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Should Mike Rake take over from Mr Agius at Barclays...

So is Sir Michael Rake (ex chairman of KPMG International), the right person to fill Marcus Agius shoes in the light of the following:

He held the following positions at Barclays from 2008

  • Independent Non-Executive Director, Chairman of Audit Committee, Member of Corporate Governance & Nominations Committee, Member of Risk Committee and Non- Executive Director of Barclays Bank Plc
  • Senior Independent Director and Member of Risk Committee
  • Non Executive Director, Member of Audit Committee and Non Executive Director of Barclays PLC

Therefore

  • Did he raise any concerns in his capacity with any of these positions at Barclays
  • What precisely did Mr Rake do about the fraudulent situation at Barclays
  • Has he failed in his duties as a non-executive director
  • Is ignorance (plausable deniability or otherwise) an excuse for failing to see the problems - especially in the light of his training and positions held at the bank
  • Does his historic involvement with this fraud tarnish his capacity to hold any position of authority in the future

Finally, as a member of the profession do you want a person such as Mr Rake to be representative of the accountancy profession in the eyes of the public?

http://www.accountingweb.co.uk/blog-post/bent-bankers-need-jail-not-regulation

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03rd Jul 2012 09:13

Hmmmm ... it's par for the course these days, isn't it?

This happens so frequently that it is accepted as being normal!

Ethics, morals, fairness to your customers, etc. are all a dim and distant memory, and not just among bankers. It's get what you can while you can, however you can get it, and if you personally can't get it ... make sure a mate gets it so he can 'owe you one' and you can call in the favour at a later date!

Governments won't do anything but make noises, because they are part (and probably the forerunners) of these practices.

Sorry about the cynicism ... I am just fed up of scandal after scandal, and the perpetrators always seem to come out of it unscathed, and with a golden handshake to boot.

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03rd Jul 2012 10:22

last time i resigned i was

told to work my notice and be thankful for it.  So it surprises me that someone can resign and yet be entitled to 12 mths pay + benefits etc etc!?!??!

 

lets put the top rate up to 70%, tax share options schemes for execs to the hilt and get them to all leave if they feel that way.....these people are not wealth creators (well except for themselves) - in the end taxpayer picks up the tab everytime, whether that is contributing to society thru paying the right amount of tax, or having to take austerity measures on the chin in order to bail out the banks and their execs, whilst our friendly neighbourhood celebrities, MPs, Millionaires etc ensure they pay at most the same level of tax as a basic rate taxpayer so contributing the bare minimum to the society they live in and enjoy.

 

 

 

 

 

 

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03rd Jul 2012 10:37

Better solution..

...withdraw their banking licence....something that should happen to a few banks....and should have happened years ago. Various issues could not have continued without the authority of management. or shareholders.

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By dstickl
04th Jul 2012 08:02

If Rake's @ BT, then will Barclays' culture change 4 the better?

Hi JC! You've asked a good question!

May I add this one: IF Barclays' culture is/was part of the problem(s), and IF Rake is a Board member at British Telecom, THEN will Barclays' culture change for the better - for customers?

Please also see my comments on this link:- 

http://www.accountingweb.co.uk/article/labour-mp-making-hmrc-more-accoun...

about whether the "BBA LIBOR" registered trademark should be de-registered by the Intellectual Property Office.

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