From: Peter Mandelson Sent: Monday, July 16, 2012 8:59 AM To: Jeffrey Epstein Subject: Re: I know as much (little) as anyone else. Who others at Barclays do you =ean, left or still there ? Global Counsel did an Insight note a week ago. Pasted in below for eas= of reading. 9 July 2012 The British banki=g debate after Bob Diamond Summary Bob Diamond's resignation as Chief Executive of Barclays bank clearly marks a turning point in the p=litics of banking in the UK. The most significant political and regulatory outcome from these events will be to renew the de=ate about universal banking. Whereas to date this debate has focused on sc=le, implicit subsidy and systemic risk, it will now focus on culture, pers=nal character and contamination from the values of the trading floor to the rest of a banking institution.=nbsp;Because these things cannot be regulated, the probability is t=at politicians will focus on their proxies, especially pay. The gap between the inherent values and perceived risks of retail and investment banking h=s been further widened by the events of the last two months. For leaders o= universal banks, especially those who have risen through investment banki=g, closing this gap in the mind of political stakeholders poses a particular challenge. Mr Diamond's bel=ted 'citizenship agenda' at Barclays was well-conceived, but fatally h=bbled by this tension. By falling on his sword, Mr Diamond has created the possibility of a rapprochement be=ween his former bank and British political opinion formers. The bigger iss=e for the bank he leaves behind and others like it is how — or if — it=is EFTA_R1_00141528 EFTA01801081