Barclays caught fiddling!(All the banks now!)

[twinkletoes]

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 oftenFrom 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

SWP's back is on holiday.

 

[Swales lives]

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 oftenFrom 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

SWP's back is on holiday.

He should be jailed too, the shyster.

 

[blueinsa]

Re: Barclays caught fiddling!

Despite the sour taste, the subject we are discussing leaves, this thread is enjoyable with some great contributions and credit to MB for giving us all the view from the other side so to speak.

I notice the bonus that Mr Diamond declined just the other day, he will now collect as part of a huge pay off.

I would like to think that the government/FSA would step in and put said pay off on hold until all investigations have been concluded and Mr Diamond has been fully cleared of all wrong doing.

The same to apply to all execs from all institutions that resign as the scandal proceeds.

Not too much to ask in my book.

 

[twinkletoes]

Re: Barclays caught fiddling!

Barclays chief operating officer Jerry del Missier has left the bank as well.

It appears that he was the senior Barclays manager who misunderstood (wilful blindness) Bob Diamond's version of a conversation with Paul Tucker from the Bank of England, and as a result encouraged juniors to deliberately lower Barclays' Lie-bor submissions.

 

[Balti]

Re: Barclays caught fiddling!

any monies obtained through criminal activity can be confiscated

lets hope this lot get clobbered rather than being further 'rewarded' which would be a travesty

 

[blueinsa]

Re: Barclays caught fiddling!

Barclays chief operating officer Jerry del Missier has left the bank as well.

It appears that he was the senior Barclays manager who misunderstood (wilful blindness) Bob Diamond's version of a conversation with Paul Tucker from the Bank of England, and as a result encouraged juniors to deliberately lower Barclays' Lie-bor submissions.

As suspected the orders came from the top and this implicates the B of E as well in my book.

Who's next?<br /><br />-- Tue Jul 03, 2012 3:53 pm --<br /><br />

any monies obtained through criminal activity can be confiscated

lets hope this lot get clobbered rather than being further 'rewarded' which would be a travesty

Dont forget a spell at Her Majesty's pleasure as well.

 

[twinkletoes]

Re: Barclays caught fiddling!

@Robert Peston


I have learned that Bob Diamond's departure was encouraged by the Governor of the Bank of England, Sir Mervyn King, and the chairman of the Financial Services Authority (FSA), Lord Turner.

The version of his exit, given to me by a senior Barclays source, that Mr Diamond went because of the heat from parliament, is only half the story.

What persuaded Mr Diamond and his board colleagues that he should resign was an unambiguous message to the bank from Sir Mervyn and Lord Turner that they would be happy of he resigned.

They were unable to force him out, because the recent FSA investigation into how Barclays attempted to rig the important Libor interest rates did not find him personally culpable.

However, as a regulated institution, it was impossible for Barclays' board to ignore the revealed wishes of the two most powerful regulators in the City.

"This is a case of the governor getting his way by the inflexion of his eyebrows," said a source. "It is how it used to happen and it is a good thing that it is happening again".

The message that the Bank of England governor wanted Bob Diamond to go was delivered personally to Barclays' chairman Marcus Agius in a telephone conversation between the two of them yesterday.

This is probably why Agius was asked to stay on.

 

[twinkletoes]

Re: Barclays caught fiddling!

Here is a full transcript of the message, which was sent to then chief executive John Varley, along with Jerry del Missier from Bob Diamond:




Further to our last call, Mr Tucker (deputy of BOE) reiterated that he had received calls from a number of senior figures within Whitehall to question why Barclays was always toward the top end of the Libor pricing. His response was "you have to pay what you have to pay". I asked if he could relay the reality, that not all banks were providing quotes at the levels that represented real transactions, his response "oh, that would be worse".

I explained again our market rate driven policy and that it had recently meant that we appeared in the top quartile and on occasion the top decile of the pricing. Equally I noted that we continued to see others in the market posting rates at levels that were not representative of where they would actually undertake business. This latter point has on occasion pushed us higher than would otherwise appear to be the case. In fact, we are not having to "pay up" for money at all.

Mr Tucker stated the levels of calls he was receiving from Whitehall were 'senior' and that while he was certain we did not need advice, that it did not always need to be the case that we appeared as high as we have recently.
RED*

 

[blueinsa]

Re: Barclays caught fiddling!

It would appear that the governor of the B of E needs to be having a word with his deputy.

This just gets murkier and murkier.

 

[metalblue]

Re: Barclays caught fiddling!

It would appear that the governor of the B of E needs to be having a word with his deputy.

This just gets murkier and murkier.

It really does...this is moving on from a few traders and starting to look ugly quick. They need to move quickly here, the last thing we need is death by a thousand cuts here, this will play badly with the rest of the world as LIBOR is seen as "independent".

Thanks for kind words earlier mate much appreciated and as you rightly say it isn't a great subject we are discussing but it's been done in a decent way and whilst we won't all agree on everything about it there's been a good amount of give and take.