Barclays Disgraced COO Gets £8.75 Million Golden Parachute Instead Of Jail Time

via: ZeroHedge
by: Tyler Durden
July 25, 2012

Tyler Durden's picture
The guy who openly admitted he was getting notification from the BOE to manipulate Libor, and was advising his traders appropriately, Barclays’ COO Jerry del Missier, and who quit the same day as his boss Bob Diamond, has finally had his pay package revealed. The payoff to get him out and shut him up? £8,750,000.

From SKY:

The Barclays executive who presided over the falsification of the bank’s Libor submissions is to receive a cash pay-off worth almost £9m in a move that will spark a political outcry.

I can exclusively reveal that Jerry del Missier, who resigned as Barclays’ chief operating officer earlier this month, negotiated a severance deal worth at least £8.75m in the days before he quit, according to people close to the bank.

I’m told that the £8.75m figure represents just over half of a £17m potential long-term incentive award made to Mr del Missier some years ago, and which matured in March. City sources say he was asked by senior colleagues to defer receipt of the award in the spring because Barclays executives intimated that it was an inappropriate climate for such a lavish bonus to be paid out.

Continue Reading At: ZeroHedge.com

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  1. #1 by nonviolentconflict on July 25, 2012 - 8:07 pm

    Reblogged this on NonviolentConflict.

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