Barclays caught fiddling!(All the banks now!)

[No6]

Re: Barclays caught fiddling!

Its OK the boss is waiving his bonus.

Yeah fucking right the parasite

Its like the magic wand that suddenly makes everything ok isn't it?

When was the last time one of these cunts fell on his own sword or even got the boot?

Fuck falling on one's sword or getting the boot, how about bloody prison? Br rigging the rate of various products they have cost governments, businesses and the public BILLIONS of £s. If you or I were to commit benefit fraud we would be sent to prison and held up as an example of "broken britain".

These cunts can do what they like with impunity.

Cameron was spouting off about Jimmy Carr's off shore £3M last week. Not heard him slagging off his mates in the finance sector yet.

 

[blueinsa]

Re: Barclays caught fiddling!

Its OK the boss is waiving his bonus.

Yeah fucking right the parasite

Its like the magic wand that suddenly makes everything ok isn't it?

When was the last time one of these cunts fell on his own sword or even got the boot?

Fuck falling on one's sword or getting the boot, how about bloody prison? Br rigging the rate of various products they have cost governments, businesses and the public BILLIONS of £s. If you or I were to commit benefit fraud we would be sent to prison and held up as an example of "broken britain".

These cunts can do what they like with impunity.

Cameron was spouting off about Jimmy Carr's off shore £3M last week. Not heard him slagging off his mates in the finance sector yet.

We sing from the same hymn sheet mate.

Banks committing fraud, Insurance(car) companies doing the same.

Us mere mortals try and fuck the tax man or the insurance man over and all hell is let loose on us.

Joke!

 

[No6]

Re: Barclays caught fiddling!

It's ok I volunteer to work yet another 10 years on top of my normal retirement to bail Barclays out, so everything should be ok.

Barclays as far as I am aware has not been bailed out by tax payers money.

With regards to the story if the banks are "allowed to do what they want" why have they been convicted and fined?

Indeed. Let's try a different headline:

"Bank not funded by tax-payer bailout gets fined for breaking code of practice"

Hmmmmm...not so sensational is it. Still, gives the lefties something to shoot at....

You think its that simple? People with a left-wing viewpoint just spouting off about capitalist systems? Its comments like that which needlessly polarise this very significant debate. Whether people proclaim to be left or right wing, they ALL have reason to be appalled. Think about what's actually happened before wading in with divisive and ill considered comments.

Now, correct me if I'm wrong but those of a right-wing persuasion believe in and advocate a free-market economy, where the markets (not just financial markets but ANY markets) determine the value of goods/services/shares etc. The key word here is "free" market, where value and worth is determined (very simplistically in this explaination) by supply and demand. A free market can not exist where there is collusion between parties to artificially fix prices. This flies in the face of free market ideals.

What these banks (and at the last count the EU & US have named 44 of them) are doing is fixing the market to their own collective advantage, which should get the blood of right wingers boiling just as much as "lefties".

So please, before you try to water down an argument to a simplistic lefties versus tory argument, have a sit down with a cup of tea and actually think about what is going on.

We ALL get screwed by this.

The current financial crisis was not caused by Government expenditure on things like healthcare, education, pensions etc, despite what Cockbadger Cameron would like us to think. The GLOBAL financial crisis was caused by the much vaunted financial "markets" imploding under their own greed.

Thank you and good night ;)

 

[blueinsa]

Re: Barclays caught fiddling!

Barclays as far as I am aware has not been bailed out by tax payers money.

With regards to the story if the banks are "allowed to do what they want" why have they been convicted and fined?

Indeed. Let's try a different headline:

"Bank not funded by tax-payer bailout gets fined for breaking code of practice"

Hmmmmm...not so sensational is it. Still, gives the lefties something to shoot at....

You think its that simple? People with a left-wing viewpoint just spouting off about capitalist systems? Its comments like that which needlessly polarise this very significant debate. Whether people proclaim to be left or right wing, they ALL have reason to be appalled. Think about what's actually happened before wading in with divisive and ill considered comments.

Now, correct me if I'm wrong but those of a right-wing persuasion believe in and advocate a free-market economy, where the markets (not just financial markets but ANY markets) determine the value of goods/services/shares etc. The key word here is "free" market, where value and worth is determined (very simplistically in this explaination) by supply and demand. A free market can not exist where there is collusion between parties to artificially fix prices. This flies in the face of free market ideals.

