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.
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.Reuse content