Barclays fined £290m as bid to manipulate interest rates is exposed

Barclays fined £290m as bid to manipulate interest rates is exposed

www.guardian.co.uk

The boss of Barclays ("CEO"), Bob Diamond, is under mounting pressure after the bank was hit with fines of £290m by the FSA (UK) for its "serious, widespread" role in trying to manipulate the price of crucial interest rates that affect the cost of borrowing for millions of customers around the world. Between 2005 - 2008.

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They also entered into an agreement with the US Department of Justice to pay a $160 million penalty to resolve violations arising from Barclays’s submissions for the London InterBank Offered Rate (LIBOR) and the Euro Interbank Offered Rate (EURIBOR).
These are 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.

Barclay's is actually one of the largest Banks in the world...
Futures, options, swaps, and other derivative financial instruments traded in the over-the-counter market and on exchanges worldwide are settled based on LIBOR. Further, mortgages, credit cards, student loans and other consumer lending products often use LIBOR as a reference rate.
Now the question is will anyone actually go to jail for this, helping yourself win bets on financial instruments to get yourself a bigger bonus is basically fraud and theft.

How many other Banks were in on this ?

Other big names believed to be under investigation include Citigroup, JP Morgan, Deutsche Bank, HSBC and Royal Bank of Scotland.



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

The fine isn't big enough.

Originally posted by Wide-Eyes
The fine isn't big enough.

Agreed the fine is a slap on the wrist ... they better arrest the people invoved ... I guess only time will tell.

But going on past history I'm just thinking it'll be small slaps all round for helping to ruin the Global economy....

Somehow, I just keep thinking stories like this are just a salve to sooth the people into a false sense of security that our governments are looking out for our best interests, when nothing could be further from the truth.

It would be nice to be wrong about that though.

What Barclay's have done is screw anyone that has a loan, credit card or over draft facility in the UK.

You have heard of bank robbers and they go to jail for life. Now we have robber banks and no one goes to jail.

Outlaw usury and the swine will squeal.

Originally posted by Klassified
Somehow, I just keep thinking stories like this are just a salve to sooth the people into a false sense of security that our governments are looking out for our best interests, when nothing could be further from the truth.

It would be nice to be wrong about that though.

I'm thinking your right, remeber our joke of a $25 billion morage settlement our lovely government negiotiated with our beloved Bank of America ,Wells Fargo, JP Morgan Chase, Ally Financial and CitiGroup..for the Robo signing ...
Criminal behavior by banks in the scandal is alleged to include perjury, filing false documents, illegal foreclosures, and investor fraud.


library.hsh.com...

When are they going to give these international bankster cartel members the death penalty? I will volunteer for the firing squad as long as I get the gun with a bullet in it!

Originally posted by Ilovecatbinlady
What Barclay's have done is screw anyone that has a loan, credit card or over draft facility in the UK.

You have heard of bank robbers and they go to jail for life. Now we have robber banks and no one goes to jail.

Outlaw usury and the swine will squeal.

edit on 28-6-2012 by Ilovecatbinlady because: (no reason given)

It doesn't just effect the UK, loads of companies take on currency and interest rate swaps that rely on the Libor .... yes sir they really stuck their little snouts in and had a good feed at the trough.... I'm pretty sure loads more of these "Banksters" all over the world were involved in "fixing" the house.

"Banks to big to fail, Folks to big to jail" .... utterly disgusting.... where is the Galatic Federation of light when you need them

Originally posted by fnpmitchreturns
When are they going to give these international bankster cartel members the death penalty? I will volunteer for the firing squad as long as I get the gun with a bullet in it!

I'd prefer a daily "stockade" where I could hurl rotten slops at them..... and have them watch as everything they own is handed out to the plebs they despise...

We should all go in and close our accounts because they will want that money back and they will pass it on to us the customer.

There is already an existing thread, started yesterday about this.

www.abovetopsecret.com...

Originally posted by BMorris
There is already an existing thread, started yesterday about this.

www.abovetopsecret.com...

Thanks ..odd I did a search before I posted the thread ... better go out and get new glasses !

reply to post by AliceBlackman




Your welcome.

There has been a surge in events like this in recent times.
Fairly clearly just an attempt to make it look like the whole system is not corrupt.
This stuff should not be taken seriously, and it should not make anyone feel better or safer.
The system, as much as it may try to appear is not on your side.

Originally posted by HumanCondition
There has been a surge in events like this in recent times.
Fairly clearly just an attempt to make it look like the whole system is not corrupt.
This stuff should not be taken seriously, and it should not make anyone feel better or safer.
The system, as much as it may try to appear is not on your side.

Considering the impact of fiddling with the Libor & Euribor the fine is really laughable in comarison

Originally posted by BMorris
There is already an existing thread, started yesterday about this.

www.abovetopsecret.com...

Please contribute to the already existing thread. Closing this.