Thursday, July 05, 2012
Spreading The Blame
The ex-CEO of Barclays is not quite like the chairman who stepped down on Monday with a statement taking full responsibility for the interest rate fixing scandal. The ex-CEO apparently spent a good bit of time yesterday before a British parliamentary committee spreading the blame for the failure to traders, to regulators and to anyone else but himself. It is not the image of leadership that one desires, but, on the other hand, he is no longer the CEO of the bank. He might be ducking and weaving with an eye on shareholder lawsuits that will come inevitably. Still, the picture of a once powerful individual running for cover is another blow to an already tattered reputation. It lends to a perception that business people are craven, an unfortunate image that too many people are ready to accept.
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