Barclays’s Diamond Finds a Friend When It Counts
This article is for subscribers only.
July 20 (Bloomberg) -- Imagine you ran a too-big-to-failbank under criminal investigation by U.S. prosecutors. Now askyourself this: How much of your company’s money would you pay tohave the Justice Department inoculate you personally against theprospect of any government charges?
If you said “the sky’s the limit,” you’re not alone.Prosecutors often settle claims against corporations in exchangefor fines, while letting the executives off scot-free. Thisbrings us to the $160 million non-prosecution agreement thatBarclays Plc reached last month with the Justice Department, aweek before Robert Diamond resigned as its chief executiveofficer.