Bob Diamond Is `Unacceptable Face' of U.K. Banking, Mandelson Tells Times

U.K. Business Secretary Peter Mandelson attacked Robert Diamond, president of Barclays Plc, as the "unacceptable face" of banking after earning what he said was 63 million pounds ($96 million), the Times of London reported.

Mandelson added in an interview in the Times today that Diamond got his money "not by building business or adding value or creating long-term economic strength, he has done so by deal- making and shuffling paper around."

Daniel Hunter, a spokesman for Barclays, declined to comment on Mandelson's remarks when contacted by Bloomberg News. He referred to Barclays' comments made to the Times that denied Diamond had earned 63 million pounds.

To contact the reporters on this story: Caroline Binham in London at cbinham@bloomberg.net

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