Scunnered Posted September 1, 2016 Share Posted September 1, 2016 S1M1L4RLY, Y0UR M1ND 15 R34D1NG 7H15 4U70M471C4LLY W17H0U7 3V3N 7H1NK1NG 4B0U7 17. Without even thinking about 17? Well I am now... Quote Link to comment Share on other sites More sharing options...
zugzwang Posted September 1, 2016 Share Posted September 1, 2016 They are such contributors to the economy. Fine them then give it back to them in bailouts. Speaking of whom... Diamond Bob and Barclays' misdeeds from 2008 have just re-emerged like a great belch of toxic sewer gas. https://uk.finance.yahoo.com/news/barclays-accused-making-3bn-loan-120700031.html Barclays loaned $3bn (£2.26bn) to Qatar to fund the purchase of the bank's shares as it sought emergency funding during the 2008 financial crisis, according to a lawsuit brought by a prominent backer of the same deal. Documents filed by PCP Capital Partners at the High Court, and seen by Sky News, allege that Barclays arranged loans to Qatari investors almost exactly matching the sum paid for its shares in October 2008, as executives scrambled to keep the bank independent of the Government. Barclays' non-disclosure of that arrangement meant that its £7.3bn capital-raising was "a fraud on its shareholders perpetrated through a series of unlawful transactions and dishonest conduct towards existing shareholders and prospective investors," PCP's lawsuit alleges. The explosive claims represent the latest development in a long-running legal battle between Barclays and PCP, the investment vehicle founded by Amanda Staveley, a financier on a string of high-profile City deals. "Contrary to the manner in which Barclays presented the Qatari participation in the October 2008 capital-raising to the market, in fact the Qatari investors' entire investment was funded by Barclays," PCP's claim alleges. Ms Staveley is suing Barclays for more than £700m in damages plus interest and costs after accusing the bank of failing to pay the same fees to her and her Abu Dhabi-based investors that it agreed to fork out to Qatar. Thursday's reply by PCP to Barclays' previous filing in the case is significant because of the allegation it contains of unlawful financial assistance - when companies lend money specifically for the purpose of buying their shares. Therium, a litigation funding provider, has been signed up by PCP to fund its case, City sources said on Thursday. Ms Staveley's firm has accused the British bank of handing Qatar - which is not accused of any wrongdoing - £346m in fees, £280m of which was not revealed at the time to Barclays shareholders. It has described these fees as "a sham". The Financial Conduct Authority (FCA) has already sought to impose a £50m fine on Barclays for breaching listing rules in relation to the Qatari fees - a penalty disputed by the bank immediately after it was imposed in 2013. The FCA fine is expected to remain unresolved until the conclusion of a separate criminal probe by the Serious Fraud Office (SFO), which has been investigating the affair for the last four years. A number of former Barclays executives, including John Varley, its chief executive at the time of the 2008 fundraising, have been interviewed under caution as part of the SFO's inquiry. One of the questions reported to have been interrogated by the SFO is whether Barclays lent Qatar the money to acquire its shares. Executives such as Mr Varley and Bob Diamond, the then head of Barclays' investment bank, were reluctant to cede control of the bank's pay and dividend policies to the Government, which they believed was inevitable if the state had taken a direct shareholding during the 2008 crisis. No charges have been filed against individuals by the SFO. Earlier this year, Barclays waived privilege on evidence about its 2008 capital-raisings that the SFO had been seeking, with executives keen to revive the prospect of a plea deal known as a deferred prosecution agreement (DPA). Sky News revealed more than a year ago that a DPA had been discussed by the two sides, and it is understood to remain under consideration. Barclays has previously dismissed PCP's claim as being "misconceived and without merit" and said it would be "vigorously defending it". It repeated that position on Thursday. Barclays has filed a formal defence to PCP's lawsuit and denies the allegations contained within it. It has said that fees paid to Qatar were unrelated to its capital-raising and were for services to be provided by the Gulf state that PCP and its Abu Dhabi investors would be unable to offer. The latest development in the case comes six months after Jes Staley, who joined Barclays as chief executive late last year, expressed his determination to resolve issues hanging over the bank from the financial crisis and its aftermath. A number of other penalties, as well as restructuring costs, continue to hurt the bank, although analysts and shareholders believe that Mr Staley is making good progress with his strategy. Without a settlement, the case between PCP and Barclays is expected to go to trial next year. PCP declined to comment. Quote Link to comment Share on other sites More sharing options...
Errol Posted September 16, 2016 Share Posted September 16, 2016 (edited) Mark 'Carnage' Carney A classic moment, as Mark Carney reveals that one of his childhood nicknames was “carnage”. That’ll be handy, the next time we have heavy losses in the financial markets. https://www.theguardian.com/business/live/2016/sep/16/deutsche-bank-shares-plunge-14bn-fine-doj-business-live Edited September 16, 2016 by Errol Quote Link to comment Share on other sites More sharing options...
Fromage Frais Posted September 16, 2016 Share Posted September 16, 2016 http://www.independent.co.uk/news/business/news/dishonest-bankers-threaten-new-financial-crisis-says-mark-carney-a7218156.htmlDishonest bankers threaten new financial crisis says Bank of England Governor Mark Carney Such a joke If money is valueless and given out like confetti you are obviously going to take larger and larger risks. Quote Link to comment Share on other sites More sharing options...
billybong Posted September 16, 2016 Share Posted September 16, 2016 (edited) Speaking of whom... Diamond Bob and Barclays' misdeeds from 2008 have just re-emerged like a great belch of toxic sewer gas. https://uk.finance.yahoo.com/news/barclays-accused-making-3bn-loan-120700031.html They would rather be beholden to people in a foreign country than to Britain. They would even commit (apparent) fraud than be beholden to Britain. Yet they continually threaten Britain with taking their company and its "business" elsewhere if it doesn't do what they want. Perhaps they would care to explain their stance - some hope, don't hold your breath. What an utter shower. Edited September 16, 2016 by billybong Quote Link to comment Share on other sites More sharing options...
zugzwang Posted September 16, 2016 Share Posted September 16, 2016 The governor looked slightly bewildered when asked by one audience member what nicknames he was given as a child. “I was given nicknames that were variants of my last name which is Carney, so I was called Carnival, or Carnage, or things like that. I like Carnage a little better than Carnival. It seemed a little more manly I guess.” https://www.theguardian.com/business/2016/sep/16/mark-carnage-carney-fields-questions-from-coventry-school-children Cockmuncher works too. Quote Link to comment Share on other sites More sharing options...
Noallegiance Posted September 16, 2016 Share Posted September 16, 2016 Cuntage? Quote Link to comment Share on other sites More sharing options...
Blod Posted September 18, 2016 Share Posted September 18, 2016 I bet he's got a open ended return ticket to Canada. His response to Brexit will mark him out. With the economy steaming along a full speed he's thrown the life preservers over the side. Why after their statement on the downsides of leaving the EU does he cut rates and QE now over two years before we leave. He is the governor of a circus, Andy Haldane's recent admission that he does understand pensions and that property should be considered highlights their ineptitude. And he's no less than their Chief Economist. I used to think that Danny Blanchflower was an anomaly but now realise that employment at the BOE isn't based on ability but who your friends are. Quote Link to comment Share on other sites More sharing options...
Frugal Git Posted September 18, 2016 Share Posted September 18, 2016 Cockmuncher works too. Lovely bit of One eye symbolism as well. Saluting to his masters. Quote Link to comment Share on other sites More sharing options...
Recommended Posts
Join the conversation
You can post now and register later. If you have an account, sign in now to post with your account.