So farewell BoB Diamond, your time is up.
Yesterday, Mr. Diamond threatened the FSA and the Bank of England with a reveal-all appearance at the Parliamentary Treasury Committee. Smart strategic move Bob; it guaranteed your dismissal.
What was he thinking? Attacking the FSA and the BoE? Did he think that they were going to sit there and suck it up like some underling at Barclays. No Bob, that is not how it works. They get you....
When Bob finally gets his moment before the Committee, his accusations of official collusion will seem like sour grapes. It will come from a Man who was ignominiously hoofed out of his job, but not before he threw the chairman under a bus. He will lack credibility.
Besides, we all know that there was a moment when the authorities knew about some crisis related LIBOR fixing. We also understand that for a few short weeks it was probably necessary. However, we also know that Barclays was fiddling LIBOR for personal profit for years. Finally, we also know that other banks were at it, and none of this knowledge provides one jot of justification for why Mr. Diamond should keep his job.
So, it is all over for Bob. However, there are other demon bankers on the horizon. Who will be next?