twinkletoes
Well-Known Member
Re: Barclays caught fiddling!
The £290 million fine represents 10 days profits for Barclays.
The £290 million fine represents 10 days profits for Barclays.
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Rammy Blue
Well-Known Member
- Joined
- 23 May 2008
- Messages
- 30,340
Re: Barclays caught fiddling!
loads more banks are under investigation....
http://www.bbc.co.uk/news/business-18621354
This part of article is classic and sums it up perfectly...
The FSA pointed out that Barclays traders were quite open about their routine attempts to lobby their colleagues who submitted the bank's estimate of its borrowing costs to the BBA.
It was particularly concerned because it appeared to be "accepted culture" among some staff.
"Requests to Barclays' submitters were made verbally and a large amount of email and instant message evidence consisting of derivatives traders' requests also exists," the FSA said.
In one instance, a trader recounted a conversation in which he had "begged" the submitter to put in a lower Libor figure.
"I'm like, dude, you're killing us," he said. His manager replied, "just tell him to... put it low".
In turn, the staff submitting the data would respond to the traders' requests.
"For you…anything," said one. "Done… for you big boy," said another.
And: "I owe you big time... I'm opening a bottle of Bollinger."
loads more banks are under investigation....
http://www.bbc.co.uk/news/business-18621354
This part of article is classic and sums it up perfectly...
The FSA pointed out that Barclays traders were quite open about their routine attempts to lobby their colleagues who submitted the bank's estimate of its borrowing costs to the BBA.
It was particularly concerned because it appeared to be "accepted culture" among some staff.
"Requests to Barclays' submitters were made verbally and a large amount of email and instant message evidence consisting of derivatives traders' requests also exists," the FSA said.
In one instance, a trader recounted a conversation in which he had "begged" the submitter to put in a lower Libor figure.
"I'm like, dude, you're killing us," he said. His manager replied, "just tell him to... put it low".
In turn, the staff submitting the data would respond to the traders' requests.
"For you…anything," said one. "Done… for you big boy," said another.
And: "I owe you big time... I'm opening a bottle of Bollinger."
gordondaviesmoustache
Well-Known Member
Re: Barclays caught fiddling!
I've posted this before but to me it reflects very poorly on us as a society that not one "banker", for want of a better expression, has even been cuffed, let alone charged, for fraud in relation to the banking crisis.
It is impossible for me to conceive that many were not aware of what was going on, exploited it and profited from it dishonestly, and this case does little to dispel the perception of a prevailing culture of dishonesty among people in the City.
People convicted of involvement in the civil disorder of last summer were quite rightly made an example of - partly to serve a a lesson to others but also because maintaining order is vital in a functioning society. The same could be said about the perception that all are equal before the law. I find it hard to believe that there isn't enough evidence to at least form a prima facie case against certain people in the financial sector.
Unless and until this is addressed, there will be an enduring view among many that the industry is (still) full of crooks which is a wholly unhealthy state of affairs given the importance of the Financial Services sector to the UK economy.
I am certain that many more people from that industry would have been arrested in the USA for fraud (or related offences) than has been the case in the UK.
I've posted this before but to me it reflects very poorly on us as a society that not one "banker", for want of a better expression, has even been cuffed, let alone charged, for fraud in relation to the banking crisis.
It is impossible for me to conceive that many were not aware of what was going on, exploited it and profited from it dishonestly, and this case does little to dispel the perception of a prevailing culture of dishonesty among people in the City.
People convicted of involvement in the civil disorder of last summer were quite rightly made an example of - partly to serve a a lesson to others but also because maintaining order is vital in a functioning society. The same could be said about the perception that all are equal before the law. I find it hard to believe that there isn't enough evidence to at least form a prima facie case against certain people in the financial sector.
Unless and until this is addressed, there will be an enduring view among many that the industry is (still) full of crooks which is a wholly unhealthy state of affairs given the importance of the Financial Services sector to the UK economy.
I am certain that many more people from that industry would have been arrested in the USA for fraud (or related offences) than has been the case in the UK.
Re: Barclays caught fiddling!
Mark my words this is just the tip of the iceberg, Barclays are the only one's being caught right now. The banks pretty much ran/run the finance industry like cartel its only now that the sh*t has hit the fan things are starting to crawl out of the woodwork.
Mark my words this is just the tip of the iceberg, Barclays are the only one's being caught right now. The banks pretty much ran/run the finance industry like cartel its only now that the sh*t has hit the fan things are starting to crawl out of the woodwork.
Re: Barclays caught fiddling!
barclays caught fiddling
the topic just below: the end of financial fair play
just a thought , does anyone think that in Britain , with a parliament up to it's neck in sleaze, and a party in power inseparable from the spivs in Canary Wharf, that anyone will be prosecuted? Too big to fail? Too big to face justice more like
If we didn't have a long history of crucifying whistle-blowers, this would have been outed years ago, there have been enough veiled references to it from commentators in financial circles.
