Banks Prank Stank - Barclays in Hot Water

[Clinton Huxley]

The possibility that investment banks are run and staffed entirely by crooks, public school wide-boys and preposterously tanned egomaniacal Americans grows more likely every day. The latest? Barclays Bank has been fined £300 million for fiddling with the LIBOR - the London Inter Bank Offered Rate - the average interest rate that banks in the UK charge each other when lending money to each other. Staff at Barclays have been colluding with staff at other banks to set this interest rate at artifcial levels to boost their own profits in what basically amounts to a cartel. Worse, in their emails to each other they have been referring to each other as "Dude".

Just when you think they can't get any more slippery.....they do!

Still, Barclays boss Bob Diamond has said he'll forego his bonus this year. Big of him.

[Rum]

He should be sent to prison frankly or at the very least sacked. Instead he will skip a year's bonus. Barcleys make 300 million is a few hours so the fine is pathetic.

Let's face it we are pawns these days. The bastards.

[Clinton Huxley]

These are the brightest and the best of the British economy, they deserve everything they get.....

[Rum]

The fact is however that this strategy hid the fact that Barcleys and many other banks are becoming increasingly less solvent. We have a long way to go before the mess hits bottom.

[Clinton Huxley]

It's infuriating that there doesn't seem to be any criminal case to answer here. Diamond holds on to his job, there's a bit of a to-do in the papers for a bit and once the heat has settled, the banks will find some other new and ingenious way to fiddle the system.

[Rum]

I'm waiting for the litigation to start. The LIBOR is a factor in setting mortgage rates. If someone feels they are out of pocket the lawyers will have a field day.

[klr]

They just fined the bank? Any senior executive found responsible - or even just culpable - should be fired, end of story.

Like that's going to happen.

[Clinton Huxley]

They just fined the bank? Any senior executive found responsible - or even just culpable - should be fired, end of story.

Like that's going to happen.

They only bent the rules because they aren't paid enough. Give 'em a larger bonus and they will behave.

[Tyrannical]

Punitive fines hurt the innocent share holders, jail terms hurt the guilty party.

[Azathoth]

Punitive fines hurt the innocent share holders, jail terms hurt the guilty party.

Should be a combination of both. Hurting the major shareholders in the pocket is a very good way to get things fixed extremely quickly.

[John_fi_Skye]

Rotten to the core. Bastards who value nothing (not integrity, not people) as much as money. And this is what western society is all about. This is what every government facilitates and pays homage to.

I think I might join the Taliban. Except I'd have to believe in some daft supernatural entity.

[Audley Strange]

This does get back to our apathy though. Any sane civilisation would see this as financial terrorism. Such people ruined the economy and continue to keep it stagnating. How many people have lost their businesses, jobs, homes and perhaps even lives because of these fuckers. I think they should be considered traitors and tried as such.

[Robert_S]

This does get back to our apathy though. Any sane civilisation would see this as financial terrorism. Such people ruined the economy and continue to keep it stagnating. How many people have lost their businesses, jobs, homes and perhaps even lives because of these fuckers. I think they should be considered traitors and tried as such.

Trials? We have openings in Gitmo I believe...

[Hermit]

Collusion and cartels in business? Well, I never...

These are the brightest and the best of the British economy, they deserve everything they get.....

I'd rather they get what they deserve.

[John_fi_Skye]

"LONDON (Reuters) - Financial firms saw strong growth in the second quarter but have become less optimistic about longer-term prospects owing to regulatory concerns, according to a survey on Friday. Some 59 percent saw sales volumes rise in the three months to June, representing a ninth consecutive quarter of growth, a survey by the Confederation of British Industry and accounting and consultancy firm PricewaterhouseCoopers found, with 21 percent reporting a fall. 'The financial services sector has seen another quarter of robust growth, with business volumes, income and profitability all rising solidly once again,' CBI chief economic adviser Ian McCafferty said. The CBI said regulatory compliance had been a key factor behind financial services firms' capital expenditure planning. The number of firms anticipating having to spend more on regulatory compliance in the next year rose to 77 percent from 58 percent in the last quarter. 'Businesses are less optimistic than in the previous survey, have reduced headcount and are reappraising investment plans. Regulatory compliance is an increasing factor shaping investment, activity and intentions,' said McCafferty.(Reporting by Matt Scuffham; Editing by Dan Lalor)"
..

Who was it that was posting a wee while ago, saying that all that needed to happen for capitalism was for regulation to be in place?

Aye, right!

Put regulation in until the pips squeak and all that happens is those slippery bastards find ways of avoiding it. Poor wee souls - having to comply with RULES ffs!