What these banks (and at the last count the EU & US have named 44 of them) are doing is fixing the market to their own collective advantage, which should get the blood of right wingers boiling just as much as "lefties".

So please, before you try to water down an argument to a simplistic lefties versus tory argument, have a sit down with a cup of tea and actually think about what is going on.

We ALL get screwed by this.

The current financial crisis was not caused by Government expenditure on things like healthcare, education, pensions etc, despite what Cockbadger Cameron would like us to think. The GLOBAL financial crisis was caused by the much vaunted financial "markets" imploding under their own greed.

Thank you and good night ;)

 

[metalblue]

Re: Barclays caught fiddling!

Something else for My Diamond and his fellow bankers to worry about...

<a class="postlink" href="http://news.sky.com/story/953742/exclusive-banks-braced-for-new-mis-selling-scandal" onclick="window.open(this.href);return false;">http://news.sky.com/story/953742/exclus ... ng-scandal</a>

These are isolated incidents and I am sure metalblue will back me up.

This was the thread I thought we'd have next week. Isolated is the wrong word, unrelated would be better.

The issue with interest rate swap investigation is to find out if bank staff didn't explain the risks involved to retail clients. It's too early to say but I'd suggest few people didn't realise what they were getting in to (much like the PPI or credit agreements and because something was wrong with the form or not made clear issues have been raised and not, necessarily, becuase the product itself was bad) but as they have not "benefited" from it want their money back (human nature I guess)...bit like me asking for all my car insurance premiums back because they didn't tick a box on a form or telle I'd not get my premiums back and I didn't claim. Yes you can argue that the client was potentially "led" and unaware of the options available but for me the test is would they have still signed the same contract if that information had been disclosed.

This contrasts against discovering that bank staff have made assertions to clients in bad faith then the client has every right to recourse and the bank staff should be punished (as well as the bank for failing to provide adequate protection to retail client).

 

[metalblue]

Re: Barclays caught fiddling!

Barclays as far as I am aware has not been bailed out by tax payers money.

With regards to the story if the banks are "allowed to do what they want" why have they been convicted and fined?

Indeed. Let's try a different headline:

"Bank not funded by tax-payer bailout gets fined for breaking code of practice"

Hmmmmm...not so sensational is it. Still, gives the lefties something to shoot at....

You think its that simple? People with a left-wing viewpoint just spouting off about capitalist systems? Its comments like that which needlessly polarise this very significant debate. Whether people proclaim to be left or right wing, they ALL have reason to be appalled. Think about what's actually happened before wading in with divisive and ill considered comments.

Now, correct me if I'm wrong but those of a right-wing persuasion believe in and advocate a free-market economy, where the markets (not just financial markets but ANY markets) determine the value of goods/services/shares etc. The key word here is "free" market, where value and worth is determined (very simplistically in this explaination) by supply and demand. A free market can not exist where there is collusion between parties to artificially fix prices. This flies in the face of free market ideals.

What these banks (and at the last count the EU & US have named 44 of them) are doing is fixing the market to their own collective advantage, which should get the blood of right wingers boiling just as much as "lefties".

So please, before you try to water down an argument to a simplistic lefties versus tory argument, have a sit down with a cup of tea and actually think about what is going on.

We ALL get screwed by this.

The current financial crisis was not caused by Government expenditure on things like healthcare, education, pensions etc, despite what Cockbadger Cameron would like us to think. The GLOBAL financial crisis was caused by the much vaunted financial "markets" imploding under their own greed.

Thank you and good night ;)

I was mostly agreeing with you until that last bit...the financial crisis and (I assume you are referring to) austerity measures have been rolled into one (very convenient for some politicians etc) but they are two very separate issues.

 

[blueinsa]

Re: Barclays caught fiddling!

Isolated is the wrong word, unrelated would be better.

There shouldn't be any incidents really should there?

This is a regulated industry with a strict code of conduct and practice yet it appears that for the last decade, those rules have been thrown out of the window in a lust for profit driven by greed.

Incredibly, the fine imposed on Barclays yesterday and all fines imposed in the past, have not gone to the taxpayer, rather they have gone into the pot that the rest of the banks put into to pay for the regulator, thus easing the burden on them all financially.

