I1L2T3 Posted July 3, 2012 Share Posted July 3, 2012 We do need a public enquiry. And we will get one. There is more disturbing news coming out. The BofE memo to Barclays has been revealed. And is seems the previous government could get dragged in too. Did a central bank really encourage rate fixing? The same central bank we are about to hand regulatory power to? You couldn't make this up. Link to comment Share on other sites More sharing options...
green Posted July 3, 2012 Author Share Posted July 3, 2012 We do need a public enquiry. And we will get one. There is more disturbing news coming out. The BofE memo to Barclays has been revealed. And is seems the previous government could get dragged in too. Did a central bank really encourage rate fixing? The same central bank we are about to hand regulatory power to? You couldn't make this up. Not sure if you read her blog, but Frances Coppola discussing a global Nuremborg is a good read. The regulators/banks/politicians/accountants are all in it upto their necks. Whether it was more hiding head in sand or blatent corruption only a judicial public inquiry can tell. The longer they wont give it us, the more this will stink. Its merely a matter of time now, because there is another 19 banks still to be named yet and im full sure those CEO's wont want to lose their bonuses without taking a few pops at central banks/politicians and blame everyone but themselves. Link to comment Share on other sites More sharing options...
I1L2T3 Posted July 3, 2012 Share Posted July 3, 2012 Not sure if you read her blog, but Frances Coppola discussing a global Nuremborg is a good read. The regulators/banks/politicians/accountants are all in it upto their necks. Whether it was more hiding head in sand or blatent corruption only a judicial public inquiry can tell. The longer they wont give it us, the more this will stink. Its merely a matter of time now, because there is another 19 banks still to be named yet and im full sure those CEO's wont want to lose their bonuses without taking a few pops at central banks/politicians and blame everyone but themselves. It gets even worse. Just been reading that there is a possibility that the spike in Libor at the peak of the crisis in 2008 may have been manipulated upwards by banks working together with the goal of securing faster, bigger bailouts. We know what happened to that money. It stayed with the banks and the bankers continued to pay themselves massive wages and bonuses. It looks like the biggest ever heist in history. Link to comment Share on other sites More sharing options...
crazybaby Posted July 3, 2012 Share Posted July 3, 2012 There's a nasty smell about the whole thing. This from the telegraph http://www.telegraph.co.uk/finance/newsbysector/banksandfinance/9368816/Libor-rigging-was-institutionalised-at-major-UK-bank.html Quote: " Documents released alongside Barclays' settlement last week also showed that UK regulators were aware that banks had been understating Libor but did not act, painting an endemic picture of corruption across the industry. According to the bank insider, who asked to remain anonymous, manipulating the inter-bank rate had become so widespread that there was a technical phrase to describe it – the "dislocation of Libor from itself". Link to comment Share on other sites More sharing options...
I1L2T3 Posted July 3, 2012 Share Posted July 3, 2012 There's a nasty smell about the whole thing. This from the telegraph http://www.telegraph.co.uk/finance/newsbysector/banksandfinance/9368816/Libor-rigging-was-institutionalised-at-major-UK-bank.html Quote: " Documents released alongside Barclays' settlement last week also showed that UK regulators were aware that banks had been understating Libor but did not act, painting an endemic picture of corruption across the industry. According to the bank insider, who asked to remain anonymous, manipulating the inter-bank rate had become so widespread that there was a technical phrase to describe it – the "dislocation of Libor from itself". I think we can confidently predict that the city of London is now royally screwed. Link to comment Share on other sites More sharing options...
atticus Posted July 3, 2012 Share Posted July 3, 2012 There's a nasty smell about the whole thing. This from the telegraph http://www.telegraph.co.uk/finance/newsbysector/banksandfinance/9368816/Libor-rigging-was-institutionalised-at-major-UK-bank.html Quote: " Documents released alongside Barclays' settlement last week also showed that UK regulators were aware that banks had been understating Libor but did not act, painting an endemic picture of corruption across the industry. According to the bank insider, who asked to remain anonymous, manipulating the inter-bank rate had become so widespread that there was a technical phrase to describe it – the "dislocation of Libor from itself". They were clearly "All in this together" Link to comment Share on other sites More sharing options...
crazybaby Posted July 3, 2012 Share Posted July 3, 2012 Too true, I,m just waiting for the whole thing to go pop. Maybe they should get the cells warmed up just in case. Link to comment Share on other sites More sharing options...
Uptowngirl Posted July 3, 2012 Share Posted July 3, 2012 I'm hoping Bob Diamond will be extradited to the States to answer questions. They don't muck about over there. None of the respectful fawning deferance you see over here. They go for the throat and don't let go until there's blood on the ground. That's why their bankers have gone to jail, while ours have got knighthoods... Things have changed a bit in the last 2 years. All of a sudden folk are questioning bankers bonuses and top bankers are being forced out. It was the last government that gave knighthoods to bankers in exchange or contibutions to party coffers. So far the current lot have only taken bankers knighthoods away. Link to comment Share on other sites More sharing options...
I1L2T3 Posted July 3, 2012 Share Posted July 3, 2012 Things have changed a bit in the last 2 years. All of a sudden folk are questioning bankers bonuses and top bankers are being forced out. It was the last government that gave knighthoods to bankers in exchange or contibutions to party coffers. So far the current lot have only taken bankers knighthoods away. All of a sudden? It has been an issue for a few years now. Link to comment Share on other sites More sharing options...
Anna B Posted July 4, 2012 Share Posted July 4, 2012 Am watching Bob Diamond at Parliamentary Banking enquiry. It's all rather polite and deferential, they're all on first name terms, very cosy. Pathetic actually. The guy is going to get away with it big time, running rings round them. I watched the American equivalent a while back. What a difference! Table thumping, shouting, 'answer the question! answer the question!' They made mincemeat of them and sent them to jail. It's no wonder none of ours have been prosecuted. At PM's Question time in house of commons today, Milliband suggested a provisional enquiry to report at Christmas, covering this latest scandal, as the start of a longer more in depth enquiry into the whole banking sector and the crash. Needless to say Cameron turned that option down. This so needs a proper Public enquiry! Link to comment Share on other sites More sharing options...
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