If you two hate Vince then he must be doing some good
+1
Its traders lied to make the bank look more secure during the financial crisis and, sometimes – working with traders at other banks – to make a profit.
And between 2007 and 2009, during the height of the banking crisis, the staff put in artificially low figures, to avoid the suspicion that Barclays was under financial stress and thus having to borrow at noticeably higher rates than its competitors.
The FSA pointed out that Barclays traders were quite open in 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” amongst some staff.
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.”
Seriously, it’s like 100 fannies jumping out a plane – a shower of ****.