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Barclays Bank fined £26m for gold price fixing

purch
purch Posts: 9,865 Forumite
in Debate House Prices & the Economy
.......oops.

Time to dust off those JPMorgan, SUV, Helicopter, whistleblower conspiracy theories :eek:

http://www.bbc.co.uk/news/business-27536127
'In nature, there are neither rewards nor punishments - there are Consequences.'
«134

Comments

  • Bantex_2
    Bantex_2 Posts: 3,317 Forumite
    I would guess that £26 million is a minute or twos turnover for Barclays. That'll show them.
  • Generali
    Generali Posts: 36,411 Forumite
    10,000 Posts Combo Breaker
    Bantex wrote: »
    I would guess that £26 million is a minute or twos turnover for Barclays. That'll show them.

    It shows the severity of the case.
  • Masomnia
    Masomnia Posts: 19,506 Forumite
    Part of the Furniture 10,000 Posts Name Dropper
    Come back Smeagold! All is forgiven! :p
    “I could see that, if not actually disgruntled, he was far from being gruntled.” - P.G. Wodehouse
  • TickersPlaysPop
    TickersPlaysPop Posts: 753 Forumite
    Seventh Anniversary 500 Posts Name Dropper Combo Breaker
    Yet more evidence to show that banks look after themselves and will make money out of us as much as they can. The call to repair the negative opinion of the banks held by the general public is a big challenge. I think time is the only friend for the banking sector.... the next generation will trust them more through ignorance, but this current generation will never trust them again.

    Another example of bank malpractice.... limiting a vital resource.... Property!

    Banks are the true owners of a lot the property in the UK, and it is the people with mortgages shouldering the risk of value drops.

    It's my feeling that the financial sector have been holding back funding for house building to make their investment in property more secure and to make more money out of it.
    Peace.
  • Bantex_2
    Bantex_2 Posts: 3,317 Forumite
    Generali wrote: »
    It shows the severity of the case.
    Is a fine that will not even be noticed a form of forgiveness? If I was fined 25p for speeding or stealing, it would not be a deterrent.
  • CLAPTON
    CLAPTON Posts: 41,865 Forumite
    10,000 Posts Combo Breaker
    TickersPlaysPop wrote: »
    Yet more evidence to show that banks look after themselves and will make money out of us as much as they can. The call to repair the negative opinion of the banks held by the general public is a big challenge. I think time is the only friend for the banking sector.... the next generation will trust them more through ignorance, but this current generation will never trust them again.

    Another example of bank malpractice.... limiting a vital resource.... Property!

    Banks are the true owners of a lot the property in the UK, and it is the people with mortgages shouldering the risk of value drops.

    It's my feeling that the financial sector have been holding back funding for house building to make their investment in property more secure and to make more money out of it.

    how does a bank make more money by not lending?

    is that the same way as builders make more money by not building?
  • Bantex_2
    Bantex_2 Posts: 3,317 Forumite
    CLAPTON wrote: »
    how does a bank make more money by not lending?

    is that the same way as builders make more money by not building?
    Derivative trading?
    Forex Trading etc etc
  • CLAPTON
    CLAPTON Posts: 41,865 Forumite
    10,000 Posts Combo Breaker
    Bantex wrote: »
    Derivative trading?
    Forex Trading etc etc

    is that a yes or a no?
  • Bantex_2
    Bantex_2 Posts: 3,317 Forumite
    CLAPTON wrote: »
    is that a yes or a no?
    Banks can make money without lending as builders can make money without building. It's called diversification. land speculation can be very profitable.
  • CLAPTON
    CLAPTON Posts: 41,865 Forumite
    10,000 Posts Combo Breaker
    Bantex wrote: »
    Banks can make money without lending as builders can make money without building. It's called diversification. land speculation can be very profitable.

    indeed, a butcher could make money by land speculation and derivative trading but then I probably wouldn't call her a butcher
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