I1L2T3 Posted July 1, 2012 Share Posted July 1, 2012 Top Tories dragged into banking scandal http://www.independent.co.uk/news/uk/politics/exclusive-top-tories-dragged-into-banking-scandal-7901941.html George Osborne:.... "This week he condemned his opposite number, Ed Balls, for failing to regulate the banks, but in 2007 he backed a Tory policy report written by John Redwood which called for deregulation of the mortgage market" Link to comment Share on other sites More sharing options...
MrSmith Posted July 1, 2012 Share Posted July 1, 2012 This fine has been imposed by the regulators in the UK and the states because of Barclays manipulation of the lending rate over a long period. My question is who is the fine paid to,and secondly who actually suffers as a result. The same question applies to fines on such services as rail,gas,electricity etc. Am I correct in assuming that these fines go to the exchequer,and that customers and consumers ultimately pay the cost? If so it just amounts to another form of taxation,and the money would be better left with the offenders with supervision to ensure that it is used to improve the service. Account holders will ultimately suffer because as banks profits are rained in they will just charge us to use the accounts. Link to comment Share on other sites More sharing options...
Jeffrey Shaw Posted July 1, 2012 Share Posted July 1, 2012 One problem is this: what criminal offence was committed and by whom? You see, the LIBOR lies to which Barclays now admits did mislead other Banks, Reuters, and HMG- but not the Bank's own accountholders. So it's not they who were directly the victims (although they might well have had to pay more interest, as the indirect victims whose interest rates reflected those lies). Link to comment Share on other sites More sharing options...
I1L2T3 Posted July 1, 2012 Share Posted July 1, 2012 Account holders will ultimately suffer because as banks profits are rained in they will just charge us to use the accounts. If the price for not having hard-earned savings and wages gambled on casino-style financial markets was a modest monthly fee then most people would be happy to pay it. That wouldn't be suffering. Link to comment Share on other sites More sharing options...
MrSmith Posted July 1, 2012 Share Posted July 1, 2012 If the price for not having hard-earned savings and wages gambled on casino-style financial markets was a modest monthly fee then most people would be happy to pay it. That wouldn't be suffering. Give over everybody will complain that the banks are at it again ripping people off. Link to comment Share on other sites More sharing options...
Mecky Posted July 1, 2012 Share Posted July 1, 2012 One problem is this: what criminal offence was committed and by whom? You see, the LIBOR lies to which Barclays now admits did mislead other Banks, Reuters, and HMG- but not the Bank's own accountholders. So it's not they who were directly the victims (although they might well have had to pay more interest, as the indirect victims whose interest rates reflected those lies). Thanks for being impartial like Link to comment Share on other sites More sharing options...
I1L2T3 Posted July 1, 2012 Share Posted July 1, 2012 Give over everybody will complain that the banks are at it again ripping people off. I don't think so. Not if the banks charging the fees make it clear that instead of trying to fund no-monthly charge banking through casino-style gambling they are charging a fee instead. Obviously ring-fencing the retail operations would be a key factor in convincing people. So you would rather they were gambling with your money just so you could avoid paying £10 a month for a service? Link to comment Share on other sites More sharing options...
Xt500 Posted July 1, 2012 Share Posted July 1, 2012 if banks have profitted from rigging,who was the losers and when will they be paid back their due amounts? Ive not heard anyone mention it never mind offering to pay it back. Link to comment Share on other sites More sharing options...
I1L2T3 Posted July 1, 2012 Share Posted July 1, 2012 if banks have profitted from rigging,who was the losers and when will they be paid back their due amounts? Ive not heard anyone mention it never mind offering to pay it back. We don't know what will happen yet. Link to comment Share on other sites More sharing options...
I1L2T3 Posted July 1, 2012 Share Posted July 1, 2012 A Which? survey has shown that 78% of the public support banker prosecutions. The challenge now is to reverse the brainwashing of the public that no laws have been broken in the financial sector. Even if certain regulatory mechanisms did not extend far enough the fact is that fraud is fraud. The SFO should be crawling all over the banks. Link to comment Share on other sites More sharing options...
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