Friday, Nov 09, 2007
They're certainly not denying it, because that would be lying
Telegraph: Barclays denies $10bn rumour as shares slide
Time to walk very calmly to your nearest branch and kindly request to have your savings back ...
Posted by paul @ 03:05 PM (1479 views) Add Comment
13 Comments
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1. Bigyin said...
I sooo hope that RBoS is the next Northern Crock having recently screwed them for an undisclosed sum due to them incorrectly messing with my credit history. Mind you I did the same thing with Barclays quite recently. Needless to say I haven't had any money in either for a very, very long time.
When they mess things up go for the jugular...
2. alan said...
Barclays have a very high involvement with CDOs - see last weeks posts.
Barclays will show another big loss when it finally comes out. See other sub-prime losses reported today and get an idea of the scale.
3. ontheotherhand said...
Barclays shares were suspended after 9% fall. I can't seem to find this on BBC news, even if I go to the Business section.
It is newsworthy isn't it?
4. paul said...
I've done something very similar before, Bigyin. I went for the credit reference agency though (won't say which one).
I got a four figure payout for their breach of the Data Protection 1998, in an out-of-court settlement.
Yeehar.
5. enuii said...
Story surfaces on the BBC at 16:52 GMT
http://news.bbc.co.uk/1/hi/business/7087451.stm
6. Jonb said...
I have about £100 in a Barclays (ex Woolwich) account. If I take it out of there, where do I put it? Are any of the others any better? I guess as a big 5 bank, it is too big to fail, and it would be nationalised rather than liquidated, much like Glasgow Savings Bank (now part of Lloyds TSB) was in the 1980s. Shareholders of course won't get anything out of it.
I'm surprised HSBC hasn't been mentioned in these troubles, given that they own Houshold Finance Corporation, one of the biggest subprime lenders in America.
7. Orwell said...
suspended?
mmmmmmmmmmmm
8. planning4acrash said...
1. How do you know that your credit score is screwed, 2. How do you know who did it, 3. How do you go for the jugular?!
9. paul said...
1. You can't do something you expected to be able to do - i.e. get a visa card, get an overdraft, get a mortgage etc.
2. Ask a credit reference agency
3. If you find anything that's incorrect or questionable, ask when and from who the information was received, then check with that source. At this point, launch a case reference with the Information Commissioners Office (ICO), and alledge that the information has not been updated as required, or has been disclosed unlawfully - check the Data Protection Principles to find which offence applies. Pursue both the ICO and the organization until you get answers. They will both try to make you go away. Tell them you are seeking legal help. Badger them. Badger them some more. Assure the ICO that unless they do their job correctly and actually investigate you will ask your MP to launch a parliamentary investigation. Receive an apology from the ICO, and assurance that they will investigate. Wait. Bedger them some more. Finally receive an admission that their first decision was a bit hasty and possibly incorrect. Contact the credit reference agency again with the bad news (for them). Offer to settle out of court, or ask for the agency for details of legal representative (usually a senior director) to arrange a preliminary hearing (this frightens them when they receive this). Get the cheque in the post, with their request for an undertaking that you do not disclose to anyone. Tear up the request, and cash the cheque.
Easy.
Well. Easy(ish).
10. stillthinking said...
All this money disappearing will lead to deflation. I had a thought which is that all along the government of the UK has been fighting deflation even after 2001. Consider that the money supply has grown 14% a year, however, even gold hasn't grown at that rate, so the value (perceived or otherwise) of sterling has in fact gone up in you consider imagine what you could buy if you spent the entire supply i.e. more than last year and the year before that etc.
The supply of money has grown more than anything you can measure it by but the purchasing power of all that money has increased. Everybody in the UK has been encouraged to grow the money supply, students borrow 20K, BTL do 150K etc. This hasn't worked. Now possibly the disaster of loans not being repaid is the final hammer.
Look at prices and look how much in debt/money we created. Something is wrong. Prices should be higher than they are. Sterling and Dollars are different. The US faces an essentially political dumping of dollars. Sterling is different. Prices should be higher already and they are not. Even compared with fuel, the amount of petrol you can buy with all of Sterling is up even though literally shed loads have been created from nothing.
I am getting a conspiracy feeling coming on.
11. stillthinking said...
10 billion sterling just disappeared from Barclays. Gone.
Money is disappearing. Gold (often mentioned after all) is not disappearing. So gold will not keep going up relative to money.
Why is this wrong?
12. Bigyin said...
planning4acrash:
1. You apply for a finance job which involves dealing with sensitive information so they check your background and get told your credit report isn't good enough.
2. You apply for your credit report and find out who took out the CCJ against you.
3a. You do a little background research and get on the phone, they initially treat you with disdain which rapidly disappears when one of their business managers confirms that it's their mistake.
3b. You scream blue murder about the Financial Obudsman and contacting their head office directly.
3c. They buckle and send you a cheque.
P.S. it helps if you're from Glasgow as, apparently, you sound very nasty when you get angry... ;o)
13. Will said...
@stillthinking: money is not "disappearing". Otherwise, by this line of thought, any share price movements create or make money disappear.
Oh FTSE is down, money has disappeared.