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Blod

Barclays charged with fraud

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9 minutes ago, Blod said:

http://www.bbc.co.uk/news/business-40338220

So finally some action. I don't hold out a hope that some of those responsible will spend any time behind bars. A few fines and some stern words. We can only imagine how much the investigation has cost.

I saw this on Sky news earlier....they said something like.

 

This is not very serious because when a corporation is charged with fraud they can pay a large sum of money and the charges are dropped.

 

Which,. IMHO, is an even bigger fraud !!!!

 

This is one corrupt country.

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5 minutes ago, TheCountOfNowhere said:

I saw this on Sky news earlier....they said something like.

 

This is not very serious because when a corporation is charged with fraud they can pay a large sum of money and the charges are dropped.

 

Which,. IMHO, is an even bigger fraud !!!!

 

This is one corrupt country.

Cost of doing business.  Always lower than returns from actual fraud

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Is the allegation that they lent (created) money to a 3rd party to then invest back in themselves (counted as capital).

 

It not, I'll patent that idea and make myself infinitely rich.

 

 

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This is the most significant charging decision for the SFO in recent times, if not ever,” said Sarah Wallace, a partner and head of regulatory and criminal investigations at Irwin Mitchell law firm. “In the past few years, Barclays faced an unprecedented number of investigations by worldwide regulators but this SFO criminal prosecution is the most serious."

https://www.theguardian.com/business/2017/jun/20/sfo-charges-barclays-bank-executives-ceo-2008-qatar-fundraising

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6 hours ago, TheCountOfNowhere said:

I saw this on Sky news earlier....they said something like.

 

This is not very serious because when a corporation is charged with fraud they can pay a large sum of money and the charges are dropped.

 

Which,. IMHO, is an even bigger fraud !!!!

 

This is one corrupt country.

Deutsche Bank anyone?

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11 hours ago, TheCountOfNowhere said:

I saw this on Sky news earlier....they said something like.

This is not very serious because when a corporation is charged with fraud they can pay a large sum of money and the charges are dropped.

Which,. IMHO, is an even bigger fraud !!!!

This is one corrupt country.

Surely it's a global phenomenon. Isn't ironic that this is viewed as fraud whereas financialization isn't

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12 hours ago, VeryMeanReversion said:

 

Is the allegation that they lent (created) money to a 3rd party to then invest back in themselves (counted as capital).

 

It not, I'll patent that idea and make myself infinitely rich.

 

 

I believe that is legal. I know. 

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On 6/20/2017 at 8:22 AM, TheCountOfNowhere said:

I saw this on Sky news earlier....they said something like.

 

This is not very serious because when a corporation is charged with fraud they can pay a large sum of money and the charges are dropped.

 

Which,. IMHO, is an even bigger fraud !!!!

 

This is one corrupt country.

Anecdote I got told in the early 70s.

American guy on holiday in London asks his British friend 'Do you have organised crime here?'

'Yes' comes the reply, 'We'll go there tomorrow'.

Takes him to visit the stock exchange.

 

 

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I should be scandalised but I do struggle to see what the huge crime was. OK, existing investors got diluted a bit, but that would have happened with a bail out. 

And with regards lending the Qataris the money - I think they are good for it. Not write like the Protium deal which was very iffy.

 

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