Barclays caught fiddling!(All the banks now!)

[metalblue]

Re: Barclays caught fiddling!

I think you mean the US regulators.

Not especially mate, although we have geographical regulators we are in all reality regulated globally so it's not down to one regulator or another, more a co-ordinated investigation and action.

Well the way I see it is that the "scandals" all originate in the UK but it's the US regulators that always seem to be the ones that actually do something about them.

I think I heard that Jamie Dimon, JP Morgan CEO, didnt want any new banking rules to cover US banks' overseas dealings.

So unless we clean up our act in the City of London, we will just be used as a clearing house for all the dodgiest deals that US banks dont want to be caught doing at home.

Not at all mate, it just seems that way as US regulators seem to have a wider scope about activities they can fine for even to the extent that it may not taken place on US "soil" so to speak but by an organisation with a presence there.

 

[twinkletoes]

Re: Barclays caught fiddling!

Not especially mate, although we have geographical regulators we are in all reality regulated globally so it's not down to one regulator or another, more a co-ordinated investigation and action.

Well the way I see it is that the "scandals" all originate in the UK but it's the US regulators that always seem to be the ones that actually do something about them.

I think I heard that Jamie Dimon, JP Morgan CEO, didnt want any new banking rules to cover US banks' overseas dealings.

So unless we clean up our act in the City of London, we will just be used as a clearing house for all the dodgiest deals that US banks dont want to be caught doing at home.

Not at all mate, it just seems that way as US regulators seem to have a wider scope about activities they can fine for even to the extent that it may not taken place on US "soil" so to speak but by an organisation with a presence there.

Now we are trying to be excluded from any EU regulations plus the Dodd-Frank rules, I think London is going to be seen as some sort of safe haven from the world's banking regulators.

 

[blueinsa]

Re: Barclays caught fiddling!

You have to remember these are "isolated" incidents and the banking fraternity is very reputable on the whole, as we saw from Bob Diamond's testimony earlier this week.

I'm just glad that lessons "have" and "will" be learnt so that repeats of incidents like this can "never" happen again.

God knows where it will end up mate...it's big this one, gone from seemingly a few traders right the way to the senior guys. Perhaps they need to base it off average actual weighted trades for a period of time, it seems obvious that it will have to change in some way.

Whilst few will probably agree with me on this it does show that our regulators do work but appreciate that is of scant consolation.

It would appear that has this story has developed, you have also become more and more despondent.

I will agree to a point that the regulators seem to be piling the pressure on but for me, fines are not the way forward here, criminal proceedings are and whilst I appreciate that's a matter for the law, it needs to get done.

This is no longer a few rogue traders, it goes to the very top of institutions and ignorance can no longer be a defence.

 

[BM_Mike]

Re: Barclays caught fiddling!

[youtube]http://www.youtube.com/watch?v=NI55EDP3T2I[/youtube]

Dominic will explain what LIBOR (pronounced wrong) is

Within the first sentence auld Dominic comes in and pronounces it right, good man

Ps. that is such and incorrect and horrifically biased bit of reporting

Ps. 12:35 "Hey there, in case you didn't know I'm American but to drive the point home I'm gonna scream over the top of someone"

 

[twinkletoes]

If the ancient Greek philosopher Diogenes were to go out with his lantern in search of an honest many today, a survey of Wall Street executives on workplace conduct suggests he might have to look elsewhere.

A quarter of Wall Street executives see wrongdoing as a key to success, according to a survey by whistleblower law firm Labaton Sucharow released on Tuesday.

In a survey of 500 senior executives in the United States and the UK, 26 percent of respondents said they had observed or had firsthand knowledge of wrongdoing in the workplace, while 24 percent said they believed financial services professionals may need to engage in unethical or illegal conduct to be successful.

Sixteen percent of respondents said they would commit insider trading if they could get away with it, according to Labaton Sucharow. And 30 percent said their compensation plans created pressure to compromise ethical standards or violate the law.

"When misconduct is common and accepted by financial services professionals, the integrity of our entire financial system is at risk," Jordan Thomas, partner and chair of Labaton Sucharow's whistleblower representation practice, said in a statement.

The survey's release comes as the fallout from Barclays PLC's (BARC.L) Libor-rigging scandal continues and other banks including Citigroup Inc (C.N), HSBC Holdings PLC (HSBA.L), Royal Bank of Scotland Group PLC (RBS.L) and UBS AG (UBSN.VX) await the outcome of an industry-wide probe.

<a class="postlink" href="http://uk.reuters.com/article/2012/07/10/business-us-wallstreet-survey-idUKBRE86906G20120710" onclick="window.open(this.href);return false;">http://uk.reuters.com/article/2012/07/1 ... 6G20120710</a>

 

[twinkletoes]

Re: Barclays caught fiddling!

[youtube]http://www.youtube.com/watch?v=NI55EDP3T2I[/youtube]

Dominic will explain what LIBOR (pronounced wrong) is

Within the first sentence auld Dominic comes in and pronounces it right, good man

Ps. that is such and incorrect and horrifically biased bit of reporting

Ps. 12:35 "Hey there, in case you didn't know I'm American but to drive the point home I'm gonna scream over the top of someone"

The only thing you seem to have corrected about the programme is the pronunciation of a word.

 

[SWP's back]

Re: Barclays caught fiddling!

I'm just glad that lessons "have" and "will" be learnt so that repeats of incidents like this can "never" happen again.

God knows where it will end up mate...it's big this one, gone from seemingly a few traders right the way to the senior guys. Perhaps they need to base it off average actual weighted trades for a period of time, it seems obvious that it will have to change in some way.

Whilst few will probably agree with me on this it does show that our regulators do work but appreciate that is of scant consolation.

