I’VE BEEN KNOWN TO HAVE A TILT AT THE RING. MY MONEY IS ON VARLEY & CO!
After 9 years of deliberations, with Amanda Staveley joyously stirring the pot with her gilded spoon, audaciously claiming of £1 billion for her role in the Qatar £8 billion fund raising activity for Barclays, orchestrated by Roger Jenkins and, I venture to suggest, her good self, the SFO have decided to proffer charges against four Barclays executives – John Varley, the former CEO Roger Jenkins, Thomas Kalaris, a former chief executive of Barclays’ wealth division, and Richard Boath, the ex-European head of financial institutions, have all been charged with conspiracy to commit fraud in the June 2008 capital raising.
Apparently the £8 million was never properly valuated and was shrouded in unorthodox loans made to Qatar by Barclays and commensurate fees. I just cannot believe for ONE minute that Barclays was not very carefully advised by TOP lawyers both sides of the ‘Pond!’ It would have been insane to cobble together a complicated deal without high-class advice.
Frankly, apart from the fact that the law is the law, I am grateful that Barclays never fell to the taxpayer. We should be grateful for that. Talk to anyone – John Varley was the pillar of society, a devout Catholic and a man of integrity. The fact that everyone at HBOS, Lloyds, and RBS has walked away ‘scott-free’ from the biggest financial scandal since the 1929 depression, is an outrage! Over £80 billion had been lost as a result of poor management, lousy credit analysis and excessive greed of a few. Yet no one has been brought to book.