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Neither the Government, nor any politician, has any business in passing comment on whom a private firm that does not take public money chooses to employ on its Board of Directors.
The recent comments concerning the fate of the now departed CEO of Barclays, Bob Diamond, are yet further examples of when politics meets economics and politicians, of all colours, try to make hay.
Of course fixing Libor is *not* ok, and I’m not defending that. With that said, if every politician had his or her way it seems that Barclays would not have a Board at all.
Comments range from Rachel Reeves, Labour’s Treasury spokesman, saying that Diamond was “not providing the leadership” the bank needed to George Osborne welcoming Diamond’s decision to go are two of the many examples of politicians trying to get involved in who does what at this private institution.
As a publicly listed company, I ask: surely it should be up to the individuals involved, the Board itself and the shareholders of this private institution to pick who runs it and not politicians?
Of course, the recent decision has been made by the Barclays Bank Board and now Diamond will go in front of the Treasury Select Committee without being responsible for Barclays.
I wonder whether Members of that Committee will stick to the issue at hand (the fixing of Libor) and not Diamond’s suitability for the role…
- The Freedom Association’s Magna Carta Pimms and Politics Cruise on June 15, 2013 12:30 pm
- Conservative Renewal Conference on September 14, 2013
- The Freedom Zone on September 30, 2013
- The Freedom Zone on October 1, 2013
- Christmas Lunch in the Cotswolds on December 7, 2013 12:30 pm
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