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“I must confess that I was bitterly disappointed to hear that one of the truly great investment bankers of our time had fallen on his sword. Talents such as his are despised by the weak and expedient who try to climb the slimy poll of politics and it is interesting that whilst first theatrical little farces of moral outrage focused upon business borrowers and mortgage holders it seems that interest rates may have been pressed down in the national interest and not up. I doubt that Bob will leave anybody in any doubt as to what happened or his views on it: a characteristic I much admire. His upbraiding of a parliamentary committee seeking supplicant bankers in sackcloth and ashes and finding they had unleashed a Rottweiler will live long in my memory. We will see what the outcome will be but I suspect that some senior people in the Labour administration at the time the alleged LIBOR rate fixing started may give Ed Milliband much to think hard about before he takes to the pulpit again. In the meantime I can only mourn what I expect will be a temporary unhorsing. I was a commercial banker so I am duty bound to hate investment bankers: it comes with the uniform. But looking at what he did for Barclays, including swooping to pick up the floored Lehman brothers, turning Barclays into a world class bank, one that the administration can never forgive for finding its own capital to ride the storms of 2008/2009, will never be matched in banking in my lifetime. As the papers say, the case continues. Watch this space. Other Business Money News
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