twinkletoes
Well-Known Member
Re: Barclays caught fiddling!
[youtube]http://www.youtube.com/watch?v=8pywh-RkdK8[/youtube]
[youtube]http://www.youtube.com/watch?v=8pywh-RkdK8[/youtube]
twinkletoes
Well-Known Member
Re: Barclays caught fiddling!
Here's a list of recent "scandals" involving Barclays.
The Project Brontos tax scam in Italy, which will see the criminal trial of four executives of Barclays Italian arm starting this September. Unicredit was also involved (penalties unclear)
The £12.3bn Protium deal, which saw a group of executives hold the bank to ransom (penalties unclear)
The “scandalous’” £7bn deal with Middle Eastern investors that was hugely detrimental to the interests of ordinary shareholders
The betrayal of corporate customers like Del Monte (settlement to shareholders $90m)
The industrial scale doctoring of documentation to hide the movement of funds into the U.S. from Iran, Cuba and other prohibited countries (US Fed settlement $298m)
The misselling of income funds (FSA fine £7.7m)
The misselling of interest rate swaps to SMEs, which is crippling tens of thousands of smaller firms across the UK.
The commingling of customers and proprietary assets (FSA fine £1.1m)
The abuse of IFRS to double is own profitability and massively inflate executives’ bonuses (source: PIRC)
The infamous tax avoidance factory led by Roger Jenkins (penalties unclear)
The systemic faking its Libor (interbank borrowing) numbers (FSA/CFTC/DoJ fine $453 million)
Honesty. Integrity. Plain dealing.
These are the three founding principles of Barclays' Quaker founders.
Bob Diamond said he wasnt aware of them when asked.
Here's a list of recent "scandals" involving Barclays.
The Project Brontos tax scam in Italy, which will see the criminal trial of four executives of Barclays Italian arm starting this September. Unicredit was also involved (penalties unclear)
The £12.3bn Protium deal, which saw a group of executives hold the bank to ransom (penalties unclear)
The “scandalous’” £7bn deal with Middle Eastern investors that was hugely detrimental to the interests of ordinary shareholders
The betrayal of corporate customers like Del Monte (settlement to shareholders $90m)
The industrial scale doctoring of documentation to hide the movement of funds into the U.S. from Iran, Cuba and other prohibited countries (US Fed settlement $298m)
The misselling of income funds (FSA fine £7.7m)
The misselling of interest rate swaps to SMEs, which is crippling tens of thousands of smaller firms across the UK.
The commingling of customers and proprietary assets (FSA fine £1.1m)
The abuse of IFRS to double is own profitability and massively inflate executives’ bonuses (source: PIRC)
The infamous tax avoidance factory led by Roger Jenkins (penalties unclear)
The systemic faking its Libor (interbank borrowing) numbers (FSA/CFTC/DoJ fine $453 million)
Honesty. Integrity. Plain dealing.
These are the three founding principles of Barclays' Quaker founders.
Bob Diamond said he wasnt aware of them when asked.
smudgedj
Well-Known Member
Re: Barclays caught fiddling!
twinkletoes
Well-Known Member
Re: Barclays caught fiddling!
Here's a petition calling for a Leveson style enquiry into the banking sector
<a class="postlink" href="http://epetitions.direct.gov.uk/petitions/35421" onclick="window.open(this.href);return false;">http://epetitions.direct.gov.uk/petitions/35421</a>
Here's a petition calling for a Leveson style enquiry into the banking sector
<a class="postlink" href="http://epetitions.direct.gov.uk/petitions/35421" onclick="window.open(this.href);return false;">http://epetitions.direct.gov.uk/petitions/35421</a>
Re: Barclays caught fiddling!
What have the Tories got to fear from a judge-led inquiry? The situation in the Commons right now is exactly why a parliamentary inquiry should not happen. Why? Ridiculous shouting matches on both sides, political point-scoring, the blame game. The Tories are pinning this on Labour, while at the same time glossing over the issue that they called for LESS regulation during the course of Labour's term in office. We hear it all the time; ordinary members of the public do not trust politicians, they trust them nearly as little as they trust bankers. That's exactly why a parliamentary inquiry will not be seen as legitimate. An investigation into a group of people they don't trust, by another group of people they don't trust.
This needs to be a judge-led enquiry, because a parliamentary inquiry would require the support of both parties and a consensus position, free of political point-scoring and opportunism. It patently has none of those things. Both sides are trying to make political capital out of it, and cooperation is quite clearly going to be impossible.
What have the Tories got to fear from a judge-led inquiry? The situation in the Commons right now is exactly why a parliamentary inquiry should not happen. Why? Ridiculous shouting matches on both sides, political point-scoring, the blame game. The Tories are pinning this on Labour, while at the same time glossing over the issue that they called for LESS regulation during the course of Labour's term in office. We hear it all the time; ordinary members of the public do not trust politicians, they trust them nearly as little as they trust bankers. That's exactly why a parliamentary inquiry will not be seen as legitimate. An investigation into a group of people they don't trust, by another group of people they don't trust.
This needs to be a judge-led enquiry, because a parliamentary inquiry would require the support of both parties and a consensus position, free of political point-scoring and opportunism. It patently has none of those things. Both sides are trying to make political capital out of it, and cooperation is quite clearly going to be impossible.
Re: Barclays caught fiddling!
I suspect that they dont want a repeat of the Leveson enquiry and the fact that it will reveal a closer relationship with the Bankers (who represent over 50% of their funding) than they would care to admit in public.
Halfpenny said:
I suspect that they dont want a repeat of the Leveson enquiry and the fact that it will reveal a closer relationship with the Bankers (who represent over 50% of their funding) than they would care to admit in public.
twinkletoes
Well-Known Member
Re: Barclays caught fiddling!
The Serious Fraud Office (SFO) has confirmed that it has formally launched a criminal investigation into the rigging of inter-bank lending rates.
It would be nice if the LulzSec boys could perhaps give them a hand and find some really incriminating emails that Bob sent.
Perhaps one of them posts on here. You never know.
The Serious Fraud Office (SFO) has confirmed that it has formally launched a criminal investigation into the rigging of inter-bank lending rates.
It would be nice if the LulzSec boys could perhaps give them a hand and find some really incriminating emails that Bob sent.
Perhaps one of them posts on here. You never know.