Why is it that a company that sells a subsidiary, a sale handled by a number of its executives, has these executives, and others, pocketing millions as a result of the sale.
If a judge was deciding on an issue where they would earn millions based on the result, we would expect that judge to recuse themselves.
That is not what has happened with Barclay's sale of its fund management arm to Blackrock.
Barclays shareholders should questions, not just whether this sale was independant and in their interests, but they should question a Board that would allow this type of process, rife with conflicts, to go ahead.
Onésimo Alvarez-Moro
See article:
Fund unit sale creates world's biggest asset manager and unleashes at least £365m in windfalls to BGI employees
Some 410 employees of the fund-management arm of Barclays will enjoy a £730m share windfall after a deal was struck in the early hours of yesterday morning to sell the business to BlackRock, creating the biggest asset manager in the world.
The sale of Barclays Global Investors for $13.5bn (£8.2bn) has triggered a share scheme pay-out. Barclays' president Bob Diamond will receive about £22m for his shares and options. He paid about £6m to acquire the stake, which he accumulated between 2003 and 2009.
See full Article.
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