We'd like to remind Forumites to please avoid political debate on the Forum... Read More »
Debate House Prices
In order to help keep the Forum a useful, safe and friendly place for our users, discussions around non MoneySaving matters are no longer permitted. This includes wider debates about general house prices, the economy and politics. As a result, we have taken the decision to keep this board permanently closed, but it remains viewable for users who may find some useful information in it. Thank you for your understanding.
📨 Have you signed up to the Forum's new Email Digest yet? Get a selection of trending threads sent straight to your inbox daily, weekly or monthly!
Barclay's LIBOR manipulation
Comments
-
To be fair, the Middle East saved Barclays.
I hear they cut peoples hands off for stealing...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 -
-
The fine is as punitive as telling them to sit on the naughty chair with their face to the wall for thirty minutes. I bet they get two hundred years to pay or can write the fines /legal fees off in tax. If not then pass them on to the consumer.
J_B.0 -
Joe_Bloggs wrote: »The fine is as punitive as telling them to sit on the naughty chair with their face to the wall for thirty minutes. I bet they get two hundred years to pay or can write the fines /legal fees off in tax. If not then pass them on to the consumer.
J_B.
Can't do much more...they would threaten us with leaving the country
0 -
Graham_Devon wrote: »Can't do much more...they would threaten us with leaving the country
Reputation is damaged.0 -
Thrugelmir wrote: »Reputation is damaged.
To what degree though especially if they are just the first of many?
A bit like the like the ratings agency downgrading all of them.
Should Diamond go as TV News channels theorise?"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 -
Joe_Bloggs wrote: »The fine is as punitive as telling them to sit on the naughty chair with their face to the wall for thirty minutes. I bet they get two hundred years to pay or can write the fines /legal fees off in tax. If not then pass them on to the consumer.
J_B.
Even if they write them off against tax we as consumers will ultimately pay as they seek to recover the lost ground. We will also lose out through lower tax to the treasury."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 -
Does their admission not leave them open to potentially ruinous (BP scale) US class action?
Say you're a derivatives trader on the other side of the trade from Barclays when one of the 'Fixed Fixes' happened. You might have lost your job as a result of this. Certainly it's hit your bonus.
Given how banking has been for the last 5 years there may well be many such people sitting around bored, rich and feeling vindictive. That's before we start on retail and corporate clients of all banks with products linked to LIBOR.
IMHO these pluckers should rot in gaol for this. They've used shareholders' money to pay off the regulators instead. That's simply wrong.0 -
AIUI there is no "independent" measure of what LIBOR should be. Rather, it's up to all the Banks to individually submit the rate at which they will lend to another Bank. In other words, the system is fundamentally built on honesty and integrity. Here, however, it appears that Barclays have been not been at all honest but have reported their rates simply to benefit their own derivative traders. A form of insider dealing? Maybe - certainly self-serving which is the antithesis of integrity.
Furthermore, (and I'm no expert on this), I understand that the Investment Banking division of Barclays were at the root of this and that this was going on at precisely the time when Bob Diamond was leading that division.
I don't see how he can survive this.Warning ..... I'm a peri-menopausal axe-wielding maniac0 -
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
This discussion has been closed.
Confirm your email address to Create Threads and Reply
Categories
- All Categories
- 351.3K Banking & Borrowing
- 253.2K Reduce Debt & Boost Income
- 453.7K Spending & Discounts
- 244.2K Work, Benefits & Business
- 599.4K Mortgages, Homes & Bills
- 177.1K Life & Family
- 257.7K Travel & Transport
- 1.5M Hobbies & Leisure
- 16.2K Discuss & Feedback
- 37.6K Read-Only Boards