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Barclay's LIBOR manipulation
Comments
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John_Pierpoint wrote: »
Perhaps gold coins under the floorboards may be the answer?
Actually gold is not the answer for as long as we live here and the politicians run the country, as explained:
Analysis
The Gold Standard
Available to listen
Simon Jack asks: Would the financial system be more stable if money was backed by gold?0 -
vivatifosi wrote: »I don't understand the timing worldtraveller. If they are saying a mistake was made in 2008, where did the problems come from before that?
As I see it, there are two types of fraud being discussed here:
An ongoing fraud between bank traders to ensure that the trader on behalf of his bonus and the bank's profits came out on top.
Presumably the losers were ultimately those who needed to borrow money.
A 2008 fraud to protect the fractional reserve banking system, to gain a breathing space during which Gordon Brown could "save the world" by devaluing sterling (and Bush could devalue the dollar) to the level where bubble money more accurately reflected the underlying real physical capital.
I cannot really see the moral difference in the latter case between "!!!!!!!g" LIBOR and acting to change any other world prices: oil, gold, silver, sugar, rare earths, ............. the list is endless.
Somehow the 30% reduction in the GBP and the artificially low interest rates that achieved it has caused a lot less fuss, than pretending that some banks were safer than the "put your money where your mouth is" results were showing.0 -
Barclays submission to the Treasury Select Committee, prior to Bob Diamond's appearance tomorrow:
http://group.barclays.com/home
pdf copy
The file note at the end relates to the telephone conversation between Paul Tucker and Bob Diamond regarding Barclays LIBOR submission rates.
Make of it whatever you think! :whistle:There is a pleasure in the pathless woods, There is a rapture on the lonely shore, There is society, where none intrudes, By the deep sea, and music in its roar: I love not man the less, but Nature more...0 -
It appears that the Barclays heirarchy has tried to face off the Bank of England ... and lost. I doubt that the B of E has much to fear from what Diamond or anyone else from Barclays might say -- credibility already shot.No-one would remember the Good Samaritan if he'd only had good intentions. He had money as well.
The problem with socialism is that eventually you run out of other people's money.
Margaret Thatcher0 -
worldtraveller wrote: »Barclays submission to the Treasury Select Committee, prior to Bob Diamond's appearance tomorrow:
http://group.barclays.com/home
pdf copy
The file note at the end relates to the telephone conversation between Paul Tucker and Bob Diamond regarding Barclays LIBOR submission rates.
Make of it whatever you think! :whistle:
Astonishing that this is only emerging now. Why on earth wasn't this submitted as "evidence" in the first place?Warning ..... I'm a peri-menopausal axe-wielding maniac
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I think I am right in recalling that during the crisis there was pressure on the BoE to 'do' something. Was this a nod and a wink?0
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GeorgeHowell wrote: »It appears that the Barclays heirarchy has tried to face off the Bank of England ... and lost. I doubt that the B of E has much to fear from what Diamond or anyone else from Barclays might say -- credibility already shot.
Perhaps Diamond has overshot, but then again heis a fighter and has to be cute cookie to achieve what he did.
I wouldn't be surprised if there is more to come if he wants it to. May well depend on how heavy the authorities pursue him.
Time will tell.
With his, earnings to date and reputed payoff don't suppose he will lose too much sleep if left alone."If you act like an illiterate man, your learning will never stop... Being uneducated, you have no fear of the future.".....
"big business is parasitic, like a mosquito, whereas I prefer the lighter touch, like that of a butterfly. "A butterfly can suck honey from the flower without damaging it," "Arunachalam Muruganantham0 -
Debt_Free_Chick wrote: »Astonishing that this is only emerging now. Why on earth wasn't this submitted as "evidence" in the first place?
Probably because it isn't evidence of anything at all.
Sounds more like an accusation that other Banks had been falsely reporting their true cost of borrowing, which was making Barclays look in a worse state than they actually were.'In nature, there are neither rewards nor punishments - there are Consequences.'0 -
That's how I read it - BoE was concerned Barclays were the next to be picked off by the market as their borrowing costs were out of line. Barclays said it was because other banks were lying and Barclays weren't.
Mr D then sent an email that could be read in two ways and his underlings then 'understood' The Dep Guvs words to mean OK you can be a little economical with the truth as well.
The claim is Mr D did not mean his memo to be interpreted in this way...
Does anyone know if the central premis that initially others were lying and Barclays was not is true? After all it is possible that the BoE and the market were acting rationally in fearing Barclays were less credit worthy.Probably because it isn't evidence of anything at all.
Sounds more like an accusation that other Banks had been falsely reporting their true cost of borrowing, which was making Barclays look in a worse state than they actually were.I think....0 -
The Telegraph is reporting that:
One senior Barclays insider said last night: “Barclays had been telling the Bank of England, including Mr Tucker, that the banks were massaging numbers lower ever since 2007.
“Everyone was very clear to anybody they spoke to from the Bank of England, the Government, the FSA and the British Bankers Association that this was what was happening.”
The Bank of England told us to do it, claims BarclaysThere is a pleasure in the pathless woods, There is a rapture on the lonely shore, There is society, where none intrudes, By the deep sea, and music in its roar: I love not man the less, but Nature more...0
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