Wednesday, June 27, 2012

Banksters!

Barclays 'attempted to manipulate interest rates'

"In its £290m settlement with the Financial Services Authority in the UK, and the Commodity Futures Trading Commission and Department of Justice in the US, Barclays has owned up to something very simple and - many would say - profoundly shocking: for four years between 2005 and 2009, it lied about the interest rate it was having to pay to borrow".

Posted by alan @ 05:12 PM (3890 views)
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5 thoughts on “Banksters!

  • general congreve says:

    That’s nothing, you should see what the BoE, FED, ECB and BoJ have been doing.

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  • http://www.bbc.co.uk/news/business-18612279
    “Barclays chief executive Bob Diamond and three other executives have given up this year’s bonus as a result.”

    Gosh, how noble of them. These weasels belong in jail for overseeing 4+ years of gross fraud. And Barclays get a slap on the wrist but don’t have to pay back the gains. But of course the FSA are once again bought and paid for.

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  • Presumably someone will face jail time for this? Or maybe not as this is the ‘right’ type of fraud whereas those stinking poverty ridden benefits cheats always do the wrong type.

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  • Does this not constitute fraud, a crime? I would have thought such behaviour merits rather more than the loss of a bonus for the boss, who is ultimately responsible. Corruption in big business would seem commonplace.

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  • Guys, this could be the big bang that starts the crash. This is bigger than the PPI scandal by miles. £288trillion of derivatives and loans are priced against LIBOR. assuming only a 2bps manipulation (0.02%) of LIBOR that equates to an overcharge of £57.6bn a year and it went on for 5-6 years. This could wipe out Barclays and the rest of them in no time.

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