Barclays caught fiddling!(All the banks now!)

[yerwot?]

Re: Barclays caught fiddling!

the input from well-informed posters on this thread is very welcome, by me at least.
Also it's a bonus that it has survived this long without the left-right hand-bags that pollute threads so often
From my view, the fixing of LIBOR has claimed high profile scalps, but in the overall scheme of things it could be a diversion
The lack of effective regulation by successive parliaments has allowed greed to become de facto bank custom and practice.
The high street banks have plenty to answer for, from endowment scams to insurance mis-selling and the latest small business con , but for me the lack of real competition and governance is the biggest problem.
The merchant banks have made a mockery of self-regulation, it is now on a par with the Loch Ness monster, every one knows it's a myth but like chinese walls, very difficult to prove it's a myth.
The need for oversight of the financial services industry is glaring, but so is the reluctance of politicians to meet it.
Since privatisation of monopolies the term "watchdog" is a laughing stock, evidenced by comparison to our neighbours, from health to water and energy and media, including the police complaints joke.
What chance the banking industry will be any different?

 

[twinkletoes]

Re: Barclays caught fiddling!

No that's something very different

I have to disagree with you there.

It was neither fraudulent nor did it pay investors from the investment of others creating the illusion of "performance". It was a business model that was reliant on it's need to have constent access to the money markets - something we now see as a fundemental flaw but at the time? meh, it seemed reasonable.

They took money from one party to pay off another.

 

[metalblue]

Re: Barclays caught fiddling!

I have to disagree with you there.

It was neither fraudulent nor did it pay investors from the investment of others creating the illusion of "performance". It was a business model that was reliant on it's need to have constent access to the money markets - something we now see as a fundemental flaw but at the time? meh, it seemed reasonable.

They took money from one party to pay off another.

That's the way the world works mate, you get paid you pay your bills.

In Nothern Rocks case they were doing something called partial hedging or covering of exposure...had they fully hedged their loan book they would not have had a problem.

 

[twinkletoes]

Re: Barclays caught fiddling!

It was neither fraudulent nor did it pay investors from the investment of others creating the illusion of "performance". It was a business model that was reliant on it's need to have constent access to the money markets - something we now see as a fundemental flaw but at the time? meh, it seemed reasonable.

They took money from one party to pay off another.

That's the way the world works mate, you get paid you pay your bills.

In Nothern Rocks case they were doing something called partial hedging or covering of exposure...had they fully hedged their loan book they would not have had a problem.

They thought they never had to pay the piper which in my book is a ponzi scheme.

 

[BlueTony]

Re: Barclays caught fiddling!

For me the slippery slope started many years ago when most employers refused to pay in cash any more (those were the days) largely due to the amount of armoured car robberies at the time I would imagine (plus the banks made it cheap to pay by BACS).

This meant that they had total control over the finances of the nation. Before that I had the choice of how much of my wages to pay into the bank to cover bills etc. Now I have no choice but to have everything I earn go into the bank have them charge me every time I go 1p overdrawn and get charged £35 a letter every time they have to tell me.

Now A) these letters are computer generated so it costs virtually fuck all to send them and B) even if they weren't who the hell types so slow that you could possibly justify this charge?

This seems to have given the banks a sense of entitlement to take what they want when they want (remind you of anyone?) that has developed into the current situation.

The simple fact of the matter is it is our money not theirs and they should not be allowed to steal (yes steal bank charges biggest fucking rip off of all time including PPI) it, nor should they be allowed to gamble with it.

If they manage to make profits from gambling with my money (and they have done for years) where exactly is my share (and don't make me puke by quoting the laughably low intertest rates banks pay)?

 

[metalblue]

Re: Barclays caught fiddling!

They took money from one party to pay off another.

That's the way the world works mate, you get paid you pay your bills.

In Nothern Rocks case they were doing something called partial hedging or covering of exposure...had they fully hedged their loan book they would not have had a problem.

They thought they never had to pay the piper which in my book is a ponzi scheme.

Not so, they simply mismanaged their loan book exposure. You can argue greed led them to that situation and I wouldn't be able to argue but to suggest it is fraud is just wrong.

 

[twinkletoes]

Re: Barclays caught fiddling!

That's the way the world works mate, you get paid you pay your bills.

In Nothern Rocks case they were doing something called partial hedging or covering of exposure...had they fully hedged their loan book they would not have had a problem.

They thought they never had to pay the piper which in my book is a ponzi scheme.

Not so, they simply mismanaged their loan book exposure. You can argue greed led them to that situation and I wouldn't be able to argue but to suggest it is fraud is just wrong.

