Silence over Todd Edgar speaks volumes at Barclays

Barclays, in the midst of cutting costs from its investment banking division, declined to comment as Todd Edgar, the supposed superstar trader who was hired with a few colleagues in 2009 on a two-year £30m deal, departed to set up a hedge fund. Silence should be read as embarrassment. What was Barclays thinking in paying so much? Even two years ago, the sum looked absurd for a bank that says it doesn't risk its own capital via proprietary trading and instead follows a "client-flow model". An explanation is overdue, but would still be welcome. This is the bank, don't forget, where the chairman claims they pay as little as they can get away with.