Bob Diamond said a lot in his three hours of testimony – but what did he really mean?

James Moore analyses Bob Diamond's answers at the Select Committee hearing

On his pay off

What he said "That's not a matter for me it's a matter for the board. I have not asked them nor has it been of interest to me in the last day or so. Since I resigned my focus was on preparing for today."

What he meant You lot might have pushed me into giving my bonus up before, but not this time. I'm not at Barclays now – you've lost your leverage. The board can try to claw back shares, but they'd better be on sound legal ground. I'm keeping the money.

On his resignation

What he said "It was my decision to leave because of the intensity of focus on my leadership."

What he meant You can ask Barlcays Chairman Marcus Agius whether the regulators demanded I quit. But they can go to hell. This was my decision and I made it because I'm a man of honour who loves Barclays.

On the memo he sent after his call with Bank of England deputy Paul Tucker

What he said "The importance of the call to me was the heads-up about the concerns in Whitehall who felt that since we were the high Libor submission it might mean something different than it meant."

What he meant Tucker in no way suggested that we should mis-state borrowing costs – he's in the clear. We were scared that government officials were about to take over and he gave us a heads up. I sent the memo around so everyone, especially Barclays' then CEO, John Varley, was aware. Jerry del Missier, my No 2, wrongly interpreted the memo.

On his communications with Jerry del Missier about the memo

What he said "I was not aware that Jerry had a miscommunication or a misunderstanding, Jerry didn't say that to me."

What he meant Jerry's a big boy and a senior executive who's paying because he's also lost his job.

On regulators

What he said "I'm not going to pick out the FSA. There were multiple many-month, many-year conversations initiated by Barclays [with various regulators] that there were issues about this [Libor]. We can't sit here and say no one new there was an issue. We can't say this was a surprise. On multiple occasions Barclays visited regulators to bring this to their attention."

What he meant What about the watchdogs? We told them there was an issue. Get them in here.

On the background at the time the call was made

What he said "This was a very pressurised situation. This was probably a momentous week in the history of Barclays and the history of the financial markets."

What he meant We were fighting for our lives in a financial crisis. We weren't getting a lot of sleep. Is it any wonder there were problems and memos got misinterpreted?

On the rates Barclays submitted to Libor

What he said "Barclays was nearly always in the top two."

What he meant Because of this, Barclays rates were excluded from the Libor calculation because other, weaker banks, were playing fast and loose with their submissions far more than we were. And as our rates weren't included in the calculation, lawyers don't have a case.

On being first to confess

What he said "There is a danger – and Barclays will never do this – that others, when finding out about a scandal, won't come forward.

What he meant The fifth or sixth bank to be found out isn't going to get anything like the kicking we've had. So, in future scandals, no one will come forward first. Is that what you really want? Give us a break.

On the regulators

What he said "All three regulatory agencies applauding Barclays for their cooperation, for their analysis, for their proactivity."

What he meant Just wait and see what they have to say about everyone else.

On breaking up Barclays

What he said "It is interesting that of the fines you mention [including PPI misselling and dealing with Iran], a lot of this was happening in what you would think of as the boring bank."

What he meant I'm not a "casino banker" – and there's no case for splitting up Barclays.

On the traders' talk of Bollinger and fixing rates

What he said "When I read the emails from those traders, I got physically ill. It's reprehensible behaviour and if you're asking me should those actions be dealt with, absolutely."

What he meant Blame them.

On the possibility of criminal charges for those involved

What he said "There will be, I understand, follow-up criminal investigations on certain individuals. It's not up to us but we're certainly not going to stand in the way of it."

What he meant Throw the book at them. They've cost me my job.

On his management style

What he said "I certainly preferred a consensus style of management."

What he meant It's not about me. There was no problem with the culture.

On being told he did a good job in building up Barclays Capital

What he said "I'm just looking for a little love here."

