Diamond’s lack of contrition could be fatal

Declining to offer an apology or take responsibility for the scandal at Barclays will not play well with politicians.

David Cameron has said that accountability for the rate-fixing at Barclays has to go “to the very top”. George Osborne called what happened "completely unacceptable" and "symptomatic of a financial system that elevated greed above all". Vince Cable said that Diamond could be prevented from running a company in the future, saying that “There are last resort powers of director disqualification – that is certainly a sanction open to us.” Ed Miliband has called for a criminal investigation.

However, despite the political pressure piling up on him and his company, Barclays chief Bob Diamond has yet to offer any sort of apology. In a letter to Andrew Tyrie, the chair of the Treasury Select Committee, he says:

Barclays traders attempted to influence the bank’s submissions in order to try to benefit their own desks’ trading position. This is, of course, wholly inappropriate behaviour… This inappropriate conduct was limited to a small number of people relative to the size of Barclays trading operations, and the authorities found no evidence that anyone more senior than the immediate desk supervisors was aware of the requests by traders, at the time that they were made. Nonetheless, it is clear that the control systems in place at the time were not strong enough and should have been much better.

Later in the letter (read it in full here) he addresses the accusations of Libor rate-setting, and admits:

Even taking account of the abnormal market conditions at the height of the financial crisis, and that the motivation was to protect the bank, not to influence the ultimate rate, I accept that the decision to lower submissions was wrong.

Neither of these “admissions” comes anywhere near to being an apology, either for the actions of the bank he leads, or for the impact it has had on small business and households. The wording also subtly denies any direct responsibility for Diamond – a “wrong” decision was clearly made, but he doesn’t offer any ideas as to who made it. Stating that the “inappropriate conduct” was limited to a small group of traders also reinforces this position – it strongly recalls the “rogue reporter” claims we’re so familiar with from the phone-hacking scandal, and comes across as an attempt to prevent the blame reaching Diamond and others in the upper echelons of the company.

Diamond will appear before the Treasury Select Committee in the near future, and no doubt Tyrie and his colleagues will take him severely to task over the detail of precisely what happened and who knew what when. But for today, with senior politicians condemning him and pledging to ensure complete accountability, declining even to offer a simple apology for what was clearly a catastrophic series of errors, has just made things a whole lot worse for Bob Diamond.


Bob Diamond addressing the CBI conference in 2010. Photograph: Getty Images

Caroline Crampton is assistant editor of the New Statesman.

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Anxiety is not cool, funny or fashionable

A charitable initative to encourage sufferers to knit a Christmas jumper signalling their condition is well-intentioned but way off the mark.

The other night, I had one of those teeth-falling-out dreams. I dreamt I was on a bus, and every time it stopped one of my teeth plunked effortlessly out of my skull. “Shit,” I said to myself, in the dream, “this is like one of those teeth-falling out dreams”. Because – without getting too Inception – even in its midst, I realised this style of anxiety dream is a huge cliché.

Were my subconscious a little more creative, maybe it would’ve concocted a situation where I was on a bus (sure, bus, why not?), feeling anxious (because I nearly always feel anxious) and I’m wearing a jumper with the word “ANXIOUS” scrawled across my tits, so I can no longer hyperventilate – in private — about having made a bad impression with the woman who just served me in Tesco. What if, in this jumper, those same men who tell women to “smile, love” start telling me to relax. What if I have to start explaining panic attacks, mid-panic attack? Thanks to mental health charity Anxiety UK, this more original take on the classic teeth-falling-out dream could become a reality. Last week, they introduced an awareness-raising Christmas “anxiety” jumper.

It’s difficult to slate anyone for doing something as objectively important as tackling the stigma around mental health problems. Then again, right now, I’m struggling to think of anything more anxiety-inducing than wearing any item of clothing that advertises my anxiety. Although I’m fully prepared to accept that I’m just not badass enough to wear such a thing. As someone whose personal style is “background lesbian”, the only words I want anywhere near my chest are “north” and “face”.  

It should probably be acknowledged that the anxiety jumper isn’t actually being sold ready to wear, but as a knitting pattern. The idea being that you make your own anxiety jumper, in whichever colours you find least/most stressful. I’m not going to go on about feeling “excluded” – as a non-knitter – from this campaign. At the same time, the “anxiety jumper” demographic is almost definitely twee middle class millennials who can/will knit.

Photo: Anxiety UK

Unintentionally, I’m sure, a jumper embellished with the word “anxious” touts an utterly debilitating condition as a trend. Much like, actually, the “anxiety club” jumper that was unanimously deemed awful earlier this year. Granted, the original anxiety jumper — we now live in a world with at least two anxiety jumpers — wasn’t charitable or ostensibly well intentioned. It had a rainbow on it. Which was either an astute, ironic comment on how un-rainbow-like  anxiety is or, more likely, a poorly judged non sequitur farted into existence by a bored designer. Maybe the same one who thought up the Urban Outfitters “depression” t-shirt of 2014.

From Zayn Malik to Oprah Winfrey, a growing number of celebrities are opening up about what may seem, to someone who has never struggled with anxiety, like the trendiest disorder of the decade. Anxiety, of course, isn’t trendy; it’s just incredibly common. As someone constantly reassured by the fact that, yes, millions of other people have (real life) panic meltdowns on public transport, I could hardly argue that we shouldn’t be discussing our personal experiences of anxiety. But you have to ask whether anyone would be comfortable wearing a jumper that said “schizophrenic” or “bulimic”. Anxiety, it has to be said, has a tendency – as one of the more “socially acceptable” mental illnesses — to steal the limelight.

But I hope we carry on talking anxiety. I’m not sure Movember actually gets us talking about prostates, but it puts them out there at least. If Christmas jumpers can do the same for the range of mental health issues under the “anxiety” umbrella, then move over, Rudolph.

Eleanor Margolis is a freelance journalist, whose "Lez Miserable" column appears weekly on the New Statesman website.