One day after resigning, the now former Barclays’ CEO, Bob Diamond, testified before a committee of British Parliament regarding the interest rate manipulation scandal. Although truthfully it sounded more like detest-ifiying.
A Penny for His Real Thoughts about Barclays?
While watching him swat away the questions, I saw what I imagined were his real answers, in my mind’s eye, moving across the bottom of the television screen, as subtitles.
Here is what he said, followed by what I saw:
Diamond: I’m disappointed and I’m angry [about the rate-fixing.] This was wrong and I’m not happy about it, but we put all the resources we could to make sure it was dealt with. … This doesn’t represent the Barclays that I know and I love.
Subtitle: I accept no personal responsibility.
Diamond: The behavior was wrong. It’s been eradicated. It’s been dealt with.
Subtitle: I have punished others for what happened.
Diamond: I became physically ill when I learned about the scandal.
Subtitle: I felt sick to my stomach when I realized how much trouble I was in.
Diamond: We cooperated fully with the investigation.
Subtitle: When I realized we’d been caught, I thought it best to share what was being demanded of us.
Diamond: I love Barclays.
Subtitle: In 2011 I earned $9.8 million including salary, bonuses and share options from Barclays. What’s not to love?
Editorial comment: While the bucks (millions of them) stop with Diamond for all that others accomplished during his watch, he allows no buck near his desk when it comes to accepting responsibility for wrongdoings during that time.
Real Leadership
Nearly all men can stand adversity, but if you want to test a man’s character, give him power.
~ Abraham Lincoln
Actions are the seed of fate. Deeds grow into destiny.
~ Harry S. Truman
Bob Diamond is citizen of the United States of America, the same country where Lincoln and Truman served as president. Bob Diamond has failed a test of character, regardless of when he became aware of the wrong-doings at Barclay.
Why?
Dear Bob: The buck stops at your office door. You are responsible for setting the tone and the culture at Barclays. You are responsible for being responsible. “I did not know,” is not an excuse or a reason. You are responsible for creating a culture where behaviors that turn your stomach do not occur, and for creating a culture where others (many of them) would apprise you when such stomach turning behaviors do occur.
Does Barclays’ CEO Feel Shame?
Dear Bob:
If you want to be a real leader, to set right, to the extent that it can be set right, what happened during your watch, and to spare me from having to write yet another subtitle, try this:
“I am responsible, and I am deeply ashamed.”
Perhaps, however, you feel no sense of shame for what happened during your watch at Barclays. That is a scary thought.
I Pledge
Sadly, Barclays is not alone, so I am suggesting a CEO pledge. Mr. or Ms. CEO is to be measured and rewarded, or not, in accordance with performance to this pledge. Note, there is no mention of money and related financial terms.
I commit to:
Uphold company values and reputation
Create value for all stakeholders, including:
- Communities we serve
- Communities that serve us
- Customers
- Employees and their families
- Our Industry
- Share holders
And during the interview, ask the CEO-to-be when he/she has felt a sense of shame. Why? Shame, or the anticipation of it, keeps us on the straight and narrow.
No shame?
No hire.
To read what one former Barclays executive has to say about Bob Diamond, click here.