Barclays caught fiddling!(All the banks now!)

[twinkletoes]

Re: Barclays caught fiddling!

SUCCESS!!!!! BOB DIAMOND HAS RESIGNED. Someone should do Bob a favor and knock his teeth out to prepare him for prison and his new ‘husband’

Max Keiser

 

[metalblue]

Re: Barclays caught fiddling!

Admitting to a crime after the event does not make it all ok and go away.

With the millions in rewards goes the full responsibility for his company's actions and resigning with a big fat pay off is simply not justice in anybody's eyes and should a criminal event be proven, the full weight of the law should be brought to bare on all those involved, regardless of their position.

Rammy has this spot on when he says it will be interesting to see whether the government does all it can to shield these guys or throws them to the wolves so to speak.

The public is not going to be fobbed off with some twenty something trader thrown in jail for a few months over this, they want those at the top and rightly so imo.

Of course it doesn't make it alright and I don't think anybody is suggesting it is, but think about it....if there was ever any intent to "sheild" anybody do you think this would have come to light in the first place or hushed up? How did it come to the public domain? an undercover times reporter or the regulator announcing it?

No matter what your thirst for blood is, only those that have done wrong or knew about it without acting should be held accountable, if that is 5, 20 or 100 traders or 100 senior managers so be it and, unlike almost everyone else it seems, I have every confidence in our regulatory and criminal systems to ensure justice is done to those that committed it and to those that are affected by it.

 

[twinkletoes]

Re: Barclays caught fiddling!

Apparently Bob isnt going down without fighting back.

He is in front of the treasury select committee tomorrow and if he is pushed he may say that the lie-bor debacle involved the implicit agreement of regulators and politicians.

The establishments in this country are gradually being brought down to the level of ordinary mortals.

 

[pauldominic]

Re: Barclays caught fiddling!

Admitting to a crime after the event does not make it all ok and go away.

With the millions in rewards goes the full responsibility for his company's actions and resigning with a big fat pay off is simply not justice in anybody's eyes and should a criminal event be proven, the full weight of the law should be brought to bare on all those involved, regardless of their position.

Rammy has this spot on when he says it will be interesting to see whether the government does all it can to shield these guys or throws them to the wolves so to speak.

The public is not going to be fobbed off with some twenty something trader thrown in jail for a few months over this, they want those at the top and rightly so imo.

Of course it doesn't make it alright and I don't think anybody is suggesting it is, but think about it....if there was ever any intent to "sheild" anybody do you think this would have come to light in the first place or hushed up? How did it come to the public domain? an undercover times reporter or the regulator announcing it?

No matter what your thirst for blood is, only those that have done wrong or knew about it without acting should be held accountable, if that is 5, 20 or 100 traders or 100 senior managers so be it and, unlike almost everyone else it seems, I have every confidence in our regulatory and criminal systems to ensure justice is done to those that committed it and to those that are affected by it.

I don't agree with the thirst for blood that some people have, but I should point out that LIBOR was at the heart of the crisis in 2008 because all of the banks lost trust in one another.

 

[blueinsa]

Re: Barclays caught fiddling!

Admitting to a crime after the event does not make it all ok and go away.

With the millions in rewards goes the full responsibility for his company's actions and resigning with a big fat pay off is simply not justice in anybody's eyes and should a criminal event be proven, the full weight of the law should be brought to bare on all those involved, regardless of their position.

Rammy has this spot on when he says it will be interesting to see whether the government does all it can to shield these guys or throws them to the wolves so to speak.

The public is not going to be fobbed off with some twenty something trader thrown in jail for a few months over this, they want those at the top and rightly so imo.

Of course it doesn't make it alright and I don't think anybody is suggesting it is, but think about it....if there was ever any intent to "sheild" anybody do you think this would have come to light in the first place or hushed up? How did it come to the public domain? an undercover times reporter or the regulator announcing it?

No matter what your thirst for blood is, only those that have done wrong or knew about it without acting should be held accountable, if that is 5, 20 or 100 traders or 100 senior managers so be it and, unlike almost everyone else it seems, I have every confidence in our regulatory and criminal systems to ensure justice is done to those that committed it and to those that are affected by it.

