Barclay's LIBOR manipulation

pineapple

homelessskilledworker wrote: »

Wonder if Lloyds, RBS, or anyone else was involved in this?

Well they keep saying so on the news and in the press reports
http://www.telegraph.co.uk/finance/newsbysector/banksandfinance/9366976/Libor-scandal-Was-Barclays-the-worst-offender.html

michaels

Surely if a cartel of banks colluded to set prices then they have broken the law in just the same way as Virgin and BA when they discussed fuel surcharges?

DiggerUK wrote: »

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.
..._

grizzly1911

DiggerUK wrote: »

And what if the administrators for Lemans sue...., oh my.
Sweet dreams peeps.
..._

I doubt Barclays acted in isolation and no doubt have kept some of their powder dry for use in any counter challenges.

1echidna

Who would have much sympathy with derivative speculators anyway? Particularly if they could be stymied in the complexity of proving precisely what they had lost by betting on economic collapse.

vivatifosi

michaels wrote: »

Surely if a cartel of banks colluded to set prices then they have broken the law in just the same way as Virgin and BA when they discussed fuel surcharges?

My thoughts too.

Nikkster

Should have been paying better attention, but somone who was just on the Andrew Marr show (think it was Lord Turner, but could be wrong) just confirmed that they were not looking at criminal charges? That might be completely wrong. Think he said that they were going to focus on better controls for the future.

Anyhow, wrt BA/ Virgin price fixing:
http://www.bbc.co.uk/news/business-17766501
did the case not collapse?
http://www.bbc.co.uk/news/10104556

And in the case of milk price fixing I don't think there were any criminal charges either?
http://www.bbc.co.uk/news/business-14473931

vivatifosi

Nikkster wrote: »

Should have been paying better attention, but somone who was just on the Andrew Marr show (think it was Lord Turner, but could be wrong) just confirmed that they were not looking at criminal charges? That might be completely wrong. Think he said that they were going to focus on better controls for the future.

I tried to post that, but forgot that there are two LIBOR threads at the moment and put it on the other one.

Nikkster

vivatifosi wrote: »

I tried to post that, but forgot that there are two LIBOR threads at the moment and put it on the other one.

You did a much better job than I did... Got distracted and it was Marr saying something like 'so there will be no criminal charges' that caught my attention again.

DiggerUK

michaels wrote: »

Surely if a cartel of banks colluded to set prices then they have broken the law in just the same way as Virgin and BA when they discussed fuel surcharges?

That's what you would think.
As no charges have been laid, then it seems likely that no laws have been broken. When you also consider how long the investigation lasted, they would have had plenty of time to determine if anything illegal was going on.
Police are not involved, and nothing has been forwarded to the Crown Prosecution Service.

Anyway it wasn't a 'cartel of banks', it's just the one. For now anyways.

I don't think anybody is going in to a locked room, with a bottle of brandy and a loaded pistol either.
..._

schrodie

grizzly1911 wrote: »

Anytime

That I can believe!