“But I didn’t know it was illegal to pay bribes to obtain business!” Imagine how far that defense would get a corporate executive in the United States or the United Kingdom these days. Yet, according to reports, this is precisely the claim Barclays CEO James Staley used to excuse his conduct in trying to determine the name of an anonymous corporate whistleblower. The case has drawn regulatory scrutiny on both sides of the Atlantic from national and state regulators.
The matter involved anonymous letters the company received in June 2016 flagging allegations of a “personal nature” against another Barclays officer, Tim Main. Staley had been instrumental in bringing Main to Barclays. The two had a long-time, professional friendship which began when they both worked together at JPMorgan. The anonymous tipster alleged Main had a history of substance abuse in his past.
