Goldman Sachs, Greek Debt and Greed

Goldman Sachs’ advice to Greece to enter into an exchange rate swap deal in 2001 proved not only to be costly at the time but had almost doubled the original debt by 2005

Rake’s Progress

As if things weren’t confusing enough for Barclays Bank shareholders we now learn that deputy Chairman and Senior Independent Director (SID) Sir Michael Rake is to leave to take up the Chairmanship of another financial services company (in addition to his role as Chairman of BT). This news came in the same week as theContinue reading “Rake’s Progress”

Barclays – comply or explain

The UK Corporate Governance Code, best practice advice for the UK’s listed companies, states that “There should be a clear division of responsibilities at the head of the company between the running of the board and the executive responsibility for the running of the company’s business. No one individual should have unfettered powers of decision”Continue reading “Barclays – comply or explain”

Fund managers attack bankers’ pay

Leading fund managers, including L&G and Jupiter, have stepped up their attack against huge pay rises at the UK’s biggest banks. In recent weeks, several of the UK’s biggest investment groups have met bank boards to urge them to restrain pay and restructure the way they reward staff, especially within their investment banking arms. Barclays,Continue reading “Fund managers attack bankers’ pay”