increased the amount of repossessions.
“Housing Minister Grant Shapps has admitted the fixing of the Libor interest rate, may have been a ‘contributory factor’ to the number of repossessions. Mr Diamond has stated that they only fractionally altered their libor-rate by ‘typically less than one basis point.’ However a basis point is 0.01 per cent – although even such a minor adjustment could have a huge effect on markets and ultimately on customers.”
Same old story, the rich do as much as possible to get richer but it is the working class that always suffer as a consequence. I’m sure Mr Diamond could use his ‘severance package’ to help those affected get their homes back.
The sociological damage that may also have an indirect link is never reported on neverending – as a result of repossession – a couple may break up, kids may suffer as a result, fail exams etc etc.. There are key points in everybody’s life that if something different had happened………….