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Barclay's LIBOR manipulation
Comments
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John_Pierpoint wrote: »
Somehow I think the "compliance" office is about a powerful in the hierarchy, as the "health and safety" officer. "We have got one because the legislation says we have to comply".
Compliance and BASEL 2 were taken seriously, certainly in the domestic bank.
As your friend Nial said on Hardtalk last night adding extra layers of regulation would achieve little if individual traders are bent on being bent with the number of transactions done daily."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 -
If you ask someone for a theoretical quote it's obvious it isn't going to be the real price. You gauge what you say by what you think they want to hear, and what will be to your advantage. It's an early negotiating stance, not a commitment.
If a sucker phones up a car dealer and asks how much he would have to pay for a cheap but useable car, he might be told £500 might buy him a runner.
When he goes to the showroom he will be offered one for £800, knocked down to £750 for you.This is a system account and does not represent a real person. To contact the Forum Team email forumteam@moneysavingexpert.com0 -
So does this mean Barclays is a risky place to have my cash?worldtraveller wrote: »
"The global quantity of claims against Barclays as a result of it having manipulated Libor, it could stretch from the hundreds of millions into the billions," said Robert Hickmott, an attorney with Los Angeles-based Quinn Emanuel Urquhart & Sullivan LLP. He said litigation in London may follow soon........0 -
Probably no more risky than most others and you are of course protected by the Financial Services Compensation Scheme up to £85,000 per person, per financial institution. The web seems to be spread wide with regards to which banks are implicated and they could all face hefty claim liabilities down the road.So does this mean Barclays is a risky place to have my cash?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 -
German markets regulator BaFin is conducting a special probe of Deutsche Bank as part of a wider investigation into possible manipulation of the London Inter Bank Offered Rate (Libor), two people familiar with the matter said on Friday.
Reuters Exclusive: Germany pushes Libor probe of Deutsche Bank.
Surely though there is already a class action in the US over the setting of Libor rates naming Bank of America, Citigroup, JPMorgan Chase & Co, UBS, Deutsche Bank and Barclays?
This whole thing appears to be moving pretty quickly now as regulators maybe don't want to be seen as acting too late, or, dare I say it, in bed with the banks! Surely not!
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 -
worldtraveller wrote: »Surely though there is already a class action in the US over the setting of Libor rates naming Bank of America, Citigroup, JPMorgan Chase & Co, UBS, Deutsche Bank and Barclays?
This whole thing appears to be moving pretty quickly now as regulators maybe don't want to be seen as acting too late, or, dare I say it, in bed with the banks! Surely not!
If they all sue each other the only people to benefit will be the lawyers. I would be surprised if there are any truly innocent parties unless they were incompetent.
Perhaps they will decide on a mutual netting.
Surely not Governments either;)"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 -
worldtraveller wrote: »This whole thing appears to be moving pretty quickly now as regulators maybe don't want to be seen as acting too late, or, dare I say it, in bed with the banks! Surely not!
I think this goes back to Hamish's point about banks losing political cover. I reckon we'll see traders being prosecuted before long. In the US I wouldn't be surprised to see senior management going to gaol.0 -
the major problem in the UK isn't with the banks per se but that virtually all commentators and regulars and CEOs and politicians go along the the current trend (whatever that is)
no conspiracy as such but no-one saw the meltdown as no-one actually looked
the really huge story this week ought to have been the GSK story; here's a story of massive fraud on the health service and probably the death or poor health of 10s of thousands.
the pharmaceutical companies have been allowed by regulators, politicians, universities to corrupt the entire universiy system, to intimidate critics, to bribe doctors and damage the health of the people.
but it's not a news story yet...amazing0 -
the major problem in the UK isn't with the banks per se but that virtually all commentators and regulars and CEOs and politicians go along the the current trend (whatever that is)
no conspiracy as such but no-one saw the meltdown as no-one actually looked
the really huge story this week ought to have been the GSK story; here's a story of massive fraud on the health service and probably the death or poor health of 10s of thousands.
the pharmaceutical companies have been allowed by regulators, politicians, universities to corrupt the entire universiy system, to intimidate critics, to bribe doctors and damage the health of the people.
but it's not a news story yet...amazing
Incredibly, if you are selling Generic drugs in Aus, what GSK did isn't even illegal!0 -
With thanks to my good friend squiffs over at TMF
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