Barclay's LIBOR manipulation

worldtraveller

michaels wrote: »

I think Robert Peston blogged on this yesterday quoting Paul Tucker (Dep BoE Chairman and previously 'favourite' for the job after Merv) and Bodb Diamond as being the two people on the call.

Interestingly Peston says that Mr Diamond and Mr Tucker 'have different recollections of it' :think: It could be a very interesting testimony by Diamond on Wednesday. However, since the conversation was allegedly not recorded or minuted, it could well just end up being exactly that, one 'recollection' against another.

Mind you, it looks like this one could 'run & run' and there could well be political fireworks on the way!

mystic_trev

http://www.dailymail.co.uk/news/article-2167469/Now-FBI-investigates-14-Barclays-staff-heart-scandal.html

pqrdef

worldtraveller wrote: »

Interestingly Peston says that Mr Diamond and Mr Tucker 'have different recollections of it' :think: It could be a very interesting testimony by Diamond on Wednesday. However, since the conversation was allegedly not recorded or minuted, it could well just end up being exactly that, one 'recollection' against another.

If Tucker phones Diamond about "external perceptions of Barclays' LIBOR submissions" there's only one thing he can be saying - "we don't believe your numbers".

And unless Diamond can confirm that the numbers are honest, he's only got a choice of one option.

It doesn't matter at what point in the chain people stop talking in code and make the obvious explicit.

DiggerUK

More to the point, is the fact that this 'instruction' was believed to have come from the BOE, with no one questioning if it was for real.

We are not dealing with corruption in high places, just degenerate behaviour at all levels, with an obedience of orders to a frightening level.
..._

worldtraveller

How I manipulated the bank borrowing rate - an anonymous insider

ruggedtoast

I wonder how normal people can take action against this:

http://www.independent.co.uk/news/business/news/banks-face-lawsuits-worth-billions-over-libor-scam-7902918.html

Thesr two comments are interesting in the article:

Bhragaidh • 9 hours ago −
What is really disgusting is that it took non UK countrires' actions to force the FSA to do anything. It confirms what many people beliieve that the FSA, along with the UK government, is in bed with the banks and only when their hand is forced do they do anything. Otherwise how can they explain why no UK bankers have been prosecuted for their destroying of the economy while they have been charged in other counrties. In other word the bankers in the City of London run this country.
31 1 •Reply•Share ›

JohnBloom • 8 hours ago • parent
Ahem...

Marcus Agius the Chairman of Barclays is also the Chairman of the British Bankers Association. That, of course, is the body that controls LIBOR.

Nice, huh?

Its basically just theft. The banks cheat and lie and steal, then the taxpayer foots the bill and someone who earns more in a year than many people will see in a lifetime resigns in contrition, to go and live in luxury somewhere.

Its clear our corrupt and pathetic government will not bring these people to account without some kind of coercion, and merely being voted out of power isnt enough, as they all seem to be in bed together.

Mandelbrot

ruggedtoast wrote: »

The banks cheat and lie and steal, then the taxpayer foots the bill and someone who earns more in a year than many people will see in a lifetime resigns in contrition, to go and live in luxury somewhere.

Retires 6 months earlier than he was planning to do anyway (presumably with all the pension & other perks he would have received if he had kept to original timetable).
In other words, six months extra leisure time.

One goes early, to take the heat off the others.

wotsthat

The Serious Fraud Office (SFO) is considering whether to bring criminal charges against bankers who tried to manipulate inter-bank lending rates.

http://www.bbc.co.uk/news/business-18677356

Cue millions spent over many years without securing a conviction

pineapple

ruggedtoast wrote: »

I wonder how normal people can take action against this:

I'd like the answer to this too.
I'm tempted to withdraw my savings from Barclays. If enough people closed current and savings accounts it might make them sit up and take notice. But I'm waiting to see what other banks are implicated.

In fact I'm investigating alternatives to banks full stop. Is it possible to live without a current account do you think?
http://www.which.co.uk/news/2011/04/10-alternatives-to-big-high-street-banks-249564/

John_Pierpoint

pineapple wrote: »

I'd like the answer to this too.
I'm tempted to withdraw my savings from Barclays. If enough people closed current and savings accounts it might make them sit up and take notice. But I'm waiting to see what other banks are implicated.

In fact I'm investigating alternatives to banks full stop. Is it possible to live without a current account do you think?
http://www.which.co.uk/news/2011/04/10-alternatives-to-big-high-street-banks-249564/

Don't forget that with a joint stock bank it is the "p**r bl**dy" shareholders who are the first "victims" of financial shenanigans.
With a mutual organisation, there is usually no such buffer.

Off the top of my head, I can think of the following rescues of which the 4th is the recent one, where the tax payer was the last resort.
Could our economy afford any more bail outs?

Grays Building Society [Fraud]
South of England Building Society [Uninsured losses on negative equity repossessions]
Leeds Permanent Building Society [Exuberance exceeds regulator's ratios]
Dunfirmline Building Society [Toxic commercial loans]

Perhaps gold coins under the floorboards may be the answer?

http://accountdetective.co.uk/termsConditions.jsp