Barclays guilty of manipulating interest rates
- Thread starter scorza
- Start date
erm because its not just Barclays - other individuals at other banks were involved too - its got nothing to do with trading large volumes - the quotes they submitted were false.
That's not actually accurate, it's fines for other banks from the regulators are likely to follow.
Not exactly what you said, and important to highlight as your OP seems to point the finger solely at Barclays.
Kweku Adoboli: http://www.bbc.co.uk/news/business-14927432
Bruno Iksil (aka Voldemort
): http://en.wikipedia.org/wiki/Bruno_Iksil
Soldato
shock ! banks manipulate rates to make money!
Soldato
Where does the money from the fine end up?
It's been common knowledge in the city for a while that the libor rates where manipulated it was mainly around the lemans collapse and it wasn't really a case of banks using it to make money it was to smooth out margin payments on swaps there was one point where I was lending overnight cash to banks at 8-10% and the reported libor rate was about 5%. If they had given the real rates they borrowed at libor would have been in the 8% range and the banks would have had to make massive margin payments on their interest rate swaps that would have probably bankrupted them
Caporegime
Completely not surprised.
Caporegime
As above, completely not surprised. Curious to see how deep the warren burrows though.
Associate
Where does the fined money actually go?
Soldato
The exchequer I thought
Who gives a **** how, who where and why these frauds occurred and whether it solely affects London's reputation.
The fact is, major financial institutions have been involved in systemic Fraud, plain and simple and as usual when the people at the top get caught with their hand in the cookie jar, absolutely **** all gets done about it. They say sorry, a small slap on the wrist and pay a bit back.
What gets me is then all the posters on here who just say, "So what" "Oh, what a surprise, not" "We all knew this was going on" and brush off corporate dishonesty as 'just one of those things' are generally the ones who get so excited and wet their knickers about people on the bottom of the ladder claiming some benefits illegally. Heh, you are a bunch of saps.
The fact is, major financial institutions have been involved in systemic Fraud, plain and simple and as usual when the people at the top get caught with their hand in the cookie jar, absolutely **** all gets done about it. They say sorry, a small slap on the wrist and pay a bit back.
What gets me is then all the posters on here who just say, "So what" "Oh, what a surprise, not" "We all knew this was going on" and brush off corporate dishonesty as 'just one of those things' are generally the ones who get so excited and wet their knickers about people on the bottom of the ladder claiming some benefits illegally. Heh, you are a bunch of saps.
Sums it up for me.
Hate London, its for the sleazy and underhanded to manipulate the rest of the UK based of there warped sense of self importance.
Soldato
This for me is worse than anything connected with the banking industry to date.
The banking collapse was down in people making mistakes and thinking they were far cleverer than they were. This is out and out fraud.
Bob Diamond should be looking at a LONG jail term, not losing his bonus.
The banking collapse was down in people making mistakes and thinking they were far cleverer than they were. This is out and out fraud.
Bob Diamond should be looking at a LONG jail term, not losing his bonus.
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