Speaking of fraud, then there's Barklays' Bank

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  • skuthorp
    Senior Member
    • Jan 2002
    • 73627

    Speaking of fraud, then there's Barklays' Bank

    Fudging inter-bank interest rates, doing rate deals for 'mates' in the finance industry, boosting their figures during the GFC.............

    "LONDON (AFP) - Barclays bank is to pay $452 million in fines following a probe into suspected manipulation by several banks of key markets for Libor and Euribor interest rates, the bank revealed on Wednesday.Barclays chief executive Bob Diamond said that in view of this, he and other senior executives at the bank would forego their annual bonuses due for work in 2012.
    The Libor and Euribor rates are benchmark reference rates that indicate the interest rate which banks charge when lending to each other. They are fundamental to the operation of both British and international financial markets, the British Financial Services Authority said."


    And it's only taken 7 years to find out too,
  • wardd
    Senior Member
    • Sep 2009
    • 15162

    #2
    Re: Speaking of fraud, then there's Barklays' Bank

    shouldn't he be fired?

    Comment

    • Cuyahoga Chuck
      # 7727
      • Dec 2003
      • 12984

      #3
      Re: Speaking of fraud, then there's Barklays' Bank

      Fired? These people all have the "old school tie". That makes them able to hang around the club during the workday. And their status makes them immune from minor infractions like murder, larceny and molestation. The biggest wrongdoers make an effort to buddy up to Rupert Murdoch because he can use his media muscle to make devils look like angels.
      When you see bankers taking refuge in the Equadorian embassy you will know the situation has changed.

      Comment

      • Rum_Pirate
        Banned
        • Apr 2007
        • 22881

        #4
        Re: Speaking of fraud, then there's Barklays' Bank

        C&P'd from Wiki

        In early 2011, Barclays announced that Diamond would receive an annual bonus of £6.5 million in 2011, the largest of any CEO of a British bank.[21]

        Although as of 2012 this bonus has been postponed at his decision.[citation needed] Diamond voluntarily gave up his bonus for 2012 after Barclays was fined £59.5 million by the FSA (£290m in total) for manipulating interest rates.[22][23]

        The bank had been found to have lied, sometimes to make a profit, and other times to make the bank look more secure during the financial crisis.[24]

        The UK's Financial Services Authority (FSA), which levied a fine of £59.5 million ($92.7 million), gave Barclays the biggest fine it had ever imposed in its history.[25]

        The FSA's director of enforcement described such behaviour as "completely unacceptable", adding "Libor is an incredibly important benchmark reference rate, and it is relied on for many, many hundreds of thousands of contracts all over the world."[24]

        Liberal Democrat
        politician Lord Oakeshott criticised Diamond, saying: "If he had any shame he would go. If the Barclays board has any backbone, they'll sack him."[24]
        The U.S. Department of Justice has also been involved in the investigation.[24]

        Comment

        • Andrew Craig-Bennett
          Who?
          • Aug 1999
          • 28468

          #5
          Re: Speaking of fraud, then there's Barklays' Bank

          Originally posted by Cuyahoga Chuck
          Fired? These people all have the "old school tie". That makes them able to hang around the club during the workday. And their status makes them immune from minor infractions like murder, larceny and molestation. The biggest wrongdoers make an effort to buddy up to Rupert Murdoch because he can use his media muscle to make devils look like angels.
          When you see bankers taking refuge in the Equadorian embassy you will know the situation has changed.
          Dunno which school he went to, but Bob Diamond is American.
          IMAGINES VEL NON FUERINT

          Comment

          • Andrew Craig-Bennett
            Who?
            • Aug 1999
            • 28468

            #6
            Re: Speaking of fraud, then there's Barklays' Bank

            OK, I Googled it:
            Bob Diamond was born in Concord, Massachusetts, on July 27, 1951.[4] One of nine children,[5] Diamond grew up in an American family of Irish-Catholic values.[17] His parents - Anne and Robert Edward Senior, were both teachers and second-generation Scottish and Irish immigrants.[18]
            He finished his schooling from Concord-Carlisle High School in 1969 and in 1973, graduated in B.A., Economics with honours from Colby College, Maine. He was a member of the Phi Delta Theta fraternity at Colby.[19] He was awarded an MBA from the University of Connecticut Business School, graduating first in his class.[12]
            http://en.wikipedia.org/wiki/Bob_Diamond_(banker)

            Would the United States like him back?
            IMAGINES VEL NON FUERINT

            Comment

            • Andrew Craig-Bennett
              Who?
              • Aug 1999
              • 28468

              #7
              Re: Speaking of fraud, then there's Barklays' Bank

              Seriously, if rigging LIBOR is not criminal fraud, I don't know what is.

              And the suggestion by the Diamond geezer that "a handful of managers" was responsible is below pathetic. Does the CEO not know his own Bank's true cost of funds on a daily basis? It's the very first thing on his desk/blackberry/screen.

              Diamond and the rest of his board should be in jail.

              And I'm switching my accounts.
              IMAGINES VEL NON FUERINT

              Comment

              • Rum_Pirate
                Banned
                • Apr 2007
                • 22881

                #8
                Re: Speaking of fraud, then there's Barklays' Bank

                Originally posted by Andrew Craig-Bennett
                Seriously, if rigging LIBOR is not criminal fraud, I don't know what is.

                And the suggestion by the Diamond geezer that "a handful of managers" was responsible is below pathetic. Does the CEO not know his own Bank's true cost of funds on a daily basis? It's the very first thing on his desk/blackberry/screen.

                Diamond and the rest of his board should be in jail.

                And I'm switching my accounts.
                Erm is the United Statesof America going to extradite him? After all this is fraud of which Mr Diamond is the top man in charge.

                Oh no they won't. . .he is American.

                Comment

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