Simon English: Jerry showing a genius for trousering £9m

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The Independent Online

Outlook Just how brilliant is Jerry del Missier? The £9m pay-off he is getting from Barclays shows the answer must be: extraordinarily. One of the most staggeringly gifted minds on the planet. Some combination of Albert Einstein and Sir Isaac Newton with a hint of Warren Buffett. Good-looking bloke too.

His pay-off reflects the fact that he is so brilliant (and handsome). And is indicative of the wider truth that all of the most excellent humans work either in the City or on Wall Street.

Unless of course this reward is a totally absurd affront to the rest of us.

What do we know about Mr del Missier? That as chief operating officer of Barclays he helped his boss Bob Diamond build a sizable investment bank. And that he had to resign after ordering his traders to manipulate global interest rates, supposedly after misunderstanding an email from Mr Diamond.

Tricky things emails. Some think it might be best to check that what you read is what the sender means, especially if you're about to start tinkering with Libor, but perhaps he forgot. They say Mr Einstein was absent minded.

Anyway, his actions cost Barclays £290m in fines and much more in reputational damage.

A sensible organisation that was run on behalf of its owners and its customers would offset that £9m against the damage he had caused. Barclays, in case this isn't already clear, is run in the interests of a small number of staff.

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