re barclays new chairman

“Sir David is a senior advisor to the American bank Morgan Stanley, having previously been chairman of Morgan Stanley International. Before that he was an executive director of the Bank of England and deputy chairman of Lloyds bank.

He will become a non-executive director of Barclays on 1 September and take up his role as chairman from 1 November. ”
750,000 for no less than 4 days a week ?

so lets clear this up hes another insider whose worked at most of some of the most dubious organisations who are mired in a much shit as all the others ? its seems impossible to find someone to lead a bank who is not a selfish crook ?

and this peice from the economywatch website

————————————————————————————————————–

A little-known company backed by Goldman, JP Morgan Chase and about a dozen other banks (morgan stanley involved) had created an index that enabled market players to bet on whether Greece and other European nations would go bust.

Last September, the company, the Markit Group of London, introduced the iTraxx SovX Western Europe index, which is based on such swaps …

The Markit index is made up of the 15 most heavily traded credit-default swaps in Europe and covers other troubled economies like Portugal and Spain.

And as worries about those countries’ debts moved markets around the world in February, trading in the index exploded.

In February, demand for such index contracts hit $109.3 billion, up from $52.9 billion in January.

Markit collects a flat fee by licensing brokers to trade the index.

Trading in Markit’s sovereign credit derivative index … helped to drive up the cost of insuring Greek debt, and, in turn, what Athens must pay to borrow money.

The cost of insuring $10 million of Greek bonds, for instance, rose to more than $400,000 in February, up from $282,000 in early January.

On several days in late January and early February, as demand for swaps protection soared, investors in Greek bonds fled the market, raising doubts about whether Greece could find buyers for coming bond offerings …

and this passage from bloomberg written by Matthew Leising

Markit Credit-Swap Services Said to Be Part of Antitrust Probe
By Matthew Leising – August 3, 2009 00:00 EDT

The offices of Markit Group Ltd.

Aug. 3 (Bloomberg) — Markit Group Ltd., the data provider majority-owned by Wall Street’s largest banks, is under Justice Department scrutiny for potential anticompetitive practices ranging from requiring customers to buy bundled services to restricting which trades can be cleared in the $26 trillion credit-default swap market.

Markit told a swaps clearinghouse customer to purchase a pricing service as a condition for granting use of its benchmark indexes, said a person with knowledge of the transactions. Markit permitted use of its indexes by another clearinghouse only if every swap guaranteed by the company included a dealer, such as one of its owners, said other people familiar with those negotiations.

“That’s a legitimate area of inquiry,” said Evan Stewart, a partner at Zuckerman Spaeder LLP in New York who has practiced antitrust law for more than 30 years and isn’t involved in the case. “If you want to get into the market with Markit with access to real-time prices, this is where you have to play,” he said. “You don’t have a supermarket of other choices.”

The Justice Department said July 15 it was investigating users of credit-default swaps as U.S. lawmakers seek to regulate the $592 trillion over-the-counter derivatives market, which helped worsen the biggest financial calamity since the Great Depression. Trading in OTC contracts provides as much as 40 percent of profits for Goldman Sachs Group Inc. and Morgan Stanley, according to research firm CreditSights Inc.