It would appear that has this story has developed, you have also become more and more despondent.

I will agree to a point that the regulators seem to be piling the pressure on but for me, fines are not the way forward here, criminal proceedings are and whilst I appreciate that's a matter for the law, it needs to get done.

This is no longer a few rogue traders, it goes to the very top of institutions and ignorance can no longer be a defence.

That's very true, I know if I am deemed to have not followed the correct money laundering routes or not reported any suspicions I may have had then I am liable to do time for it (despite not having any complicit knowledge), so the same should be said of those that run the big banks.

 

[metalblue]

If the ancient Greek philosopher Diogenes were to go out with his lantern in search of an honest many today, a survey of Wall Street executives on workplace conduct suggests he might have to look elsewhere.

A quarter of Wall Street executives see wrongdoing as a key to success, according to a survey by whistleblower law firm Labaton Sucharow released on Tuesday.

In a survey of 500 senior executives in the United States and the UK, 26 percent of respondents said they had observed or had firsthand knowledge of wrongdoing in the workplace, while 24 percent said they believed financial services professionals may need to engage in unethical or illegal conduct to be successful.

Sixteen percent of respondents said they would commit insider trading if they could get away with it, according to Labaton Sucharow. And 30 percent said their compensation plans created pressure to compromise ethical standards or violate the law.

"When misconduct is common and accepted by financial services professionals, the integrity of our entire financial system is at risk," Jordan Thomas, partner and chair of Labaton Sucharow's whistleblower representation practice, said in a statement.

The survey's release comes as the fallout from Barclays PLC's (BARC.L) Libor-rigging scandal continues and other banks including Citigroup Inc (C.N), HSBC Holdings PLC (HSBA.L), Royal Bank of Scotland Group PLC (RBS.L) and UBS AG (UBSN.VX) await the outcome of an industry-wide probe.

<a class="postlink" href="http://uk.reuters.com/article/2012/07/10/business-us-wallstreet-survey-idUKBRE86906G20120710" onclick="window.open(this.href);return false;">http://uk.reuters.com/article/2012/07/1 ... 6G20120710</a>

I too have witnessed unethical behaviour from an almost industrial scale (funny enough on a US exchange...not possible now as now longer open outcry) to the odd "rule" being broken but I would not necessarily agree with the statement that you need to adopt that behaviour to be successful... although no doubt it can give you a leg up in the organisation but I think that can be said of any line of business.<br /><br />-- Fri Jul 13, 2012 10:54 am --<br /><br />

It would appear that has this story has developed, you have also become more and more despondent.

I will agree to a point that the regulators seem to be piling the pressure on but for me, fines are not the way forward here, criminal proceedings are and whilst I appreciate that's a matter for the law, it needs to get done.

This is no longer a few rogue traders, it goes to the very top of institutions and ignorance can no longer be a defence.

It's depressing mate and agree the full force of the law should be brought against anybody who has done anything illegal.

 

[twinkletoes]

[Bank of England executive] Paul Tucker told MPs that Barclays’ abuse of the Libor system may be only one part of the banks’ dishonesty over crucial financial information, suggesting that other markets should now be investigated.

An official inquiry into Libor – which helps determine interest rates for householders and businesses – should be broadened to include several over markets where banks are trusted to report their own data, he said.

The Libor scandal could be repeated in a number of other “self-certifying” markets where prices are determined, he said.

“Self-certification is clearly open to abuse, so this could occur elsewhere,” he said.

A Financial Services Authority inquiry into Libor should be extended to other self-certifying markets, he said. The Treasury said last night that the review, led by Martin Wheatley, was free to examine markets other than Libor.

An expansion of the FSA review could take in a number of other interest-rate-related data as well as some complex financial instruments measuring the difference between banks’ borrowing costs and that of the US government. [i.e. the Ted spread]. Some markets in gold and oil are also based on self-certification.

Mainstream commentators are starting to publicly discuss manipulation in the precious metals markets.

On March 15, 2011, the Commodity Exchange (COMEX) and the New York Mercantile Exchange (NYMEX) advised the CFTC that they had approved J.P. Morgan's application to become a licensed vault facility, using a "self-certification" process. The newly licensed vault, located at 1 Chase Manhattan Plaza, NY, NY, is ready to roll as both “weighmaster” and depository, for delivery of gold, silver, platinum and palladium contracts, as of March 17, 2011, two days later."

ETFs, bullion banks, storage facilities and other holders of gold that are "self-certifying" - without any checks by third party auditors - have been caught misreporting and raiding even allocated precious metals accounts, and using the loot to speculate or pay off other debts.

As such, manipulation in the self-certifying portions of the oil and gold markets could have a huge impact on assessing the true health of financial institutions, the economy as a whole, and the assets of individual investors.

There have also been allegations that the self-certifying derivatives indicator - iSwap - has been massively manipulated.

Indeed, given the massive fraud committed by the big financial players over the course of many years - and the shear scope and audacity of the Libor scam - it is safe to assume that most self-certifying markets are gamed.

Of course, even when there are third-party auditors, many of them are in on the fraud as well.

Many accuse government personnel of inaccurate reporting concerning such fundamental numbers as unemployment, bank debts, inflation, gdp, and money supply.

Indeed, the U.S. and British governments seem to have encouraged interest rate manipulation.

The problem is not just giant, corrupt corporations. Nor is it just giant, corrupt government. It is the the malignant symbiotic relationship between government and corporations against which people worldwide are struggling.

 

[blueinsa]

E-mails and documents being released that shows Geithner warned King as far back as 2008 what was happening re LIBOR and warned him to sort the mess out, even going as far as giving him recommendations.

Everyone it seems will be now throwing mud in the hope it sticks.