I will wager that a whistle-blower was about to pull the trigger and they decided to pre empt an investigation in the hope of a lessor sentence so to speak.

Of course i have no proof of that but I have no faith in any financial institution bringing its own house down like this if given the choice.

I respect and appreciate your informed views on these subjects MB and in no way wish to come across as aggressive but the banks and bankers need to start living in our world and showing the social responsibility that they keep preaching they will, every time they are caught with their sticky fingers in the till.

Complete separation of investment banking form the high street operations, a member of the FSA sitting on every board to oversee the operation and ensure they run within the law and a real focus on the banks finally delivering a service that the public deserves, with fair charges and responsible lending.

Also a future where bad banks are allowed to go to the wall but given the size of the derivatives black hole, I doubt that we will ever be in a position to allow it.

Any fair minded person has no issue with the Diamonds of this world earning huge salaries when he performs and brings not only profit to the business, but also a fair and valued service to the general public and the banks as a whole need to wake up and realise that it just isn't happening any more for many.<br /><br />-- Tue Jul 03, 2012 10:15 am --<br /><br />

Apparently Bob isnt going down without fighting back.

He is in front of the treasury select committee tomorrow and if he is pushed he may say that the lie-bor debacle involved the implicit agreement of regulators and politicians.

The establishments in this country are gradually being brought down to the level of ordinary mortals.

Nothing would shock or surprise right now, sadly.

 

[gordondaviesmoustache]

Re: Barclays caught fiddling!

Complete separation of investment banking form the high street operations, a member of the FSA sitting on every board to oversee the operation and ensure they run within the law and a real focus on the banks finally delivering a service that the public deserves, with fair charges and responsible lending.

Also a future where bad banks are allowed to go to the wall but given the size of the derivatives black hole, I doubt that we will ever be in a position to allow it.

Any fair minded person has no issue with the Diamonds of this world earning huge salaries when he performs and brings not only profit to the business, but also a fair and valued service to the general public and the banks as a whole need to wake up and realise that it just isn't happening any more for many.

I pretty much agree with that 100%. Sometimes politicians can do little to control events, such is the strength of public feeling. I have no doubt that Cameron and Osbourne have sensed this, and however uncomfortable it may be to them, expect to see some pretty swingeing changes to the way banking is structured in this country.

They have, after all, got the outcome of the next General Election to think about.

 

[twinkletoes]

Re: Barclays caught fiddling!

Complete separation of investment banking form the high street operations, a member of the FSA sitting on every board to oversee the operation and ensure they run within the law and a real focus on the banks finally delivering a service that the public deserves, with fair charges and responsible lending.

Also a future where bad banks are allowed to go to the wall but given the size of the derivatives black hole, I doubt that we will ever be in a position to allow it.

Any fair minded person has no issue with the Diamonds of this world earning huge salaries when he performs and brings not only profit to the business, but also a fair and valued service to the general public and the banks as a whole need to wake up and realise that it just isn't happening any more for many.

I pretty much agree with that 100%. Sometimes politicians can do little to control events, such is the strength of public feeling. I have no doubt that Cameron and Osbourne have sensed this, and however uncomfortable it may be to them, expect to see some pretty swingeing changes to the way banking is structured in this country.

They have, after all, got the outcome of the next General Election to think about.

Northern Rock wasnt a "casino" bank but it was caught up in the crisis.

What we need is a lot of small banks.

Right now we have a virtual monopoly run by the big four.

 

[blueinsa]

Re: Barclays caught fiddling!

Complete separation of investment banking form the high street operations, a member of the FSA sitting on every board to oversee the operation and ensure they run within the law and a real focus on the banks finally delivering a service that the public deserves, with fair charges and responsible lending.

Also a future where bad banks are allowed to go to the wall but given the size of the derivatives black hole, I doubt that we will ever be in a position to allow it.

Any fair minded person has no issue with the Diamonds of this world earning huge salaries when he performs and brings not only profit to the business, but also a fair and valued service to the general public and the banks as a whole need to wake up and realise that it just isn't happening any more for many.

I pretty much agree with that 100%. Sometimes politicians can do little to control events, such is the strength of public feeling. I have no doubt that Cameron and Osbourne have sensed this, and however uncomfortable it may be to them, expect to see some pretty swingeing changes to the way banking is structured in this country.

