Daily Archives: September 3, 2012

Exclusive: Barclays Rebuff For JP Morgan Exec

The City regulator is poised to demand that Barclays strengthens the management of its vast investment bank after an eleventh-hour decision to shun a senior JP Morgan Chase executive as the successor to Bob Diamond.

I have learned that Jes Staley, chairman of corporate and investment banking at the Wall Street giant, was interviewed for the chief executive’s post several times by directors of Barclays, including Sir David Walker, its new chairman.

As part of the recruitment process, Mr Staley had agreed to fly to London earlier this week to hold talks about the job with Lord Turner, chairman of the Financial Services Authority, and Sir Mervyn King, governor of the Bank of England, according to insiders.

Barclays directors had also flown to New York to interview Mr Staley in recent weeks, with some board members keen for him to be appointed.

Instead, Barclays announced on Thursday that Antony Jenkins, the head of its retail and business banking operations, would succeed Mr Diamond.

People familiar with the recruitment process said that Mr Staley got as far as discussing with Barclays board members the timing of a potential announcement of his appointment as the bank’s new boss. A director of Barclays insisted that Mr Staley had never been formally offered the job.

A senior City source confirmed, however, that Mr Staley’s name had been floated past senior Treasury officials. The person suggested that Barclays had been alerted to the “reputational implications” of appointing an American investment banker as its new chief executive, and of needing to compensate a rival bank’s employee for the loss of any share options prompted by their defection.

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First Audit Results In The Federal Reserve’s Nearly 100 Year History Were Posted Today, They Are Startling!

What was revealed in the audit was startling:

$16,000,000,000,000.00 had been secretly given out to US banks and corporations and foreign banks everywhere from France to Scotland. From the period between December 2007 and June 2010, the Federal Reserve had secretly bailed out many of the world’s banks, corporations, and governments. The Federal Reserve likes to refer to these secret bailouts as an all-inclusive loan program, but virtually none of the money has been returned and it was loaned out at 0% interest. Why the Federal Reserve had never been public about this or even informed the United States Congress about the $16 trillion dollar bailout is obvious – the American public would have been outraged to find out that the Federal Reserve bailed out foreign banks while Americans were struggling to find jobs.

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The list of institutions that received the most money from the Federal Reserve can be found on page 131of the GAO Audit and are as follows..

Citigroup: $2.5 trillion ($2,500,000,000,000) Morgan Stanley: $2.04 trillion ($2,040,000,000,000) Merrill Lynch: $1.949 trillion ($1,949,000,000,000) Bank of America: $1.344 trillion ($1,344,000,000,000) Barclays PLC (United Kingdom): $868 billion ($868,000,000,000) Bear Sterns: $853 billion ($853,000,000,000) Goldman Sachs: $814 billion ($814,000,000,000) Royal Bank of Scotland (UK): $541 billion ($541,000,000,000) JP Morgan Chase: $391 billion ($391,000,000,000) Deutsche Bank (Germany): $354 billion ($354,000,000,000) UBS (Switzerland): $287 billion ($287,000,000,000) Credit Suisse (Switzerland): $262 billion ($262,000,000,000) Lehman Brothers: $183 billion ($183,000,000,000) Bank of Scotland (United Kingdom): $181 billion ($181,000,000,000) BNP Paribas (France): $175 billion ($175,000,000,000) and many many more including banks in Belgium of all places

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