Book Bin on Wheels

Furniture and crates on casters is a big look right now.  I've seen much better DIYers than myself make them from scratch.  I found ours at One Kings Lane.  It's a mini wooden crate on steel wheels (that do roll) and I put it to use holding some of James' books.

His books seem to be everywhere lately.  I keep about half of them downstairs so that we can read in the living room.  But we didn't have a good place for the books.  When they were stored behind the media cabinet doors, it seemed he forgot about them.  So, I wanted to keep them out, but not lose them in the big baskets with the rest of his toys. 

This little cart was the perfect storage solution!  Now he can see his books and they have a specific home, so he knows where to find them and put them away. 

Do you keep your kids' books in shelves? I think we're going to need a bookshelf for his room soon. I like those shelves that attach to the wall, but his room has wainscoting, so I don't think that would work, and he's too little to reach above the wainscot right now.

For now, keeping his books in this crate and in bins upstairs seems to be working.

Jerry del Missier Resigns From Barclays - One Month Into His Role #Dismissier

In June 2012 Jerry del Missier was appointed as Barclays Co-Chief Executive of Corporate and Investment Banking.

Less than one month on, and he is resigning from Barclays.

Another career shattered by greed and fraud.

Here is his resingation statement:

"My 15 years at Barclays have been a time of great accomplishment, both for me personally and for the bank. I am grateful for the opportunities that were provided to me and proud of what we achieved. We built one of the premier global investment banks from scratch – something that we are all very proud of. The firm is as strong today as it ever has been and is incredibly well placed to succeed within the post financial reform competitive landscape.  

I have every confidence that the Board and Executive Management of Barclays will be successful in executing their plans, and I wish them the best of luck in doing so."

Here is his Barclays resume (which now acts as a form of career obituary).

Jerry
del Missier

Chief Operating Officer

Mr. del Missier is Chief Operating Officer of Barclays. He is a member of Barclays Executive Committee.

Mr. del Missier joined Barclays in June 1997 as Head of Derivatives and went on to assume responsibility for Trading, Sales and Research. He was appointed Co-President of Barclays Capital in 2005 and appointed President in 2008. In 2009, Mr del Missier became Co-Chief Executive of Corporate and Investment Banking, and assumed his current position in June 2012.

Prior to Barclays, he was at Bankers Trust in London as a Senior Managing Director of Derivatives Products, responsible for the European business. Previously, he was based in Toronto, Canada, responsible for the Canadian Dollar interest rate derivatives business. Before Bankers Trust, he worked for Bank of Nova Scotia.

Mr. del Missier is Chairman of the Board of the Securities Industry and Financial Markets Association (SIFMA), and serves on the Boards of Room to Read; the Global Financial Markets Association (GFMA); the Markets Management Group (MMG) of the International Institute of Finance (IIF); British American Business Council; the Metropolitan Opera in New York, and the Advisory Board of the Queen’s University School of Business in Kingston, Ontario. He is a past Board member of the International Swaps and Derivatives Association (ISDA) and the Queen’s University Board of Trustees.

Mr. del Missier has a BSc in Chemical Engineering (1985) and an MBA (1987), both from Queen’s University, Ontario.

Diamonds Aren't Forever - Bob Diamond Resigns

Yesterday I wrote:

"Barclays has promised:

• a "root and branch review" of its "flawed" past practices 
• a public report of the audit's findings 
• a new mandatory code of conduct for all staff

This presumably is being done in the hope that it doesn't have to sacrifice Bod Diamond, the CEO, who will appear before the Treasury Committee on Wednesday.

Bob and Barclays need to understand two things:

1 Shutting the stable door after the horse has bolted is too late, and

2 Diamonds are not forever!"

A day is a long time in banking, and diamonds are not forever.

Today Bob Diamond and Barclays have bowed to the inevitable and Diamond has resgined as CEO of Barclays.

Ironically Marcus Agius, who resigned as Chairman yesterday (in order to save Diamond), will stay on as executive chairman to lead the search for a new CEO. Agius has never had day-to-day operational responsibility for any bank of this size or complexity in his life.

Diamond will still appear before the Treasury Committee tomorrow.

Here is his resignation statement:

"I joined Barclays 16 years ago because I saw an opportunity to build a world class investment banking business. Since then, I have had the privilege of working with some of the most talented, client-focused and diligent people that I have ever come across. We built world-class businesses together and added our own distinctive chapter to the long and proud history of Barclays. My motivation has always been to do what I believed to be in the best interests of Barclays. No decision over that period was as hard as the one that I make now to stand down as chief executive. The external pressure placed on Barclays has reached a level that risks damaging the franchise - I cannot let that happen. 

I am deeply disappointed that the impression created by the events announced last week about what Barclays and its people stand for could not be further from the truth. I know that each and every one of the people at Barclays works hard every day to serve our customers and clients. That is how we support economic growth and the communities in which we live and work. I look forward to fulfilling my obligation to contribute to the Treasury Committee's enquiries related to the settlements that Barclays announced last week without my leadership in question. 

