Lord Mandelson attacks Barclays head

#1
Oh dear!

New Labour's unofficial leader throws his teddy out of the cot with a good old bit of traditional socialist wage packet envy!!!

Lord Mandelson attacks Barclays head

Lord Mandelson has launched a personal attack on the president of Barclays, Bob Diamond, branding him the "unacceptable face" of banking.

The business secretary told the Times that Mr Diamond, head of the bank's investment arm, had taken £63m in salary which could not be "justified".

He said he had made the money by "deal-making and shuffling paper around".

Barclays said Mr Diamond had a basic salary of £250,000 and dismissed the £63m figure as "total fiction".

Cont/...
Is this the best he can come up with to rouse the rabble of traditional New Labour support that is flooding towards the BNP?
 
#2
It might be a bit of he has more money than me, but don't worry Mandy your pal Tony has much much more, after all he is true to his socialist core!
 
#3
I wonder if Lord Peter had a dsicrete approach to Barclays to become their roving Ambassador when Labour lose the election politely but firmly rejected . A new career in the Banking World would now seem to be out of the question for him now .
 
#4
Didn't Barclays get away without needing a bail out... I suggest Mandy vents his spleen on those bankers paying themselves bonuses in failed banks that we bailed out.
 
#5
This would be Gaylord Mandlebum who spends his time cruising on Russian Billionaire Oligarchs yachts?
 
#7
whitecity said:
Oh dear!

New Labour's unofficial leader throws his teddy out of the cot with a good old bit of traditional socialist wage packet envy!!!

Lord Mandelson attacks Barclays head

Lord Mandelson has launched a personal attack on the president of Barclays, Bob Diamond, branding him the "unacceptable face" of banking.

The business secretary told the Times that Mr Diamond, head of the bank's investment arm, had taken £63m in salary which could not be "justified".

He said he had made the money by "deal-making and shuffling paper around".

Barclays said Mr Diamond had a basic salary of £250,000 and dismissed the £63m figure as "total fiction".

Cont/...
Is this the best he can come up with to rouse the rabble of traditional New Labour support that is flooding towards the BNP?
Mandelson and his friends do seem to be lashing out rather indiscriminatingly at the moment.

A bit of a panic?
 
#8
InVinoVeritas said:
Didn't Barclays get away without needing a bail out... I suggest Mandy vents his spleen on those bankers paying themselves bonuses in failed banks that we bailed out.

Mandelson and his 2 i/c, G Brown, don't do detail.
 
#10
InVinoVeritas said:
Didn't Barclays get away without needing a bail out... I suggest Mandy vents his spleen on those bankers paying themselves bonuses in failed banks that we bailed out.
Correct - unlike RBS, Northern Rock and HBOS. Which are all failed businesses. Mandy doesn't like to be told the truth by the Gaffers of companies which haven't failed - that increasing NI payments will cost jobs. As an employer I can assure you this is true.
 
#11
The noble twunt needs to ind who he dishes bollockings out to, he may find himself whining at their doors for a job in a few weeks.
 

seaweed

LE
Book Reviewer
#12
Barclays nimbly sidestepped the Marxist heffalump trap and Mandelbum is sore about that. How Barclays run their business is no business of any politician as long as the company stays within the law.

Also, continuing sniping at bankers' money is intended to stop the public coming back to MPs' racketerring and the Blairs shameless grafting.
 
#13
Silver_Bull said:
InVinoVeritas said:
Didn't Barclays get away without needing a bail out... I suggest Mandy vents his spleen on those bankers paying themselves bonuses in failed banks that we bailed out.
Correct - unlike RBS, Northern Rock and HBOS. Which are all failed businesses. Mandy doesn't like to be told the truth by the Gaffers of companies which haven't failed - that increasing NI payments will cost jobs. As an employer I can assure you this is true.
Absolutely agree, but that only applies to the private sector.

It is unlikely to occur in the state sector because departments reduce the employee head count and then employ more consultants. So what is saved on the one hand is spent on the other.
 
#14
I want to know how many giant global companies Mandelson has run?

He is a sh1t-stained disgrace and the best reason ever for the abolishment of the House of What Were Lords.

