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Barclay's LIBOR manipulation
michaels
Posts: 29,133 Forumite
Does their admission not leave them open to potentially ruinous (BP scale) US class action?
I think....
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Comments
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http://www.bbc.co.uk/news/business-18612279
According to the FT, Barlcays have paid around £450m in compensation to UK and US authorities, this on top of the £60m fine from the UK FSA.
Now banks ripping off customers is a given, but banks ripping off other banks? Who'd have thought it?:DAnger ruins joy, it steals the goodness of my mind. Forces me to say terrible things. Overcoming anger brings peace of mind, a mind without regret. If I overcome anger, I will be delightful and loved by everyone.0 -
http://www.bbc.co.uk/news/business-18612279
According to the FT, Barlcays have paid around £450m in compensation to UK and US authorities, this on top of the £60m fine from the UK FSA.
Now banks ripping off customers is a given, but banks ripping off other banks? Who'd have thought it?:D
It wasn't just Barclays other banks were involved too. Perhaps if they were all playing the game they all net each other out:think:
Nice of key members of the board to forgo their bonuses, it would be nice to see some heads role instead, without pay offs of course."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 -
http://www.zerohedge.com/news/barclays-found-engage-massive-libor-manipulation-gets-wrist-slapped-coopted-regulators
Interesting article that gives a good explanation of just what exactly Barclays were up to - manipulating the LIBOR to beenfit their own derivatives trading and to produce a false image of profitability.Anger ruins joy, it steals the goodness of my mind. Forces me to say terrible things. Overcoming anger brings peace of mind, a mind without regret. If I overcome anger, I will be delightful and loved by everyone.0 -
grizzly1911 wrote: »It wasn't just Barclays other banks were involved too. Perhaps if they were all playing the game they all net each other out:think:
Appreciate Barclays were not alone in their actions, but BP wasn't solely responsible for the oil leak there were third parties invovled but the US government went for the big wigs and so it seems the same again here with Barclays.Anger ruins joy, it steals the goodness of my mind. Forces me to say terrible things. Overcoming anger brings peace of mind, a mind without regret. If I overcome anger, I will be delightful and loved by everyone.0 -
Barclays CEO has stated :-
"I am sorry that some people acted in a manner not consistent with our culture and values"
....hang on a minute, I thought their "culture and value" was greed, profit and lies... so seems a bit unfair to attack Barclays staff when they were only doing their job it seems.
Anger ruins joy, it steals the goodness of my mind. Forces me to say terrible things. Overcoming anger brings peace of mind, a mind without regret. If I overcome anger, I will be delightful and loved by everyone.0 -
So who pays the fines? The base level customers.
What would have been a greater deterrent would be a lifetime income tax, pension and NI levy on those directly responsible.The man without a signature.0 -
The people who did this should be in prison.
Steal a £300 TV in a riot, go to jail for 2 years.
Artificially manipulate a multi trillion dollar market, lose your job/bonus?The J is a Financial Advisor-This site doesn't check anyone's status and as such any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice. Always seek professional advice.0 -
This is just the tip of a very large Iceberg.'In nature, there are neither rewards nor punishments - there are Consequences.'0
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They've clearly settled to either a) !!!! someone else over, b) stop future investigations.
The iceberg analogy would be apt if instead of 7/8ths of one being beneath the water it was 999/1000ths hidden.The J is a Financial Advisor-This site doesn't check anyone's status and as such any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice. Always seek professional advice.0 -
REPTILES!!...
We(taxpayer) saved these people, makes you sick...0
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