I leave behind an extraordinarily talented management team that I know is well placed to help the business emerge from this difficult period as one of the leaders in the global banking industry."

This of course is not the end of the affair, for either Barclays or the other banks and their executives in the firing line, the ducks are being lined up neatly in a row.

The numerous inquiries (internal and external), investigations by the SFO and FBI and class actions will open the gates of hell for the banks and the BBA.

By the way, can you smell that?

It's the stench of fear coming from the politicians and the Bank of England, as they contemplate what the freshly resigned Bod Diamond will say to the Treasury Select Committee tomorrow.

Bob Diamond's CV (as per Barclays):

Bob Diamond

Barclays Chief Executive

Previously, he was President of Barclays PLC and Chief Executive of Corporate & Investment Banking and Wealth Management, comprising Barclays Capital, Barclays Corporate and Barclays Wealth.

He is an Executive Director of the Boards of Barclays PLC and Barclays Bank PLC and has been a member of the Barclays Group Executive Committee since 1997. He joined the firm in 1996.

 

Bob is also a Board Member of BlackRock following the integration of Barclays Global Investors.

 

Prior to Barclays, Bob was Vice Chairman and Head of Global Fixed Income and Foreign Exchange at CS First Boston, where he was also a member of the Executive Board and Operating Committee. Previously, he was Managing Director and Head of Fixed Income Trading at Morgan Stanley International, spending 13 years with the firm.

 

Bob began his career as a lecturer at the School of Business, University of Connecticut.

 

A native of Concord, Massachusetts, Bob received a Bachelor of Arts degree in Economics from Colby College in Maine (1974) and an MBA from the University of Connecticut, where he ranked first in his class (1977). He was awarded Doctor of Humane Letters from the University of Connecticut in 2006 and Doctor of Laws from Colby College in 2008.

 

His external affiliations include:

 

• Chairman, Board of Trustees of Colby College, Waterville, Maine
• Chairman, Old Vic Productions, Plc
• Trustee, The Mayor’s Fund for London
• Member of the Advisory Board, Judge Business School at Cambridge University
• Board Member, The Diamond Family Foundation
• Member of International Advisory Board, British-American Business Council
• Life Member of The Council on Foreign Relations
• Member, The Atlantic Council.

Bob is married with three children.

Marcus Agius Resigns From BBA

Marcus Agius having resigned from the role of Chairman of Barclays earlier today has also now quit the chairmanship of the British Bankers' Association (BBA).

This being the same BBA that expressed "shock" last week at the fact the LIBOR was rigged.

One wonders how it is, with Agius at the helm, that the BBA managed to remain so "blissfully ignorant" of the wholesale fraud going on around them!

Barclays Is Not Alone - Watch The Ducks Be Lined Up!

The FSA says that Barclays not alone in Libor case.

This will be an "interesting" week, watch as all the ducks are lined up in a nice neat little row!

Barclays Shuts The Stable Door

Barclays has now begun to realise that a simple fine from the FSA will not be quite enough to rebuild its shattered reputation. Therefore in order to atone it has sacrificed its chairman Marcus Agius, who has resigned.

Ironically the surname Agius means "a very old and wise person".

Agius is indeed very wise allowing himself to be removed from the eye of the storm in this manner. He might also care to consider his position with the British Bankers' Association (BBA), which only last week expressed "shock" at Barclays actions.

What is Agius's position within the BBA?

Why he is their chairman!

What was it the BBA said last week?

"The British Bankers’ Association is shocked by yesterday’s report about LIBOR." 

Don't the other members of the BBA ever talk to their chairman?

For good measure, in order to further appease the baying crowd, Barclays have launched an audit of its business practices. This will be conducted by an independent body and report to the new deputy chairman, Sir Michael Rake.

Barclays has promised:

• a "root and branch review" of its "flawed" past practices 
• a public report of the audit's findings 
• a new mandatory code of conduct for all staff

This presumably is being done in the hope that it doesn't have to sacrifice Bod Diamond, the CEO, who will appear before the Treasury Committee on Wednesday.

Bob and Barclays need to understand two things:

1 Shutting the stable door after the horse has bolted is too late, and

2 Diamonds are not forever!

4th of July Link Party!

We're excited to be hosting a little 4th of July party on Wednesday!  It's nice to get a day off mid-week in honor of the birth of our great USA!  I created an online invitation to email to our friends with Evite.  They have some pretty cute options out there.

We'll be decorating the house with these cute little flags I found at Home Depot and some other patriotic inspired goodies. 

Like these $1 tins from Target and red and white paper straws I picked up on a recent trip to Austin.  I knew they'd be perfect for this red, white, and blue party. 

I'm really looking forward to you linking up your 4th of July related posts too!  Anything that helps celebrate Independence Day is welcome, such as recipes, decor, crafts, and party ideas.  The link party will be open until Saturday, July 7.