BROWSE BY TOPIC
Stories of Interest
- Address at ICI's 2017 Securities Law Developments Conference - SEC Commissioner Stein
- New York Pension Fund Seeks More Pay Disclosure from Wells Fargo
- Wells Fargo Sanctions Are on Ice Under Trump Official
- Josh Brown: Here's How to Buy Bitcoin, But Realize It Could Be One Giant Bubble
- Trump's New Tax Plan Could Cost Citigroup $20 Billion
- Morgan Stanley Fires Former Congressman Harold Ford Jr.
- Al Franken Will Resign Over Sexual Misconduct Allegations - His Full Resignation Speech
- Ex-NFL Player Gets 40 Years for Running $10Mn Fraud
- Bitcoin Blows Past $15K, Adding $2K in Under 12 Hours
- Financial Adviser Settles Charges for Defrauding Private Equity Fund Investors
- New Cross Market Equity Supervision Report Cards - FINRA Phone-In Workshop, WebEx Presentation
- Mueller Just Crossed Trump's Red Line, With Deutsche Bank Subpoena
- Wildfire Rages Near Los Angeles
- Former Company Insider Has $4.1Mn Payday as a Whistleblower
- Audit Firm, Anton & Chia, Conducted Fraudulent Audits of Penny Stock Companies - SEC
- Mueller Subpoenas Deutsche Bank Records on Trump and Family
- Bitcoin Nearly Halfway to $400Bn Value Predicted by Winklevoss Twins 4 Years Ago
- Fidelity Clients Suffer Second Website Glitch in Week
- CBOE Beats CME to Bitcoin Futures Launch with December 10 Start
- McKinsey Senior Exec Thomas Barkin Named New Head of Federal Reserve Bank of Richmond
We seek to provide information, insights and direction that may enable the Financial Community to effectively and efficiently operate in a regulatory risk-free environment by curating content from all over the web.
Stay Informed with the latest fanancialish news.
NEWSLETTERS & ALERTS
Barclays CEO Jes Staley Gets Spoofed
[Photo: Bloomberg News]
On Wednesday evening, Barclays Chairman John McFarlane exchanged emails with Barclays CEO Jes Staley. Except it wasn’t Chairman McFarlane who wrote those emails – it was a prankster posing as the Chairman – and the prankster subsequently shared the entire thread of emails with The Financial Times. In doing so, he told the newspaper that the email was part of his “battle with Barclays” over a customer issue.
Earlier that day, the pair – McFarlane and Staley - had weathered a stormy annual shareholders meeting, where Staley was sharply criticized for his well-publicized efforts to unmask a bank whistleblower. The Chairman came to Staley’s defense and helped Staley win reelection as Chief Executive for another year.
Perhaps Staley should have been suspicious of the email letter(s). The prankster sent the emails using a Gmail account (firstname.lastname@example.org) and a subject line that read: “The fool doth think he is wise.” However, Staley readily accepted the email and was quicker to respond, given the enormous support he had received from Chairman McFarlane - an individual with a reputation for ousting chief executives.
The initial email referred to Michael Mason-Mahon, an individual shareholder who called for Mr. Staley to resign at Wednesday’s annual meeting, “as brusque as he is ill informed” and went on to reassure Staley that together they had successfully seen off any attempt to force Mr. Staley out.
“Surely the fickleminded nature of the angry few will help tie up any loose ends,” the short email concluded. “You owe me a large Scotch.”
Staley responded "in effusive terms," the FT said, likely because of McFarlane's reputation for ousting chief executives. "You have a sense of what is right, and you have a sense of theatre," wrote Staley. "You mix humor with grit."
[For a read of the full thread of emails - verified by the Financial Times as genuine, click on ‘The fool doth think he is wise’. Otherwise, go to the link below.]