What he meant Bankers have feelings too.

peopleFrankie Boyle responds to referendum result in characteristically offensive style
Life and Style
Couples have been having sex less in 2014, according to a new survey
New Articles
i100... with this review
Holly's review of Peterborough's Pizza Express quickly went viral on social media
footballTim Sherwood: This might be th match to wake up Manchester City
Arts and Entertainment
musicHow female vocalists are now writing their own hits
New Articles
ebooksAn unforgettable anthology of contemporary reportage
Arts and Entertainment
musicBiographer Hunter Davies has collected nearly a hundred original manuscripts
Blahnik says: 'I think I understand the English more than they do themselves'
Arts and Entertainment
Michelle Dockery as Lady Mary Crawley in Downton Abbey
TVInside Downton Abbey series 5
Life and Style
The term 'normcore' was given the oxygen of publicity by New York magazine during the autumn/winter shows in Paris in February
fashionWhen is a trend a non-trend? When it's Normcore, since you ask
Latest stories from i100
Have you tried new the Independent Digital Edition apps?
Independent Dating

By clicking 'Search' you
are agreeing to our
Terms of Use.

iJobs Job Widget
iJobs Money & Business

Senior BA - Motor and Home Insurance

£400 - £450 Per Day: Clearwater People Solutions Ltd: **URGENT CONTRACT ROLE**...

Market Risk & Control Manager

Up to £100k or £450p/d: Saxton Leigh: My client is a leading commodities tradi...

SQL Developer - Watford/NW London - £320 - £330 p/d - 6 months

£320 - £330 per day: Ashdown Group: The Ashdown Group have been engaged by a l...

Head of Audit

To £75,000 + Pension + Benefits + Bonus: Saxton Leigh: My client is looking f...

Day In a Page

Scottish referendum: The Yes vote was the love that dared speak its name, but it was not to be

Despite the result, this is the end of the status quo

Boyd Tonkin on the fall-out from the Scottish referendum
Manolo Blahnik: The high priest of heels talks flats, Englishness, and why he loves Mary Beard

Manolo Blahnik: Flats, Englishness, and Mary Beard

The shoe designer who has been dubbed 'the patron saint of the stiletto'
The Beatles biographer reveals exclusive original manuscripts of some of the best pop songs ever written

Scrambled eggs and LSD

Behind The Beatles' lyrics - thanks to Hunter Davis's original manuscript copies
'Normcore' fashion: Blending in is the new standing out in latest catwalk non-trend

'Normcore': Blending in is the new standing out

Just when fashion was in grave danger of running out of trends, it only went and invented the non-trend. Rebecca Gonsalves investigates
Dance’s new leading ladies fight back: How female vocalists are now writing their own hits

New leading ladies of dance fight back

How female vocalists are now writing their own hits
Mystery of the Ground Zero wedding photo

A shot in the dark

Mystery of the wedding photo from Ground Zero
His life, the universe and everything

His life, the universe and everything

New biography sheds light on comic genius of Douglas Adams
Save us from small screen superheroes

Save us from small screen superheroes

Shows like Agents of S.H.I.E.L.D are little more than marketing tools
Reach for the skies

Reach for the skies

From pools to football pitches, rooftop living is looking up
These are the 12 best hotel spas in the UK

12 best hotel spas in the UK

Some hotels go all out on facilities; others stand out for the sheer quality of treatments
These Iranian-controlled Shia militias used to specialise in killing American soldiers. Now they are fighting Isis, backed up by US airstrikes

Widespread fear of Isis is producing strange bedfellows

Iranian-controlled Shia militias that used to kill American soldiers are now fighting Isis, helped by US airstrikes
Topshop goes part Athena poster, part last spring Prada

Topshop goes part Athena poster, part last spring Prada

Shoppers don't come to Topshop for the unique
How to make a Lego masterpiece

How to make a Lego masterpiece

Toy breaks out of the nursery and heads for the gallery
Meet the ‘Endies’ – city dwellers who are too poor to have fun

Meet the ‘Endies’ – city dwellers who are too poor to have fun

Urbanites are cursed with an acronym pointing to Employed but No Disposable Income or Savings
Paisley’s decision to make peace with IRA enemies might remind the Arabs of Sadat

Ian Paisley’s decision to make peace with his IRA enemies

His Save Ulster from Sodomy campaign would surely have been supported by many a Sunni imam