Sants defends decision to join Barclays

I am sure Sants is laughing all the way to the bank,having picked up a knighthood on the the way for being totally incompetant.No doubt the fine that Barclays incurred was reduced by the cost of Sants excessive salary that he will receive over the next 5 years or until he makes another `cock-up`

Like previous incumbents, Mr Sants and team were not only too focussed on conduct regulation they were totally inadequate in terms of prudential supervision of major banks. In addition they operated a flawed supervisory approach which patently failed to challenge the judgement and risk assessments of banks and others.

Lets hope the master of the "light touch" regulatory regime weaves his magic at Barclays - meantime I may ditch my holding in Barclays just in case!.

The net result is that regulators and bankers are simply raping 'shareholder funds' from under the eyes of all types of shareholders who deserve better. Sants knighthood has clearly diluted the award for other people more worthy of such a noble investure. It's time the electorate woke up to the REGULATION & COMPLIANCE culture in financial services, utilities and elsewhere. It adds NO value whatsoever, exterminates perfectly competent citizens from the work place, instigates high unnecessary and often erratic fines and charges on all within the industry (which ultimately investors and tax payers have to pay for) and worse of all gives power to the corrupt who use the complicated and often irrelevant regulations and laws to dictate in a Mussolini way and impose their style of fascist management on executives and back office staff. What is very worrying is that so many I speak to know and agree with me on these misgivings BUT no-one is prepared to stand up to the REGULATORS...who in my opinion are the NEW AGE FASCISTS. Strong stuff but it's 100% true and they may not like what Lionheart says but frankly m'dear I couldn't give a dam.

....oh & I forgot to mention the main raison d'etre is designed to protect investors. Well please tell that to the Equitable pensioners and '000s of others who are still waiting on countless FSCS claims. It's become a joke!

In my opinion the move from Head of Financial Services to Head of compliance for ordinary Hector Sants - is a great achievement for him, despite teh negligence he imposed - when negotiating the " Fine " on Barclays - the Libor fiddling bank. Hector will be able to oversee the actual payment of the " Fine " ( or renegotiate it - downwards on behalf of his new employer - with his often referred to as being "superior knowledge", and certainly his insider knowledge and information of the extended " rool book") . Secondly hector will be able to see where the money is coming from e.g the middle east - or from consumers charges applied by Barclays - or from somewhere else - like Bob Diamond - who despite his exit agreed to continue working within the Barclays regime.

The fact Her Majesty offered a knighthood, to ordinary Hector for his services to Banking in particular - should come as no surprise - given her own bank Coutts now owned by RBS ( often referred to as the Robbing bank of scotland ) means the RBS is in the hands of the tax payer, funded by the taxpayer - and currently controlled by the taxpayer - through the Government - David Cameron MP PM etc., - who recomends individuals for this hood for nights ?

I agree entirely but we all know that it is jobs for the boys at the highest level.

I more you are elevated the more you get whether it is justified or not .we all know that dear hector has been & still is an Utter A---------H. As i have previously commentated Sants gave Barclays a paltry find re Libor to pay for his highly inflated salary plus enormous bonus no-doubt he will receive over the next 5 years. If it all goes wrong for Barclays they can point the finger at Sants & say we appointed the best & sack him with an enormous pay - off & carry on with the next in line !!