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Barclays

GENERAL



BARCLAYS - INSIDER TELLS ALL

60 people were employed in "product development" which was an industry within the Bank.  Overall, 100 people shared £100 million.

2008 - it was clear that the Bank may need Government help as did others.  The order went out - increase yoru reserves by £3 billion. Barclays were anxious to avoid help since it would mean spilling a lot of beans, particularly on bonuses. Anything to avoid that!  

Complex footwork involving Luxembourg, The Cayman Islands, Abu-Dhabi Government and the Royal Family in the shape of Sheik Mansour - wound up in the coffers of the Bank and the reserves up by £3 billion. The Sheikh is one of the Bank's leading shareholders.  Embarrassment avoided.

Money stemming from the Gulf carrid an interest rate of 14% (credit card rates).  But are they not not Moslems?

The Bank told the shareholders a project investment had been made for £3 billion. All very transparent would you say?

The "product development" department  has gone!  It  brought in the bacon - investment success comes from risk - but retail carries a risk. Therefore, aggressive pursuit of profit. Bonuses are given whatever the performance.
Even dividends not bad.

Barclays - shareholders or the public were not important - bonuses were!
Sample year - bonuses £6 billion - shareholders £2 billion
Risk covered by shareholders/underwritten.

Diamond's pay?  Quizzed for months with no success. Then the Bank's annual report (statutory) was sure to have the information required by law.  It was there but it was wrapped in 36 different places and took several weeks to fully uncover - and the answer - shares and cash - £120 million. Who was funding this?

Tax avoidance schemes on an enormous scale.

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