Make the rich pay. They caused it!

[Anna B]

He reported it. He wasn't the boss while it was happening. This "debacle" is politically motivated.

 

But yes I'm convinced and believe he should be hung.

 

 

He was head of Barcleys Capital, the investment arm of the bank at the time, and therefore directly responsible for the traders.

 

He didn't report it, he confessed when he was on the point of discovery by an American bank. He hoped that by getting in first he would get receive more lenient treatment.

 

Now 20 major banks are being investigated, and London is in danger of losing its prestigious position of setting the Libor rate. That responsibility may well go to another country now that London has proved it can't be trusted.

[Teddybare]

He was head of Barcleys Capital, the investment arm of the bank at the time, and therefore directly responsible for the traders.

 

He didn't report it, he confessed when he was on the point of discovery by an American bank. He hoped that by getting in first he would get receive more lenient treatment.

 

Now 20 major banks are being investigated, and London is in danger of losing its prestigious position of setting the Libor rate. That responsibility may well go to another country now that London has proved it can't be trusted.

 

He's American. Maybe they sent him here as an agent to deliberately undermine the system so it can be exported to new York.

There's far more politics involved in attacking Barclays and removing diamond.

If manipulating the rates saved the bank from needing a bailout, is it really that bad a thing?

All the other traders were at it. Is crippling another bank and driving its shares down really what the uk needs right now?

[Anna B]

He's American. Maybe they sent him here as an agent to deliberately undermine the system so it can be exported to new York.

There's far more politics involved in attacking Barclays and removing diamond.

If manipulating the rates saved the bank from needing a bailout, is it really that bad a thing?

All the other traders were at it. Is crippling another bank and driving its shares down really what the uk needs right now?

 

 

It was the American banks who decided to run their own investigations when libor rates began to fluctuate wildly for no apparent reason. Interestingly, the British Banking Authority (BBA) was supposed to have already 'investigated' but found 'no case to answer to....'

 

There might well turn out to be a political angle to this, but the financial damage is massive.

 

I quote:

 

'The number of parties potentially damaged is staggering, encompasing much of the world's financial system, given that something in the region of

$350 TRILLION dollars

in transactions are calibrated to Libor and Euribor.

Lending rates determine contract rates for individual mortgages to interest rate swaps, corporate loans and virtually anything else that varies according to current cost of money.'

 

'So, for example, large investors (like pension funds) who may have invested in bundled mortgage bonds (derivatives) would have received a lower return if mortgage rates were artificialy depressed. There are already murmerings of class actions to sue the bank for damages.'

 

Which is why, Teddybare, if you have retired in the last 5 years, your annuity fund would have delivered approximately half of what you should have received, and also explains why the government has put the retirement up to 68 and rising.

And that's just the tip of the iceberg.

[MrSmith]

'Make the rich pay! They caused it'

 

With the latest debacle with the Barcleys' bankers (Bob Diamond et al) Are you convinced yet?

 

Not really, I still think our problems are caused by a small minority of rich people, the vast majority of politicians and a very large group of poor people that think life owes them a living, and then there's all the ones in the middle that want the most out of life and turn a blind eye to those that suffer so they can have it.

[Anna B]

Not really, I still think our problems are caused by a small minority of rich people, the vast majority of politicians and a very large group of poor people that think life owes them a living, and then there's all the ones in the middle that want the most out of life and turn a blind eye to those that suffer so they can have it.

 

 

That small minority of rich people is the 1% I've been talking about.

But the power and influence they wield far outweighs their size. For instance this latest scandal, (the libor rate manipulation) may well have affected $350 TRILLION worth of transactions, which will have affected you and me directly, particularly if you've retired recently.

 

I agree the politicians are also very accountable, and are the ones who have been turning a blind eye.

 

Tax evasion and avoidance would pay for the defecit in one go, and far outweighs the benefits bill.

 

Have you read the 'Barcleys fined 300 million by the regulators' thread?

[Conrod]

Unsuccessful people seem to find any way they can to vent their hatred for successful people.

 

Is poor v rich just a matter of jealousy? It seems that way.

[Teddybare]

Unsuccessful people seem to find any way they can to vent their hatred for successful people.

 

Is poor v rich just a matter of jealousy? It seems that way.

 

Does holding that view make you rich and successful ?

[rickiethecat]

That small minority of rich people is the 1% I've been talking about.

But the power and influence they wield far outweighs their size. For instance this latest scandal, (the libor rate manipulation) may well have affected $350 TRILLION worth of transactions, which will have affected you and me directly, particularly if you've retired recently.

 

I agree the politicians are also very accountable, and are the ones who have been turning a blind eye.

 

Tax evasion and avoidance would pay for the defecit in one go, and far outweighs the benefits bill.

 

Have you read the 'Barcleys fined 300 million by the regulators' thread?

 

"may well have" is just the kind of speculation beloved by the hysterical media. It's probably impossible to guess an actual figure but I'm sure it's far less than that.

 

As Summer is typically a quiet time for news, this is just a non story blown up out of all proportion. It turns out that the rates a bank offers aren't quite as good they claimed they were. That's hardly news is it - doesn't every company exaggerate how good their products are?

[MrSmith]

That small minority of rich people is the 1% I've been talking about.

But the power and influence they wield far outweighs their size. For instance this latest scandal, (the libor rate manipulation) may well have affected $350 TRILLION worth of transactions, which will have affected you and me directly, particularly if you've retired recently.

 

I agree the politicians are also very accountable, and are the ones who have been turning a blind eye.

 

Tax evasion and avoidance would pay for the defecit in one go, and far outweighs the benefits bill.

 

Have you read the 'Barcleys fined 300 million by the regulators' thread?

 

But that would be 622,620 people and there are only 619,000 millionaires, they can all be corrupt.

[Mecky]

But that would be 622,620 people and there are only 619,000 millionaires, they can all be corrupt.

 

Put it this way, it's very difficult to generate such large amounts of income for yourself:

 

1) Legally

 

2) Morally