Bob Diamond (I have written about Barclay's Diamond Geezer before) got his loot at Barclay's shareholders meeting yesterday. A quarter of the share holders voted against Bob's 'package'. Uncle Vince and various media pundits had a paroxysm of joy. At last. The real owners were asserting themselves against the management. Cable and others savoured the moment where 'responsible' capitalism was, at last, rearing its beautiful head.
They should take a closer look at the beast. What did Barclay's waymakers want? When they were asked they were brutally clear.
'We are not getting enough dividends' they moaned. Their shares are 'worth' 70% more this year than last; but what about my dividend, more cocktails Bob - eh? They don't like Bob's share of a cake that they both want to eat and to have.
The bottom line - for bottom feeders. This latest version of responsible capitalism turns into another grotesque carnival of greed.
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