Another little skirmish in the fatuous and seventies' style Class War - pathetic, truly pathetic.

Attacking a man who generates huge wealty for the country whilst ignoring the facile and quasi-criminal twerps like Applegarth of 'Northern on the Rocks' and the clown former chairman of Lloyd's TSB, just sums up this failed and inept administration's disconnection from the financial world in particular and the real world in general.

Where is Mandelson's puppet the ogre like oaf Brown? Anyone heard about him recently?

Please note the failed 'mammaries up' banks are all from the sewer of Labour's vote base:

Royal Bank of Scotland; Halifax Bank of Scotland; Northern Rock; Bradford and Bingley.
 
#17
I couldn't care less how much the guy made, his company made over £11 billion profit last year, so as the head of that company he's entitled to a hell of a lot of money.

The thing i get annoyed at is when banks of finance companies basically take every single penny out in wages and bonuses, then a bad year comes along and they're cap in hand to the government or looking to sack their workforce, but the way it looks at Barclays they are making sure they have assets in place and a business plan that works, so fair do's, let them have their bonuses. Again, as long as they're paying the tax and not passing it through Lichtenstein/Caymans/Channel Islands then i can't see why Labour would have a problem either.

The whole envy thing is getting a bit tiring now, it's the same with some of the RBS/HBOS guys, some of the guys working for them have made vast profits for their area, so deserve the bonus, it's the 'bonus culture' i can't stand, where people who are in loss making areas get a bonus, or the board of directors get bonuses for making a loss, that's not right.
 
#18
From the Telegraph:

"Mr Diamond, who won plaudits for waiving his rights to a bonus for last year, has collected a package whose combined elements could be worth as much as £60m.

The pay deal, the details of which were published in Barclays annual report yesterday, in set on a base of a salary of £384,000. But Mr Diamond, who heads up Barclays Capital, also received £26.8m cash from the sale of his shares in Barclays Global Investors (BGI). The asset management division, which Mr Diamond helped create, was sold to Blackrock last year.

Mr Diamond was awarded £6m of Barclays shares that vest in three years time, plus the right to earn a further £12m shares over the next two years if he hits performance targets set by the long-term incentive scheme. As part of the long-term payments, Mr Diamond collected £15.6m from two lots of bonus payments he was awarded in 2005 but are only vesting now.

John Varley, chief executive of Barclays, was paid an annual salary of £1.1m. He also waived his right to a bonus but received a significant boost to his pension fund taking it from £12.3m transfer value to £17m.

Both directors have agreed to 'claw-back' terms under which they will repay some of their pay if Barclays fails to perform. The annual report added that they would not have an increase in their remuneration for 2010".

So Mandelson is wrong to call this a salary - it is the result of a combination of things if everything goes well at Barclay's, and proceeds from his share of selling off BGI. So the majority of it is shares. I do remember him being "realxed about people getting filthy rich".

I suppose the Govt will be turning down the tax he will be paying on this.....

Having said that - it is an extraordinary amount of money - and just illustrates how under Labour the gap between the rich and poor has widened significantly, and I think it is things like this that resulted in MP's excessive expenses. Bear with me - up until the 1950/60's, say, MP's would have been amongst the top 5-10% earners in the country - not ministers, ordinary MP's, but with the advent of billionaires and many millionaires then you can see that MP's would feel they were falling behind, to the extent that many council executives earn more than the Prime Minister, (and some footballers earn more in a week than the PM earns in a year which must be madness).

Don't get me wrong - I'm not saying they are worth any more in the real world and when compared to real people who pay their taxes, but the explosion in earnings of a lucky few (and I use the term "lucky" advisedly) isn't a true reflection of people's relative worth.

Odo
 
#19
Much as I loath Mandy here the well closeted paternalist Tory has a point.

After what the incompetent UK banking sector has done to the nations wealth it takes a peculiar kind of weasel to defend them. There will always be some folks that just enjoy getting messily shafted by their betters while tugging their forelocks.

George Osborne also got accused of populism when he had a go at the shamelessly greedy Diamond and his ilk.
 

Similar threads

New Posts

Top