Barclays: Bob Diamond Breaks His Silence

Written By Unknown on Minggu, 05 Mei 2013 | 00.02

Former Barclays boss Bob Diamond, who resigned in the wake of last year's Libor scandal, is reportedly planning a new merchant bank to operate in Africa and Europe.

According to the New York Times, American-born Mr Diamond has been speaking to investors across the world, with plans to buy stakes in businesses in Africa - where he expects future growth to be substantial.

The paper said: "And his other thesis is that Europe's banking system is going to be dismantled, so opportunities to buy pieces on the cheap will be abundant."

Mr Diamond, 61, also told the New York Times he did not know the mechanics of the interbank lending rate, until just before Barclays was fined £290m for rate manipulation.

He said: "If you asked me who at Barclays submitted the rate every day I wouldn't be able to tell you.

"(But) I bet you if you asked any chief executive of any bank on the street, they would give you the same answer."

Mr Diamond resigned in early July after Bank of England governor Sir Mervyn King apparently lost trust in the Barclays boss.

Bob diamond treasury select committee Mr Diamond was grilled by MPs over his bank's culture

The then chairman of Barclays, Marcus Agius, told MPs that Mr Diamond "was not in a good place" before he resigned over the rate-fix scandal.

He left the firm with his £2m annual salary and pension but waived a bonus worth up to £20m.

Mr Diamond, who was photographed by the US newspaper commuting on a New York train without an entourage to his modest office in Brooklyn, admitted it was still difficult to accept he was forced out of the job.

He said: "It's hard for me to talk about it - I've tried to move on."

The newspaper said Mr Diamond now lives in a 40th-floor penthouse overlooking Manhattan's Central Park, with singer Sting as a neighbour.

It said he bought the $37m (£24m) property through a Russian-sounding shelf company to avoid adverse publicity on the purchase.

The newspaper added that Mr Diamond also has holiday homes in Colorado and on the eastern seaboard in Nantucket.

"But we don't have a boat, we don't have fancy cars. I think we have lived well, but it hasn't been about accumulation or anything like that," he said.

Mr Diamond said: "I never did anything for money. I never set money as a goal. It was a result.

"And if you look at how (my wife) and I and our three kids have lived our lives, as soon as we had any money at all, we created a family foundation.

"The only car I own, honestly, is an 11-year-old Jeep on Nantucket."


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