CJGJ Posted June 27, 2012 Share Posted June 27, 2012 Now if this was not a major bank would not people be charged ? Barclays has been fined ?290m ($450m) for trying to manipulate a key bank interest rate which influences the cost of loans and mortgages. Its traders lied to make the bank look more secure during the financial crisis and, sometimes - working with traders at other banks - to make a profit. Barclays said the actions "fell well short of standards". Chief executive Bob Diamond is to give up his bonus. The Financial Services Authority is now looking into other banks. The penalties from the UK financial watchdog and US authorities followed "serious and widespread" misconduct, said the FSA. Barclays has admitted that a group of traders lied about what it was costing the bank to borrow. Now, why does this matter? It matters because lots and lots of deals involving clients of Barclays used the interest rate into which Barclays was feeding this information, about its own borrowing costs, to determine the profit and loss on their own deals. It's quite hard to think of behaviour by a bank as shocking as this: not telling the truth about what it is costing you to borrow, that then becomes a benchmark for pricing other deals. The statement from the US regulator, which levied a big chunk of the fine, talks about how Barclays was working with other banks to try to fix this interest rate. 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. The fine is part of an international investigation into the setting of interbank rates between 2005 and 2009. It seems highly likely that other banks, and in other countries, will face similar sanctions to that of Barclays. "The FSA continues to pursue a number of other significant cross-border investigations in this area and the action we have taken against Barclays should leave firms in no doubt about the serious consequences of this type of failure," the UK regulator said. Three other Barclays executives will also give up their annual bonus this year. Although they and Mr Diamond were not involved in the manipulation attempt, a Liberal Democrat peer has called on Mr Diamond to stand down. Lord Oakeshott told the BBC: "If he had any shame he would go. If the Barclays board has any backbone, they'll sack him." Link to comment Share on other sites More sharing options...
Generic Username Posted June 27, 2012 Share Posted June 27, 2012 I'm a Barclays employee. I certainly hope I don't get charged. Link to comment Share on other sites More sharing options...
systemx Posted June 27, 2012 Share Posted June 27, 2012 I'm a Barclays employee. I certainly hope I don't get charged. I think you should be locked up dirty thieving cheating barstewards....... Sorry thought this was the Rangers thread/encyclopedia Link to comment Share on other sites More sharing options...
Sterling Archer Posted June 27, 2012 Share Posted June 27, 2012 I'm a Barclays employee. I certainly hope I don't get charged. I'm sure you can just pass your charge to someone in India. Link to comment Share on other sites More sharing options...
Serj Tankian Posted June 27, 2012 Share Posted June 27, 2012 Report a crime here Link to comment Share on other sites More sharing options...
TheMaganator Posted June 28, 2012 Share Posted June 28, 2012 Perhaps more shocking is what the fine will be used for: According to Laura Kuenssberg of ITV: ?@ITVLauraK If you're still wondering, Barclays' fine goes back to FSA and is used to cut the fees other banks have to pay to the FSA itself.... Well, ok, not as shocking. But pretty shocking. Link to comment Share on other sites More sharing options...
Generic Username Posted June 28, 2012 Share Posted June 28, 2012 I'm sure you can just pass your charge to someone in India. I've been passing the buck to our Chennai based chums for months now. "Where's all the stationary gone?" - Chennai (not really, it was me who nabbed all the highlighters) "Didn't there used to be a photocopier here? Where's it gone?" - Chennai (not really, I rode it down Bath Street like a big mechanical bull) "Who farted in that meeting?" - someone from Chennai (not really, it was me) Link to comment Share on other sites More sharing options...
Das Root Posted June 28, 2012 Share Posted June 28, 2012 I'm a Barclays employee. I certainly hope I don't get charged. Excellent, can I have ?1m? They won't miss it. Link to comment Share on other sites More sharing options...
Generic Username Posted June 28, 2012 Share Posted June 28, 2012 Excellent, can I have ?1m? They won't miss it. Sure, why not. I'm pretty sure I can grab some guff from the stationary cupboard as well. Post-it? Hole punch? Link to comment Share on other sites More sharing options...
Das Root Posted June 28, 2012 Share Posted June 28, 2012 Sure, why not. I'm pretty sure I can grab some guff from the stationary cupboard as well. Post-it? Hole punch? See if you can grab some of that gold stuff and those bearer bond thingys I have heard of. Non-traceable of course. I will have a van waiting round the back, may as well pack it to the top. It's more economical on the fuel that way. Link to comment Share on other sites More sharing options...
winningways Posted June 28, 2012 Share Posted June 28, 2012 Financial institutions look after number 1 and will believe it's unfortunate they have been caught out ! Very bad practice. Link to comment Share on other sites More sharing options...
david mcgee Posted June 28, 2012 Share Posted June 28, 2012 Whilst they quaff champagne, we feel the pain. Everybody with a loan, mortgage or overdraft is paying for their bottles of bolly. Bankers are wh@nkers, ive been saying it for years and they continue to take the Colin Nish. Not a jot has been done about it and i aint holding my breath this time. ( and before people come on saying it, i dont mean the tellers, clerical assistants and call centre employees) I refer to the fat cat, public school boy spivs, who couldnt outperform a tracker or indeed 50% of the time a monkey, yet still take home staggering salaries paid for by you and me. Link to comment Share on other sites More sharing options...
Cigaro Posted June 28, 2012 Share Posted June 28, 2012 Sure, why not. I'm pretty sure I can grab some guff from the stationary cupboard as well. Post-it? Hole punch? Can I have some pencils please? Just if you get a chance. Link to comment Share on other sites More sharing options...
Tazio Posted June 28, 2012 Share Posted June 28, 2012 Sure, why not. I'm pretty sure I can grab some guff from the stationary cupboard as well. Post-it? Hole punch? Have you got any protractors? I broke my one yesterday Link to comment Share on other sites More sharing options...
Cigaro Posted June 28, 2012 Share Posted June 28, 2012 Angling for some free stationary there, Tazio? Link to comment Share on other sites More sharing options...
Tazio Posted June 28, 2012 Share Posted June 28, 2012 Angling for some free stationary there, Tazio? Could be Link to comment Share on other sites More sharing options...
Martin_T Posted June 29, 2012 Share Posted June 29, 2012 Not strictly on topic...but financial services in Glasgow: Transition in from London -> Dumb down -> Transition out to India It's exactly the same at my employer. Link to comment Share on other sites More sharing options...
Sterling Archer Posted June 29, 2012 Share Posted June 29, 2012 Not strictly on topic...but financial services in Glasgow: Transition in from London -> Dumb down -> Transition out to India It's exactly the same at my employer. Yeah my wife's whole department is going that way. They created the roles about 14months ago and a lot of people left good jobs for them. When it got announced they were being made redundant the guy doing it had the cheek to say "moving to glaagow was just an experiment to see how easily we could move the work" Link to comment Share on other sites More sharing options...
Generic Username Posted June 29, 2012 Share Posted June 29, 2012 Yeah my wife's whole department is going that way. They created the roles about 14months ago and a lot of people left good jobs for them. When it got announced they were being made redundant the guy doing it had the cheek to say "moving to glaagow was just an experiment to see how easily we could move the work" Barclays has some government grant about employing X amount of people in the city per year but it seems we're getting round that by hooking every job possible to Chennai and just employing cross eyed temps. Link to comment Share on other sites More sharing options...
Boris Posted June 29, 2012 Share Posted June 29, 2012 Have you got any protractors? I broke my one yesterday Angling for some free stationary there, Tazio? Could be To a degree... Link to comment Share on other sites More sharing options...
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