barclays will ge coming out with trading update on 07.05.2009 It is expected to report profits higher than market expectations.

A good Buy Medium to Long term

now for the truth about HBOS ming daniels brown balls
MUST COME CLEAN ON THE RIGGING TO DESTOY LLOYS HOLDERS
ILLEGALY NOT HAVING BEEN GIVEN THE TRUE PICTURE AT HBOS GETTING BILLIONS FROM THE BOE

Presumably we can see some weakness now in the BARC sp until a replacement is found? I don't suppose Bob will have any difficulty in finding a new job however, taking his share options & severance pay with him!

Tomorrow should be interesting at the very least!

Bob will be on the hot chair tomorrow.

And his tongue will/may be somewhat "looser"!

May find out where the jewels are!

Diamond ‘hounded out by MPs’

On Friday night Barclays board, in an emergency meeting, decided that both Bob Diamond and Marcus Agius should tough it out: they did not need to quit their respective roles of chief executive and chairman.

Then on Saturday night, Marcus Agius took a personal decision to become the lightning rod for the criticism, to protect Barclays and Mr Diamond, so he decided to resign - which he told colleagues about on Sunday morning and was confirmed yesterday.

But the lightning continued to strike Mr Diamond. And so last night, after long discussion with colleagues, Mr Diamond decided go.

Why?

.

Lots of research notes out today on BARC. This one from KBW:
"We had thought yesterday that the resignation of Marcus Agius (chairman) was sufficient to remove some pressure, in which case the search for a new CEO could have been carried out in an orderly manner. Clearly, that has turned out not to be the case. We also thought that the fundamental investment case when struck against the current valuation (0.47x 2012E NAV/5.5x 2013E EPS) took much into account and that, over time, Barclays' relative position within the wider industry examination of LIBOR setting may be put into more context. We think that view remains. While today's news is a negative development for us, we think that the fundamental attractions of the stock justify a positive view despite the additional uncertainty. We retain an Outperform rating, but acknowledge the stock could be volatile until some clarity re-emerges.
Fundamentals vs uncertainty. We have liked the fundamental investment case (0.47x 2012E NAV/5.5x 2013E EPS) for some time. Share price performance over the last week (-13% absolute/-17% relative to EuroBanks) takes a fair amount of the potential civil damages on the LIBOR probe into account, we think. While today's news is incrementally negative for us and the internal review of past practices will bring question marks over further change, we think that the value we see in the stock will ultimately be realised."

Merve the swerve had better watch his back tomorrow!

BOE's King Told Barclays He'd Be Happy To See CEO Go - BBC

Today : Tuesday 3 July 2012


LONDON--Bank of England Governor Mervyn King telephoned outgoing Barclays PLC (BARC.LN) chairman Marcus Agius Monday to indicate he would be happy to see Chief Executive Officer Bob Diamond leave the bank in the wake of the Libor scandal, the BBC reported Tuesday, citing an unnamed Barclays source.

Mr. Diamond resigned early Tuesday. His exit follows news that Barclays paid millions of pounds to U.K. and U.S. regulators to settle claims that some of its traders sought to manipulate the London Interbank Offered Rate, or Libor, a key interest rate linked to commercial loans and mortgages.

The Bank of England declined to comment.

BREAKING NEWS:Barclays chief operating officer Jerry del Missier resigns with immediate effect.

Interesting to see Ed Millipede calling for a Leveson type probe into the libor fixing scandal, was it not the ex-chancellor Buffoon Brown who ignored a report that libor was being fiddled, was it also not Buffoon Brown our illustrious PM when Labour (including Millipede and Balls-up) discounted claims from Tom Bond the whistleblower at Barclays.
2517

George - they are showing either incredible arrogance or amnesia - I know where my money is!

Tony Robinson – Question Time – About the UK Banks

Well said Sir
The legend that is Baldrick lays it down on the UK topical debate show, taking on those nefarious banking hoodlums and pulling no punches.

Instead he calls them criminals and gets all passionate and angry about what those swines have done to us! First round, Tony. Over to you, bankers…

http://www.prankies.com/humor/tony-robinson-question-time-about-the-uk-banks/

Agree skinny, incredibly arrogant individuals with selective memories.
2517

Bob Diamond to be quizzed at 2pm on BBC News Channel or here.

Barclays turned blue and ticking up!

From Twitter

Search for Higgs boson took 45 years and still no one is sure what exactly has been found. Possible model for government's Barclays inquiry?

So Bob Diamond finally went. On Tuesday the Barclays boss stepped down as public anger grew over the bank’s role in manipulating the key Libor interest rate. Diamond had managed to survive previous scandals, such as the miss-selling of insurance, but this was one gaffe too far on his watch.

Some industry figures have claimed that the public reaction is exaggerated. On Thursday Merryn Somerset Webb disagreed. “It doesn’t make sense to blame one man for everything, but as the CEO of Barclays he has been responsible for a great deal.

“It was heavily involved in the PPI scam. It recently had to pay a huge amount to HMRC for its crummy tax avoidance scheme. Like the other high street banks it provides a pretty awful customer experience riddled with inappropriate cross selling and thievingly low interest rates.” And now there is the matter of its role in the Libor fiasco.

That would be bad enough for any company, says Merryn, but you also have to consider that Barclays gets a lot of help from the public purse.

“It is one of the largest private sector employers the UK (it employs 140,000-odd people) and so it benefits not only from the implicit subsidy that comes simply from being a big bank with the right to create money, but also from all the implicit subsidies of our welfare state.” So “the media and the public have every right to criticise it – and those responsible for it”.

Besides, even when you judge Diamond on his no-doubt preferred financial criteria – the ability to make money for his shareholders – he also falls short.

“If you’d invested a pound in the FTSE in 2005 (when Diamond joined the board) and hung on to your dividends you’d now have £1.08, notes a story in today’s Times. If you’d invested it in HSBC you’d have 78p. If you’d invested it in Barclays you’d have 29p. Which is rubbish, really. In the same time period, Diamond has been paid £119m.”

But perhaps his biggest failing has been his inability to read the public mood, says Merryn. “His institution has public elements to it and it is somewhat in debt to the public (those low interest rates that are rebuilding bank balance sheets aren’t doing much for ours). But he has catastrophically failed to judge or perhaps even to care about the public mood.”

What the hell is an 'implicit subsidy'?