MSE News: Barclays hit with gigantic £290m in fines after series of lies

Former_MSE_Helen

"The bank lied about the rate it paid to borrow to reassure the market that lenders had more confidence it in..."

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Barclays hit with gigantic £290m in fines after series of lies

Rafter

Truly shocking that a bank should so blatantly manipulate the prices it is having to pay to borrow money.

A fine surely isn't enough - anyone implicated in this - including the senior managers who sanctioned it should be declared unfit to work in financial services.

R.

jobdone1

And the executive says " i will forgo my bonus is he having a laugh he should be sent to jail

dtaylor84

Well, according to the radio he is going to "wave his bonus". Where, exactly, wasn't specified - I assume in our faces.

JuicyJesus

jobdone1 wrote: »

And the executive says " i will forgo my bonus is he having a laugh he should be sent to jail

A prerequisite of going to jail is breaking the law.

datostar

Apparently several other banks are in the frame for this as well. A classic cartel. Are they really all crooks, charlatans and incompetents?

TheBanker

dtaylor84 wrote: »

Well, according to the radio he is going to "wave his bonus". Where, exactly, wasn't specified - I assume in our faces.

That makes me laugh. I thought bonuses were designed to reward performance, so how does he know he's entitled to one anyway.

One has to question whether the people involved are fit and proper persons to work in our industry.

LadyDee

So who gets all this money? Does it just go into the Treasury pot? The executives who were involved should lose their jobs. Big deal - they are not taking their bonuses. One year's bonus for one executive is probably more than I could earn in my lifetime. Why aren't they facing criminal charges if what they have done is wrong. I don't see that fining the 'bank' punishes the individuals. Presumably it'll be the customers and shareholders who really lose out.

bobblebob

Trouble is its the tax payers that get hit with this fine more than the banks. If Barclays or any other bank went under due to a massive fine like this, its the tax payers who would have to bail them out again

barak

JuicyJesus wrote: »

A prerequisite of going to jail is breaking the law.

I can't help wondering why manipulating LIBOR interest rates in this way for one's own benefit isn't against the law. It certainly should be, and apparently may be in the US. We haven't heard the end of this!

Bell98

The one thing I know is Barclays will get off with a company fine paid with our money, and the guilty will not suffer at all. Why do we tolerate this vile behaviour from these over paid money grapping thieves - they ARE thieves. All we, the consumer, can do is not give them our money. I've cut up my credit card (that's all I have with them, I wish I could move my accounts.) We should all leave them. The Bible warned us about the moneylenders.