This memo just released by Barclays puts the ball firmly back in the court of Paul Tucker of the Bank of England. It is Bob Diamond (RED)’s recollection of a conversation with the Bank official.
Date 29th October 2008.
Bob Diamond, who resigned as Barclays CEO today
Now that Bob Diamond has quit as chief executive of Barclays, what does that mean for his appearance in front of the Treasury Select Committee tomorrow?
It may mean that the members of the committee tone down their attacks: it is less edifying watching a panel pillorying someone who has just resigned than someone who is refusing to do so.
But more importantly, it may mean that Diamond now feels free of his shackles and goes after other people he feels were complicit in the Libor scandal.
So who else could be in his line of fire?
I revealed yesterday that the coalition is planning to delay a decision on whether to build new runways in the south-east until after the general election – because of the splits between Tories and Lib Dems over the expansion of Heathrow.
Meanwhile the Conservative leadership has decided to switch away from outright hostility to a third runway at the airport by making no mention of Heathrow in its election manifesto. But the Lib Dems are holding firm in their total opposition to the project (or other new runways in the South-east.)
Ministers and officials have examined other options and found them all wanting, as we explain in this analysis piece.