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Barclay's LIBOR manipulation
Comments
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grizzly1911 wrote: »Of course if LIBOR was manipulated downwards and you benefited, you will, no doubt, be rushing round with a cheque to recompense those who lost out.
No it was just a simple question, but thanks for the "smart @rse" response!
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And remember these traders are being paid massive salaries because apparently they are good at what they do. Also I bet they were bleating about paying too much tax and threatening to leave the country. If only we were so lucky...0
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worldtraveller wrote: »Bob Diamond has admitted that the bank made a conscious decision to falsify Libor rates in order to protect the bank at the height of the financial crisis.
Letter to The Treasury Select Committee
Odd that he assumed that normal levels of honesty would automatically return following the crisis. (very useful bit of information by the way, I had assumed he was denying all knowledge which given the criticality of this rate during the crisis seemed implausible - why don't people give more thanks to a post of this type with such a crucial bit of information??)0 -
No it was just a simple question, but thanks for the "smart @rse" response!
Anytime
"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 -
Apart from admitting that they broke FSA rules, what breach of criminal law has occured?
None, as far as I can see.
As they put their hands up, and paid a paltry fine, what can of worms will now be kicked over?
None, as far as I can see.
Is there any evidence that the world economic crisis would have been lessened, if they had not done what they admitted to?
None, as far as I can see.
Sadly, this is going to go down as another non story at the end of the day....or is it?
No one knows as far as I can see.
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I don't know whether or not there was fraud committed DiggerUK, that's something for someone with way more knowledge of what's going on. However I wouldn't say it's a non-story. If, as has been implied, major corporates have been affected through their use of LIBOR instruments, they could well take civil action. The radio story I caught suggested that unlike the mis-selling scandals, which involved a lot of relatively small value cases, this would involve a far smaller number of much higher value ones.Please stay safe in the sun and learn the A-E of melanoma: A = asymmetry, B = irregular borders, C= different colours, D= diameter, larger than 6mm, E = evolving, is your mole changing? Most moles are not cancerous, any doubts, please check next time you visit your GP.
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In my heart of hearts I don't see many cases coming to court. I am of the opinion that a lot of out of court settlements will be the order of the day.vivatifosi wrote: »......I wouldn't say it's a non-story. If, as has been implied, major corporates have been affected through their use of LIBOR instruments, they could well take civil action.......
Mind you, if the likes of JPM sue Barclays.......and it goes to court....!
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In my heart of hearts I don't see many cases coming to court. I am of the opinion that a lot of out of court settlements will be the order of the day.
Mind you, if the likes of JPM sue Barclays.......and it goes to court....!
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For Large Corporates settlements that will possibly be limited/time spread cost options for Barclays - free banking for x years.
Discounted margins on future transactions etc."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 -
Watching the newspaper preview on Sky, it looks as though in tomorrow's Observer there will be an article from or about Vince Cable, imploring shareholders to urge banks to chuck out corrupt executives:
http://www.guardian.co.uk/business/2012/jun/30/vince-cable-shareholders-bank-cheatsPlease stay safe in the sun and learn the A-E of melanoma: A = asymmetry, B = irregular borders, C= different colours, D= diameter, larger than 6mm, E = evolving, is your mole changing? Most moles are not cancerous, any doubts, please check next time you visit your GP.
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