
Varley’s rationale
The below is the memo sent to Barclays staff yesterday from John Varley, chief executive, explaining why he didn’t go for a taxpayer bailout. Remember, Barclays badly need British shareholders to approve this deal – so it will have been written with that in mind. This email is itself a comment on the times we are living – should a CEO of Barclays really need to explain why he preferred a private refinancing to part-nationalisation? It is evidently a response to the kicking he took mainly in the weekend press. We at Coffee House are right behind him. P.S. I love the understatement: “our ability to do what our shareholders
