The head of Barclays investment bank, Rich Ricci is about to retire after having received an £18 MILLION bung from the company. The payment was announced on the last Budget day – probably to ensure that the news was well-and-truly “buried”, with the Chancellor taking on the role of temporary Barclays shield.
Mr Ricci was at the helm when the LIBOR-rigging scandal broke but it would seem that a quiet gold-plated exit rather than recrimination, continues to be the favoured option for senior bankers.
No-one has suggested any “naughtiness” on Mr Ricci’s part – but at worst, the LIBOR stitch-up was a major breakdown in management – by him, by his boss (Bob Diamond) and the Barclays Board. That begs the inevitable questions:
What does a senior banker have to do to face sanction or prosecution? What exactly is the message which the Government and the Regulation Industry wish us all to hear?
It’s probably: “Screw the system, screw the clients, say sorry and piss off with a handful of wedge.”
Or are we missing something?
Here’s a Mirror assessment of Mr Ricci from two years ago: http://www.mirror.co.uk/news/uk-news/inside-the-life-of-barclays-banker-rich-115678