Today was meant to mark a new beginning for Barclays as chief executive Antony Jenkins announces details of his Project Transform to clean up the bank.
The new boss is, however, finding it hard to haul himself out of the quicksand of the past.
A hotly-disputed Panorama programme timed for the eve of his presentation has turned the spotlight again on events in the fateful autumn of 2008 when the financial crisis was at its zenith.
Barclays denies allegations made by the BBC that it mis-led shareholders and the public during its capital raising exercise from Abu Dhabi.
Indeed, an ordinary member of the public might be scratching his or her head as to why it matters if the investment came from Sheikh Mansour himself, or whether he arranged for it to be financed by an Abu Dhabi government vehicle.
But there are plenty of other unresolved issues lingering from that troubled period.
In mid-September 2008, Barclays conducted a £750million share placing to raise capital in order to help Bob Diamond realise his dream of creating ‘a premier global investment bank’ after his purchase of Lehman Brothers.
That deal was hailed as a huge coup and Jenkins has made clear he does not plan to make a clean break with the casino bank.
Yet only a few weeks later, as the crisis intensified, Barclays was busy making itself look better by fiddling Libor and putting together a deal with Abu Dhabi to avoid British state intervention.
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One thing that is clear amid all this murk is that the expansionist Bob Diamond, and his then chief executive John Varley, were hell bent on pursuing their ambitions of being a ‘premier global investment bank’ and on staying out of the clammy clutches of the UK government.
A separate Qatari-capital raising is now under investigation by the Serious Fraud Office, amid allegations the bank may have lent the Gulf state the money to invest.
Would it have been better if the bank had just accepted backing from HMG instead of undergoing these contortions?
Taxpayers are probably relieved they are not now standing behind Barclays as well as Lloyds and RBS.
But Bob Diamond has more questions to answer over the bank’s conduct at this time.
So does the patrician John Varley, a well-respected man who has so far escaped with his reputation relatively intact, but who was after all Diamond’s boss.
Case for defence
The defence industry continues to grapple with corruption and bribery investigations into its dealings with overseas customers. Rolls-Royce, which reports its full year profits later this week, will be grilled for an update on the Serious Fraud Office probe into allegations that include a claim it paid a £12.5million cash bribe and gave a Rolls-Royce car to Tommy Suharto, son of the late Indonesian president, in return for an aircraft engine order.
The FBI is reported to be probing British based GPT Special Management Systems – owned by EADS, the Franco-German aerospace company that failed in an attempt to merge with BAE – over corruption allegations related to a Saudi contract.
These are already under investigation by the SFO.
BAE, of course, underwent its own investigation over its Al-Yamamah contract with the Saudis.
The standard line on ‘sweeteners’ in the past was that they were a necessary part of doing business in some countries, where gifts were considered culturally acceptable, if not obligatory.
In today’s chastened climate it does not wash, particularly with the US authorities, that are all too keen to find a reason to fine overseas companies. Zero tolerance is the only sensible strategy.
Autonomy’s accounts
The Financial Reporting Council’s announcement of a rare probe – into the accounts of software firm Autonomy – is inconveniently timed for the auditing profession.
The FRC is examining Autonomy, and the work of its long-standing auditor, Deloitte, after US giant H-P, which took it over in a £7billion deal in the summer of 2011, accused the British firm of overstating its revenues.
It is not an ideal moment for the Big Four accountancy firms to come under the spotlight. A UK Competition Commission probe into the industry, which failed to sound any alerts over potential problems at the banks ahead of the credit crunch, is expected to deliver its findings shortly. The European Commission is also conducting a long-running investigation.
The big accountants probably do not face an existential threat no matter what their shortcomings, however. Putting another of them out of business after the Enron-provoked demise of Arthur Andersen would result in even less competition.