Barclays is flogged

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Barclays is being flogged off for the sake of its internal tax abusers - Roger Jenkins and Bob Diamond - but only just.

As The Guardian has noted:

The extent of investor fury at Barclays' £7bn fundraising was demonstrated today when almost a quarter of shareholders failed to support the controversial plan.

At an extraordinary meeting called to endorse the fundraising, shareholders accused Barclays of a "clear and egregious" breach of their rights and accused the bank of forcing them into a game of Russian roulette as they were left with little choice but to allow Middle Eastern investors to take a 31% stake in the bank.

Even so, almost 15% voted against the fundraising while nearly 10% abstained. The bank needed 75% of its shareholders to back the plan and, as abstentions are not counted, it was passed by 85% approval - considerably lower than the 99% who backed the Royal Bank of Scotland cash call last week.

Staggering. And a shame it went through.

But I hope the Board is slaughtered when it comes to re-election next year. These people are not suitable to run a bank. They have abused trust all round. And they make money by abusing tax systems.

Candidly: this is a company we could now do without, so anti-social is its conduct.