- Banker Bashing……………
so let me get this straight the banks not content with bringing western economies to the brink of anarchy
it now transpires were lying about their worth to alter interest rates in their own favour, essentially making my mortgage more expensive to keep profits up- billions stolen from us plebs.
how come no ones gone to prison ?? (60million fine is peanuts to these people)
thm youve got some explaining to do…!Posted 7 years ago
essentially making my mortgage more expensive to keep profits up
actually they were bidding down libor to influence their own spreads, and in doing so saving you money on your mortgage.
They’re still terribly awful chaps for doing so, just not for the reason you think they are 😉Posted 7 years ago
I hope that the fine is not stopping further investigation. Heads should roll for this including Diamond whose reputation is well ahead of whatever he delivers. Just how much of pre crash profits came from the tax guys? Would they have survived without indirect government/taxpayers support? Just how clever are their accountants? And with current ROEs these guys were going to be paid mega bonuses as well. WTF are the shareholders doing?Posted 7 years ago
If you two hate Vince then he must be doing some good
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 ****.Posted 7 years ago
it’s like 100 fannies jumping out a plane
Im going to savour that for a moment. Hang on…
.Posted 7 years ago
yep pretty much as you describe. I havent read all the detail yet, but earlier this evening I caught a little bit of it from Eddie Mair and was so shocked I nearly dropped my bacon sandwich. Unbelievable arrogance, there’ just some stuff you dont f*** with, Libor/Euribor being two of them.RioSubscriber
how come no ones gone to prison ??
Looks like Barclays did a deal for shopping all the other banks. From the FBI report:
After government authorities began investigating allegations that banks had engaged in manipulation of benchmark interest rates, Barclays was the first bank to cooperate in a meaningful way in disclosing its conduct relating to LIBOR and EURIBOR. Barclays’ disclosure included relevant facts that at the time were not known to the government. Barclays’s cooperation has been extensive, in terms of the quality and type of information and assistance provided, and has been of substantial value in furthering the department’s ongoing criminal investigation.
Interesting that Barclays apparently tried to tell the FSA that everyone was at it but they ignored it. Another piece of “light touch” regulation I expect. 🙄Posted 7 years ago
Im not sure corporate cooperation neccesarily protects individuals from criminal prosecution. But it is supposed to lead to a lower fine, so if barclays get done for $450m, imagine what the rest are going to get stung for. Watch out for bank stock falls tomorrow peeps 😉Posted 7 years agoRioSubscriber
Indeed, and the agreement specifically states that immunity applies to the corporation and not to individuals, but given the way it’s worded it’s reasonable to assume that Barclays will get away with just the fine and sacking a few traders as long as it continues to cooperate. As you say, it’s the other banks that now have to worry.Posted 7 years ago
Other big names believed to be under investigation include Citigroup, JP Morgan, Deutsche Bank, HSBC and Royal Bank of Scotland.
Former City minister Lord Myners told the BBC’s Newsnight that any Barclays staff responsible for manipulating the Libor rate should face the prospect of going to prison.
He said the behaviour of Barclays staff was the worst he had seen.
“This is the most corrosive failure of moral behaviour I have seen in a major UK financial institution in my career,” he said.
“I think fines and public criticism will not stop these behaviours. These behaviours will not stop until the people perpetrating it or responsible for overseeing them face the prospect of criminal charges and the prospect of going to jail.”
Bankers going to jail? Well, at least it’ll keep ’em in the country – instead of fleeing to make some other country
bankruptbillions of its GDP.
A hundred fannies jumping out of a plane folks…Posted 7 years agopiedi di formaggioMember
One vote per holding entity, that’s the way to do it!
Blimey!!! Stoner said that!!! He’s turning into a lefty! 😉 Mind you, that would have a deep and profound effect in every PLC boardroom & probably for the better.
Now, prosecutions for the alleged perps. Seeing as the good ‘ole U S of A are involved, I wonder if they’ll be submitting a bunch of extradition requests soon? Bet there could be some traders and other staff sitting on ‘rabbits noses’ today. What would they rather do? Year or two in an open prison close to home and early release to their stashed fortunes in the UK or 20+ years in a Supermax, sharing a big cell with 50 other blokes who all have a liking of British white meat?Posted 7 years agotakisawa2Subscriber
I think that peice of scum on last nights program about London’s streets summed up your average banker. (Dont know if anyone saw it…looking at Portland Street, in Notting Hill).
£3 – £5m+ homes, mostly full of Investment bankers.
Where do you think all that tax-payers money went…it didnt go on loans to small businesses, it went into these houses, Ha ha.
[As he adopts smug grin leaning on his mantlepeice].
Another resident, when asked about what her children do mentioned one of her sons who had been a banker but was now retired…at 40.Posted 7 years agonoteethMember
You sure about that, Bob? 😈Posted 7 years ago
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