On Thu 28 Jun 2012 at: 04:37 expat two
So, Barclays have been fined 290 million for manipulating interest rates. Curiously, its impossible to track down an estimate of how much money they made out of that fraud. My estimate is somewhere between 1 and 2 billion.
Someone once said 'crime doesn't pay', but it seems to be a lifestyle choice for some people these days, and a very lucrative one at that.
On Thu 28 Jun 2012 at: 10:27 the old mayor
Did anyone even think Barclays had £290m ? When (and if) they pay the fine, who gets the money ? Surely the FSA is a Government Quango and the Exchequer should grab it. Then he could actually take 3p a litre OFF fuel, instead of just NOT putting it on !! As you said expat two, everyone contributed to Barclays profits therefore everyone should benefit from the fine ! And they wonder why we hate Banks and Politicians !!
On Thu 28 Jun 2012 at: 11:21 Southover Queen
£290m is more or less what the CEO earned in the last four years, Old Mayor, so I'm sure they'll manage to scrape it together. A couple of day's trading profit: nothing more.
What it does expose is that we have a banking sector which is completely out of control. Amoral doesn't get close: this is fraud on an extraordinary scale without any concern for the consequences on ordinary people. The LIBOR rate, which is what they were manipulating for their own gain, is what sets mortgage and interest rates - so they were stealing directly from you and me. And it wasn't just Barclays. In fact, Barclays owned up ahead of the investigation, and there are several other current FSA investigations into other banks who may well be even more culpable.
The banking sector appears to be completely rotten to the core, with no functioning ethical code. And yet we're told the financial services are a vast and indispensable part of our economy and the consequences of shaking it down would be awful. Maybe it's time to bite the bullet and take control back...
On Thu 28 Jun 2012 at: 12:17 Take to the streets
Coming to planet near you soon.
Problem - created by those at the top
Reaction - we say "do something"
Solution - those at the top take away more liberties
Terrorism, banking crisis, etc.
Anyone notice Blair offering himself. again, as president of a yet to be created superstate. It is coming. Resist my friends!
On Thu 28 Jun 2012 at: 13:14 The Markets
Trust me, everyone, you know you can trust me. Everything is safe in my hands. Now get back to work.
On Sat 30 Jun 2012 at: 19:53 Peter Byron
If you care to take the time to watch Our Street, BBC Iplayer, this weeks episode on Notting Hill, Portland Road, take note of a Banker and his confession!! An eye opener for all. Best, Peter.
Yes, I saw that Peter. A very wise (if peculiar) man. Like many of us on here I suppose. 0 0
On Mon 2 Jul 2012 at: 14:05 Clifford