Barclays fined for attempts to manipulate key bank rates

Barclays fined for attempts to manipulate key bank rates

www.bbc.co.uk

Barclays bank will pay penalties of £290m ($450m) for trying to rig the key interest rates at which banks lend money to each other.

The penalty from UK and US authorities followed "serious and widespread" misconduct, the Financial Services Authority said.

Barclays chief executive Bob Diamond and three other executives have given up this year's bonus as a result.

(visit the link for the full news article)

Bob Diamond, you should be sacked and arrested for fraud.. you're the boss.. have some responsibility...

It seems highly likely that other banks, and in other countries, will face similar sanctions to that of Barclays.

And our governments are bailing them out with our tax money.. swines.. shut them all down.. let them fail..
They're all as bad as each other.

It's been found that Barclays have messed around with;

two of the most important interest rates in the global financial markets and directly influence the value of trillions of dollars of financial deals between banks and other institutions.

This affects ALL of us.. this hurts EVERYONE

What are we waiting for?
Shut them down !!!

They are corrupt to the core.. These stories are really starting to cut to the bone and we need to stop this foul system. We need to sort something out.




www.bbc.co.uk
(visit the link for the full news article)

If you have 3 international bankers in a room together. You don't have a meeting, you have a crime scene.

When they start arresting these scum I'll believe it's going to change.

reply to post by AGWskeptic


The 'News of the world' suffered their fate for a 'lesser' crime.

Why are these banks allowed to get away with this !!!

The fine placed upon them is possibly nowhere near the amount they may have made from their actions..
The other problem is how many times have they done this before and got away with it?

It MUST stop.. and stop NOW..

Makes you so angry and frustrated with these scum..

450 Million? Those banksters are probably collectively laughing their #sses off. How much you want to bet that is just the teensiest-weensiest amount compared to how much they scammed?

We need perp walks in orange suits to stop this kind of crap. Not slaps on the wrist. How is it that none of these buttheads has been sent up the river yet?

Someone should plant a left-handed cigarette on them. THEN they'd be behind bars!

reply to post by Hessling


Do you know what makes me laugh....

The fact that these scum deal with money all day long..
They get fined money..
They pay the fine to those who are impossing the charges..

And then what happens??

The money has to be put away somewhere..

guess where..

Yup, back into a bank..
Probably the same bank it came from.
wherever it goes, it is helping to sustain this perpetual scam..

Robert Peston on Barclays 'shocking behaviour'

apparently it affects trillions and trillions of dollars... a 4 year period must have made them billions..
This fine is a farce..

Disgusting..

This of course implies that Barclays is simply the first bank to settle and we will see fines and punishments against some of the other big banks of the world.

Fining a bank? What a joke. Those guys are laughing their arses off at us right now. The fine just flaunts it in our faces.

Barclays bank will pay penalties of £290m

From OPs source:

The bank admitted the actions of its staff, which lasted from 2005 to 2009...

Hmm.

Barclays Fine Signals Fraud In $350 Trillion Lending Market

Roughly $10 trillion in loans and $350 trillion in derivatives are tied to Libor, according to The Wall Street Journal calculations.

said Barclays chief executive Bob Diamond in a statement. "I am sorry that some people acted in a manner not consistent with our culture and values,"

Does that phrase mean got caught?

Originally posted by JAK
Does that phrase mean got caught?

And more than likely aware of what was going on.

Are they trying to tell us that underhand scheming was going on behind the bosses back?

Does he not check his books at the end of the day?
What are they paying him for anyway? Just what do you do at the very top of such a pyramid scheme?

Oh, yeah.. you do nothing 'cos everyone else is doing the graft..

Originally posted by JAK
Barclays bank will pay penalties of £290m

From OPs source:

The bank admitted the actions of its staff, which lasted from 2005 to 2009...

Hmm.

Barclays Fine Signals Fraud In $350 Trillion Lending Market

Roughly $10 trillion in loans and $350 trillion in derivatives are tied to Libor, according to The Wall Street Journal calculations.

said Barclays chief executive Bob Diamond in a statement. "I am sorry that some people acted in a manner not consistent with our culture and values,"

Does that phrase mean got caught?

That's exactly what he means.

It's considered bad form to get caught, those that don't get a peerage.

Giving a thief a fine is like playing victim roulette. He is a thief so where is he gonna get the funds to pay for the fine?
By stealing it!
Ineffective at best,
Willful participation in criminal activity at worst.

I can't wait to see which other banks are involved and how much they'll be fined.

kinda hoping it leads to some of the big boys and they get hurt..

System needs a good shake up.

reply to post by Extralien


Good to see this was headline news, and how noble of Bob Dimond to not accept his bonus this year oh and a record fine of £290 million pounds, pocket change to these bankers.

It's an absolute disgrace and an inditement on the current system, that these banks have been able to get away with this crap, without any criminal charges.

People are turning their anger on people on benefits, while letting these bankers get away scott free. It makes me sick.

There are thousands of people in jail for much less crimes.

What would a banker have to do to actually end up behind bars ?

The general public are paying massively to bail these bast4rds out and they still wanns sh1t on us

What a freakin' joke!
Truthfully, I don't respond to threads like this much anymore because there are so many instances, and nothing ever happens. Ever.

So they will give up their bonuses?
That in itself should p!$$ you off!!

Their bonuses equal what enough to pay a fine that should be a felony charge? (No jail, of course.)

I've said in plenty of threads, that until these criminals TRULY fear the repercussions of their actions, it will not change.

Don't they realise this acts as feedback to a certain part of population that encourages non adherence to the system?

Minor things that the standard citizen can do, and unlikely to get caught to cheat the system, should increase - this seems to be their implicit signal.

The chief executive of Barclays, Bob Diamond, is under pressure to resign after the bank was fined £290m ($450m) for trying to manipulate interest rates at which banks lend to each other.

The Liberal Democrat peer, Lord Oakeshott, said that if Mr Diamond had any shame, he would resign.

Former City minister Lord Myners told the BBC that the people at the top should take responsibility.

www.bbc.co.uk...

Resignation is a start.. but it's not enough.
Should all be charged with fraud...

Any other criminal organisation would be shut down... so why not this one?

Can't find the words this morning to really express how bad this bunch, and others, are.

What I want to know is who is actually paying the fine, as in where is the money coming from if not from the man in the street, and who is it being paid to? Definitely NOT the man in the street!

We pay the bank fees, we pay the fines that they, the banks, incur, we pay and pay and pay!

They play and play and play!

How about a bottle of Bolly to go with that caviar Bob?

reply to post by Extralien


Absolutely agree with you, the Directors should all be charged. I'll be interested to see what happens / not with the likes of Citigroup,JP Morgan, Deutsche,HSBC and RBS. Wonder what happens to the fine money?