You really could not make it up!

 

[metalblue]

Re: Barclays caught fiddling!

Isolated is the wrong word, unrelated would be better.

There shouldn't be any incidents really should there?

This is a regulated industry with a strict code of conduct and practice yet it appears that for the last decade, those rules have been thrown out of the window in a lust for profit driven by greed.

Incredibly, the fine imposed on Barclays yesterday and all fines imposed in the past, have not gone to the taxpayer, rather they have gone into the pot that the rest of the banks put into to pay for the regulator, thus easing the burden on them all financially.

You really could not make it up!

Definitely not mate.

Now this next bit isn't to divert away from that point and my full agreement but more to try and explain a little bit about what I think is wrong.

Light touch or deregulation conjures up an image of a bit of a free-for-all but the reality (at least in ny experience) is the FSA (and predecessors) have grown exponentially in size and complexity over the years. This has resulted in mountains of existing, changed, and new regulations (albeit well intended) that all financial firms struggle under means that these firms are ever more reliant on the honesty of their staff. Now whilst we would all like to think everyone is above board etc we have seen products get ever more complex throw in temptation and greed and you will always find some wrong 'uns.

So what's the answer? Truth be known I don't know...I fear that whilst the existing situation is not ideal we have to consider we are too far down the road to change so our only option to improve the knowledge and add more expertise (increase size) of the regulator.

But it can't be just down to the regulator and if the financial crisis demonstrated one thing it is that there are a people in this business, being well paid, trading products they do not fully understand.

 

[blueinsa]

Re: Barclays caught fiddling!

Isolated is the wrong word, unrelated would be better.

There shouldn't be any incidents really should there?

This is a regulated industry with a strict code of conduct and practice yet it appears that for the last decade, those rules have been thrown out of the window in a lust for profit driven by greed.

Incredibly, the fine imposed on Barclays yesterday and all fines imposed in the past, have not gone to the taxpayer, rather they have gone into the pot that the rest of the banks put into to pay for the regulator, thus easing the burden on them all financially.

You really could not make it up!

Definitely not mate.

Now this next bit isn't to divert away from that point and my full agreement but more to try and explain a little bit about what I think is wrong.

Light touch of deregulation conjures up an image of a bit of a free-for-all but the reality (at least in ny experience) is the FSA (and predecessors) have grown exponentially in size and complexity over the years. This has resulted in mountains of existing changed and new regulations (albeit well intended) that all financial firms struggle under means that these firms are ever more reliant on the honesty of their staff. Now whilst we would all like to think everyone is above board etc we have seen products get ever more complex throw in temptation and greed and you will always find some wrong 'uns.

So what's the answer? Truth be known I don't know...I fear that whilst the existing situation is not ideal we have to consider we are too far down the road to change so our only option to improve the knowledge and add more expertise (increase size) of the regulator.

But it can't be just down to the regulator and if the financial crisis demonstrated one thing it is that there are a people in this business, being well paid, trading products they do not fully understand.

A lasting and telling message has to be sent out now with a full criminal investigation carried out with the full weight of the law brought against anyone, regardless of who they are, should they be found guilty of any wrong doing.

The public must not accept a casual "im sorry" or "lessons have to be and will be learned" excuse.

I would also suggest that the FSA incorporate themselves into every boardroom if need be to ensure that rules and regulations are not being broken.

Maybe extreme but unfortunately, the banks and those charged with running them have shown they are crooks at worst and unworthy of our trust at best.

 

[Rammy Blue]

Re: Barclays caught fiddling!

Very diplomatically put, metalblue, or as I usually say, "spoken like a true banker..." ;-)

My own opinion, and one that I am sure is shared by millions of people out there, is that the whole "point" of the banking system is to make it as complicated as is feasibly possible so that manipulation of figures is easy in order to post false profits and ensure maximum bonus payments, hence the exact reason all this shit is hitting the fan now about Barclays and the libor as well as the one to come out soon about the interest rate swaps.

More important, and one that will make everyone's toes curl, is when the derivatives timebomb explodes - I'd love to hear your views on that one....iirc the derivatives market was last estimated at approx $700 trillion, and that's one hell of a lot of fresh air when the ponzi scheme collapses.