Having worked at the Barclays group during the early 1990s, a period when the firm made its initial futile efforts at transitioning itself from a "classic" commercial clearing bank" into an investment bank, I remain respectful about the later successful contribution made by Mr. Diamond. Only after bringing him on board, after numerous internal candidates failed, did the group finally have a leader with the intellect, savvy and energy to garner the commitment of a capable staff and the respect of the marketplace!
No doubt, to sustain a competitive market presence, he stressed an incentive system that was extreme, but that was the only way the business could have functioned during this period, given the overall industry compensation structure!
I am deeply concerned that Mr. Diamond is being depicted as the "Ugly American" by the U.K. press and authorities, only after everyone over there enjoyed themselves at the party for ten plus years.
These considerations are not intended to defend his role in the Libor scandal, which at some level he must accept responsibility, but only to offer a well deserved and balanced commentary, rather than "hypocritical babble."
