Barclays caught fiddling!(All the banks now!)

[twinkletoes]

Re: Barclays caught fiddling!

[youtube]http://www.youtube.com/watch?v=mDbbrjxbJXc[/youtube]

 

[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.

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.

Not a problem mate. You're a gent, a blue and you know your stuff.

 

[Blumers Bloomers]

Re: Barclays caught fiddling!

Well as an employee of Barclays its been an interesting week at work, to say the least.

The Select Committee tomorrow will be intriguing to say the least.....will it be a case of "if I'm going down your'e all coming with me??!!"

I'd hazard a guess Senior Financial Advisors in the government will also have been fully aware of what has been going on for some time.

 

[smudgedj]

Re: Barclays caught fiddling!

The story doing the rounds is:

Tomorrow Bob Diamond is likely to point out that manipulation of LIBOR rates was in the national interest and sanctioned by Downing Street and the regulators. Gordon Brown's Downing Street economic adviser Shriti Vadera was driving the policy...

 

[twinkletoes]

Re: Barclays caught fiddling!

The story doing the rounds is:

Tomorrow Bob Diamond is likely to point out that manipulation of LIBOR rates was in the national interest and sanctioned by Downing Street and the regulators. Gordon Brown's Downing Street economic adviser Shriti Vadera was driving the policy...

Bob Diamond has already stated that he didnt interpret Tucker's call to mean that he should lower the lie-bor rate.

 

[gordondaviesmoustache]

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.

Not a problem mate. You're a gent, a blue and you know your stuff.

I've met him personally and I can confirm that none of these three descriptions are correct.

 

[twinkletoes]

Re: Barclays caught fiddling!

The Libor scandal seems to be waking people up to manipulation and fraud by the big banks.

There are many other types of fraud they've engaged in as well ...

Here is a partial list:

Committing massive and pervasive fraud both when they initiated mortgage loans and when they foreclosed on them

Pledging the same mortgage multiple times to different buyers.

Cheating homeowners - especially veterans - from laws meant to protect people from unfair foreclosure

Engaging in mafia-style big-rigging fraud against local governments.

Cooking their books

Bribing and bullying ratings agencies to inflate ratings on their risky investments

Pushing investments which they knew were terrible, and then betting against the same investments to make money for themselves.

Engaging in unlawful "frontrunning" to manipulate markets.

Engaging in unlawful "Wash Trades" to manipulate asset prices.

Otherwise manipulating markets.

Shaving money off of virtually every pension transaction they handled over the course of decades, stealing collectively billions of dollars from pensions worldwide.

Participating in various Ponzi schemes.

Laundering money for drug cartels. Indeed, drug dealers kept the banking system afloat during the depths of the 2008 financial crisis)

Owning and largely running the Federal Reserve ... which is itself arguably a Ponzi scheme

But at least the big banks do good things for society, like loaning money to Main Street, right?

Actually:

The big banks no longer do very much traditional banking. Most of their business is from financial speculation.
For example, less than 10% of Bank of America’s assets come from traditional banking deposits. Instead, they are mainly engaged in financial speculation and derivatives.

The big banks have slashed lending since they were bailed out by taxpayers ... while smaller banks have increased lending.

A huge portion of the banks' profits comes from taxpayer bailouts. For example, 77% of JP Morgan’s net income comes from taxpayer subsidies

The big banks are literally killing the economy ... and waging war on the people of the world.

<a class="postlink" href="http://www.zerohedge.com/contributed/2012-07-03/many-ways-banks-commit-criminal-fraud" onclick="window.open(this.href);return false;">http://www.zerohedge.com/contributed/20 ... inal-fraud</a>

 

[metalblue]

Re: Barclays caught fiddling!

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.

Not a problem mate. You're a gent, a blue and you know your stuff.

I've met him personally and I can confirm that none of these three descriptions are correct.

Fucking great there I was trying to work on a fictitious internet persona (possibly the first one on BM) and you spoil it. I suppose I should say thanks for not mentioning the frock I wore I really did misread what you meant when you said just come casual, I just thought we had a special understanding.

 

[smudgedj]

Re: Barclays caught fiddling!

The story doing the rounds is:

Tomorrow Bob Diamond is likely to point out that manipulation of LIBOR rates was in the national interest and sanctioned by Downing Street and the regulators. Gordon Brown's Downing Street economic adviser Shriti Vadera was driving the policy...

Bob Diamond has already stated that he didnt interpret Tucker's call to mean that he should lower the lie-bor rate.

Perhaps.

Maybe coincidence.

 

[metalblue]

Re: Barclays caught fiddling!

The story doing the rounds is:

Bob Diamond has already stated that he didnt interpret Tucker's call to mean that he should lower the lie-bor rate.

Perhaps.

Maybe coincidence.

Maybe. It begs the question if BoE put pressure on Barclays to what extent are Barclays "guilty"? You could argue that Diamond should have shown strength of character to tell them to fuck off but where does that leave the staff that were potentially following instructions from their managers? again they should not do something they know to be wrong but in the real world that isn't always so easy to do...this doesn't look quite so black and white as it once did.