There will be a procession of sombre crestfallen banking figure-heads wheeled out blaming rogue dealers (the murdoch defense) for hiding their crimes from the board, and yet more promises that "lessons have been learned", but coming on top of the deliberate mis-selling of PPI it will carry no weight whatsoever. The country IS fucked
barclays caught fiddling
the topic just below: the end of financial fair play
just a thought , does anyone think that in Britain , with a parliament up to it's neck in sleaze, and a party in power inseparable from the spivs in Canary Wharf, that anyone will be prosecuted? Too big to fail? Too big to face justice more like
If we didn't have a long history of crucifying whistle-blowers, this would have been outed years ago, there have been enough veiled references to it from commentators in financial circles.
There will be a procession of sombre crestfallen banking figure-heads wheeled out blaming rogue dealers (the murdoch defense) for hiding their crimes from the board, and yet more promises that "lessons have been learned", but coming on top of the deliberate mis-selling of PPI it will carry no weight whatsoever. The country IS fucked
twinkletoes
Well-Known Member
Re: Barclays caught fiddling!
All the bankster apologists are conspicuous by their absence.
All the bankster apologists are conspicuous by their absence.
metalblue
Well-Known Member
Re: Barclays caught fiddling!
Haha, I wouldn't say that at all mate but thanks anyway! And thanks Damo! Sorry I'd not seen this thread before (was too busy getting wound up by ATOS) to comment but this is indefensible, simple as that. You've got people in cahoots that are fixing rates for personal gain, under normal trading circumstances that is bad enough, but when it has direct consequences to members of the public and businesses in this manner prison should be the only outcome. This isn't an error of judgement it's breaching of one of the founding principles of the FSA.
Now the punishment for the banks themselves is tricky to call. I've not read the FSA's report so I am going to make a few assumptions here; I suspect the FSA have found that whilst the bank was not aware this was occurring they have failed to put in place sufficient controls to spot check systematic abuse of this ilk, it's a big fine but not indicative of wide scale corruption. The only thing that really pisses me off is that those who are impacted by this action (ie the public) still pay the penalty for it whilst the treasury gets the money!
blueinsa said:Rammy Blue said:blueinsa said:Its ok, i will just say sorry and forgo my bonus.
IIRC, Swp's will be in the air somewhere over the ocean at this present time so we're free to say what we want!
Metalblue is the man anyway!
Sorry SWP, we love you too, honest ;-)
Haha, I wouldn't say that at all mate but thanks anyway! And thanks Damo! Sorry I'd not seen this thread before (was too busy getting wound up by ATOS) to comment but this is indefensible, simple as that. You've got people in cahoots that are fixing rates for personal gain, under normal trading circumstances that is bad enough, but when it has direct consequences to members of the public and businesses in this manner prison should be the only outcome. This isn't an error of judgement it's breaching of one of the founding principles of the FSA.
Now the punishment for the banks themselves is tricky to call. I've not read the FSA's report so I am going to make a few assumptions here; I suspect the FSA have found that whilst the bank was not aware this was occurring they have failed to put in place sufficient controls to spot check systematic abuse of this ilk, it's a big fine but not indicative of wide scale corruption. The only thing that really pisses me off is that those who are impacted by this action (ie the public) still pay the penalty for it whilst the treasury gets the money!
m7mcfc
Well-Known Member
Re: Barclays caught fiddling!
Why are they wankers...I mean bankers.
twinkletoes said:Wait until SWP's back and metalblue see this thread.
You will be severely rebuked.
Why are they wankers...I mean bankers.
twinkletoes
Well-Known Member
Re: Barclays caught fiddling!
No they dont like anybody slagging off banksters and believe there is a media conspiracy to undermine them, not that they need any help.
m7mcfc said:twinkletoes said:Wait until SWP's back and metalblue see this thread.
You will be severely rebuked.
Why are they wankers...I mean bankers.
No they dont like anybody slagging off banksters and believe there is a media conspiracy to undermine them, not that they need any help.
The Flash
Well-Known Member
Re: Barclays caught fiddling!
I ain't no Apologista!
My point yesterday was aimed at the more leftist posters on here who were claiming that Barclays were the sole reason for the financial crisis and that the public sector workers were paying the price. The fact is, Barclays were one of the banks that didn't need rescuing and whilst this incident is morally abhorrent, it isn't the reason we're in the shit.
The fact remains that the public sector is bloated after thousands of non-jobs were created by the previous government. I disagree with any redundancies from frontline staff such as the police, fire service and nurses. However, why councils require roles such as "diversity co-ordinators" and the like is a joke and it is these lefty non-jobs that should get the axe.
twinkletoes said:All the bankster apologists are conspicuous by their absence.
I ain't no Apologista!
My point yesterday was aimed at the more leftist posters on here who were claiming that Barclays were the sole reason for the financial crisis and that the public sector workers were paying the price. The fact is, Barclays were one of the banks that didn't need rescuing and whilst this incident is morally abhorrent, it isn't the reason we're in the shit.
The fact remains that the public sector is bloated after thousands of non-jobs were created by the previous government. I disagree with any redundancies from frontline staff such as the police, fire service and nurses. However, why councils require roles such as "diversity co-ordinators" and the like is a joke and it is these lefty non-jobs that should get the axe.