Banking does not need Diamonds

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The FT notes that Barclays will today confirm Bob Diamond, head of its fast growing investment bank, as its next chief executive.

I suppose we can say thank heavens it wasn’t Roger Jenkins.

And then note that the last thing banking needs now is someone like Bob Diamond: a man whose perception of banking is about self interest, the engineering of profit, the use of offshore and artificial structures, about tax abuse and and is about as far from the future of banking as a supplier of loan capital as we all need.

Barclays haven’t learned.

And the hint is that his current boss, John Varley, is headed for the ConDem government. Have they learned nothing either?

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