They have, after all, got the outcome of the next General Election to think about.

Northern Rock wasnt a "casino" bank but it was caught up in the crisis.

What we need is a lot of small banks.

Right now we have a virtual monopoly run by the big four.

Bingo.

Its a cartel and a monopoly for all intent and purpose with little if any competition.

There is nothing new out there for the public to turn to.

 

[gordondaviesmoustache]

Re: Barclays caught fiddling!

Complete separation of investment banking form the high street operations, a member of the FSA sitting on every board to oversee the operation and ensure they run within the law and a real focus on the banks finally delivering a service that the public deserves, with fair charges and responsible lending.

Also a future where bad banks are allowed to go to the wall but given the size of the derivatives black hole, I doubt that we will ever be in a position to allow it.

Any fair minded person has no issue with the Diamonds of this world earning huge salaries when he performs and brings not only profit to the business, but also a fair and valued service to the general public and the banks as a whole need to wake up and realise that it just isn't happening any more for many.

I pretty much agree with that 100%. Sometimes politicians can do little to control events, such is the strength of public feeling. I have no doubt that Cameron and Osbourne have sensed this, and however uncomfortable it may be to them, expect to see some pretty swingeing changes to the way banking is structured in this country.

They have, after all, got the outcome of the next General Election to think about.

Northern Rock wasnt a "casino" bank but it was caught up in the crisis.

What we need is a lot of small banks.

Right now we have a virtual monopoly run by the big four.

Whilst I agree with the sentiments I have to question whether that's a viable option in the globalised world we live in today. I'm certainly no expert but in order to compete across the world (as surely our banks will have to do to some extent) economies of scale and ability to fund huge projects are going to be vital.

I am certainly no fan boy of the banks, and I favour big changes, but for better or worse (I think better in the main) we do rely on the financial services sector and the next few years are going to be hard enough without us tying our own arm behind our back as a nation.

 

[twinkletoes]

Re: Barclays caught fiddling!

This was written about Ruper Murdoch but I think it applies here.

Last July I argued that Rupert Murdoch was guilty of willful blindness in his failure to see how pervasive phone hacking had become in his organisation, in his refusal to investigate it and his refusal to acknowledge what other people found. Now, it appears, the Culture Committee agrees with me.

My book, Wilful Blindness: Why We Ignore the Obvious at our Peril shows that willful blindness has been with us for a long time. It emerged in Victorian times as a legal concept that argues that when there is information we could have, and should have, but somehow manage not to have, we are nonetheless responsible. While most often used to prosecute cases of money laundering and drug trafficking, it was used most sensationally in the government's case against Enron CEO Jeff Skilling and Chairman Ken Lay. This is perhaps the media's Enron moment.

The key driver of Murdoch's blindness has been power. Power encases its recipients in a bubble.

Some of that bubble has a physical reality: encased in limousines, private jets and hotel suites, very powerful individuals rarely inhabit the same world as the rest of us. Moreover, academic studies have shown that those with power are more optimistic, more abstract in their thinking and more confident that they're right. So mentally they're in a bubble too.

But perhaps most potently in Murdoch's case, powerful people can't escape a structural trap: those who hold power are surrounded by people who tell them what they want to hear and hide from them what they imagine they don't want to hear. On one level, this is not personal; it afflicts everyone. Ambitious executives want to please their bosses - so they deliver the good news and bury the bad. It's assumed that conflict is undesirable so anything that might provoke it mysteriously disappears. Leaders themselves need do nothing to encourage this: the ambitious of those around them is enough to ensure that they are surrounded by smiling bearers of success stories.

Murdoch isn't the first and he won't be the last to be caught in this power trap. John Browne, when he led BP, was famously ensnared in it, blind to the dangerous operations which led to accidents and fatalities. His later, rather bromidic memoir, acknowledged as much: "I wish someone had challenged me and been brave enough to say: "We need to ask more disagreeable questions."

The truth is that it takes individuals of terrific integrity and fortitude to resist the willful blindness that comes with power. Tony Blair didn't. John Browne didn't. And now the Culture Committee concurs: Rupert Murdoch didn't either.

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