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Barclays CEO Says Stop Blaming Bankers for Weak Economy

Barclays Chief Executive Robert Diamond is apparently mad that Wall Street is constantly being blamed for the weak global economy and he's not going to take it anymore.

Barclays Chief Executive Robert Diamond is apparently mad that Wall Street is constantly being blamed for the weak global economy and he's not going to take it anymore.

As the economy inches its way back from the abyss, Diamond argues it's time for the public to move on from blaming Wall Street and let banks and the private sector spur job creation and economic growth, The NYT's Dealbook reports.

From Dealbook:

"There was a period for remorse of banks but I think this period is over," Mr. Diamond told a parliamentary committee. "The question for us is how do we put some of the blame game behind us."

And while Diamond reportedly said that Barclays would show restraint concerning bonuses and base salaries, he declined to say whether or not he'd forgo his own bonus.

From Dealbook:

"Mr. Diamond said he was not asked by the prime minister or the head of the Treasury to show restraint on his own bonus for 2010. Mr. Diamond, who had headed Barclays Capital, the bank's investment banking unit, declined to receive a bonus in 2008 and 2009 after receiving a 6.5 million GBP ($8.4 million) bonus as well as his 250,000 GBP ($324,254) base salary in 2007.

Keith Bowman, an analyst with the stock brokerage Hargreaves Lansdown in London, said, "There may be more banks could do to increase the transparency about bonus pay, but it all comes down to the issue that this industry is a global one and it's difficult for anyone to go it alone."

As the Senior Editor of Advanced Trading, Justin Grant plays a key role in steering the magazine's coverage of the latest issues affecting the buy-side trading community. Since joining Advanced Trading in 2010, Grant's news analysis has touched on everything from the latest ... View Full Bio
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