I am not saying it is but the principle is the same as is QE.

 

[metalblue]

Re: Barclays caught fiddling!

For me the slippery slope started many years ago when most employers refused to pay in cash any more (those were the days) largely due to the amount of armoured car robberies at the time I would imagine (plus the banks made it cheap to pay by BACS).

This meant that they had total control over the finances of the nation. Before that I had the choice of how much of my wages to pay into the bank to cover bills etc. Now I have no choice but to have everything I earn go into the bank have them charge me every time I go 1p overdrawn and get charged £35 a letter everytime they have to tell me.

Now A) these letters are computer generated so it costs virtually fuck all to send them and B) even if they weren't who the hell types so slow that you could possibly justify this charge?

This seems to have given the banks a sense of entitlement to take what they want when they want (remind you of anyone?) that has developed into the current situation.

The simple fact of the matter is it is our money not theirs and they should not be allowed to steal (yes steal bank charges biggest fucking rip off of all time including PPI) it, nor should they be allowed to gamble with it.

If they manage to make profits from gambling with my money (and they have done for years) where exactly is my share?

Bank charges are a joke and how they still get away with it is beyond me.<br /><br />-- Tue Jul 03, 2012 1:59 pm --<br /><br />

They thought they never had to pay the piper which in my book is a ponzi scheme.

Not so, they simply mismanaged their loan book exposure. You can argue greed led them to that situation and I wouldn't be able to argue but to suggest it is fraud is just wrong.

I am not saying it is but the principle is the same as is QE.

Ok I think I get where you're coming from...not that it is a ponzi scheme (in the truest sense) but more that it's simply a system that is seemingly built on a bunch of money that exists only in computers?

 

[twinkletoes]

Re: Barclays caught fiddling!

For me the slippery slope started many years ago when most employers refused to pay in cash any more (those were the days) largely due to the amount of armoured car robberies at the time I would imagine (plus the banks made it cheap to pay by BACS).

This meant that they had total control over the finances of the nation. Before that I had the choice of how much of my wages to pay into the bank to cover bills etc. Now I have no choice but to have everything I earn go into the bank have them charge me every time I go 1p overdrawn and get charged £35 a letter everytime they have to tell me.

Now A) these letters are computer generated so it costs virtually fuck all to send them and B) even if they weren't who the hell types so slow that you could possibly justify this charge?

This seems to have given the banks a sense of entitlement to take what they want when they want (remind you of anyone?) that has developed into the current situation.

The simple fact of the matter is it is our money not theirs and they should not be allowed to steal (yes steal bank charges biggest fucking rip off of all time including PPI) it, nor should they be allowed to gamble with it.

If they manage to make profits from gambling with my money (and they have done for years) where exactly is my share?

Bank charges are a joke and how they still get away with it is beyond me.

-- Tue Jul 03, 2012 1:59 pm --

Not so, they simply mismanaged their loan book exposure. You can argue greed led them to that situation and I wouldn't be able to argue but to suggest it is fraud is just wrong.

I am not saying it is but the principle is the same as is QE.

Ok I think I get where you're coming from...not that it is a ponzi scheme (in the truest sense) but more that it's simply a system that is seemingly built on a bunch of money that exists only in computers?

It could never be said that Northern Rock was operated as a ponzi scheme in it's purest form but they used a method that ponzi schemes employ.

 

[metalblue]

Re: Barclays caught fiddling!

the input from well-informed posters on this thread is very welcome, by me at least.
Also it's a bonus that it has survived this long without the left-right hand-bags that pollute threads so often
From my view, the fixing of LIBOR has claimed high profile scalps, but in the overall scheme of things it could be a diversion
The lack of effective regulation by successive parliaments has allowed greed to become de facto bank custom and practice.
The high street banks have plenty to answer for, from endowment scams to insurance mis-selling and the latest small business con , but for me the lack of real competition and governance is the biggest problem.
The merchant banks have made a mockery of self-regulation, it is now on a par with the Loch Ness monster, every one knows it's a myth but like chinese walls, very difficult to prove it's a myth.
The need for oversight of the financial services industry is glaring, but so is the reluctance of politicians to meet it.
Since privatisation of monopolies the term "watchdog" is a laughing stock, evidenced by comparison to our neighbours, from health to water and energy and media, including the police complaints joke.
What chance the banking industry will be any different?

The thing is none of it should be a myth...there is enough regulation and understanding of what is right and proper for it to be carried out and herein lies the challange...which I will come back to a little later when I have a bit more time