Banking Scandal
 

The alleged fixing of the LIBOR rate by Barclays and other banks has the potential to become one of the great scandals of the decade, putting cash for questions, MPs allowances etc into the shade.

The LIBOR rate affects the level of interest everyone pays, including individual mortgage holders and businesses trying to grow.

And in all the years I worked in local government finance, the LIBOR rate was one of the key figures on which all borrowing by local councils was based. If the rate was artificially rigged in favour of the banks, councils will have been paying more than they should to borrow money. To cash strapped councils like Hyndburn, this means that spending on services will have been lower to pay these higher interest rates.

So high profile cuts that have had to be made may not have been necessary.

It is a 'crime' that effectively swindled everybody, and the fact that the ensuing profits were paid as bonuses to a select few only exacerbates the position.

It is the economics of a third world banana republic, and it will be interesting to watch the scandal develop and heads roll.

Re: Banking Scandal
 

Yeh got more faith than me gynn, Heads should roll!!! But doubt very much if they will, apart from smaller sacrificial lambs.:( Those who are really responsible(The Big Guns) will be too hard to nail, unlike soft targets it will be a bit like nailing those who dont charge V.A,T. to ordinary people.... Easy to nail .;)

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Was speaking to someone yesterday who reckons it's cost him £30,000 of extra interest over the last 2½ years.

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Plenty of folk may think it doesn't or hasn't affected them, but it has, all costs end up being passed on to everyone eventually, we are all paying the price constantly for this criminal greed. Unfortunately the well off will always protect the well off, a few scapegoats will get their collars felt, but all will return to normal in their corrupt world again!

Best regards - Taggy

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In a nutshell Taggy, twas my point.;)

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in america where this has also happened people are sueing the banks and according to some financial solicitor on teh radio yesterday people here are going to also sue the banks.If the banks do get sued i doubt those who get multi million £ bonuses will suffer but it will be the peoples money that gets used to pay back what is owed.Considering how its the peoples money that bailed teh banks out any money they have is the peoples money anyway so in effect the dishonesty isn going to cost the banks a penny just the people.

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Barclays bank was fined £290million in the last few days what I would like to know is....who gets this money? and where does the money come from?

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Every man woman and child should be reimbursed !!!

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they lost 290 million im pretty sure their interest rates on mortgages and loans will be put up just enough to cover their fines and possibly a bonus as a reward for thinking up how to get the money back

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No Accyman - they were fined £290 million(they didn't lose it) for rigging interest rates.
Barclays shares dive as boss Bob Diamond faces calls to quit over rate-fix - UK - News - Evening Standard(it is quoted in this article)
But what I want to know is, who gets the money from the fine...and where did this money come from...did it come from trade..or out of profits...or are those who normally gett millions in bonus payments going to fund this fine?

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Surely if a company or individual is secretly fixing and fiddling for financial gain it's called fraud, a criminal act, people resigning means sod all, if there is evidence of criminal activity then those involved should be tried in court as is usual.. all seems simple really:confused:

Re: Banking Scandal
 

Well, it is simple...unless of course there was some involvement of the BOE.
I can see this sticky mess getting stickier....for all concerned.

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all talk from david cameron again, lets have an enquiry he says it will take at least year to start. just enough time for them to try and cover up what else that has been happening.this is fraud on a grand scale but they will get away with it as they are the tories cronies and the real rulers of europe:eek:

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could have said the same about the vast majority of MP's fiddleing expenses yet i cant recall any of the big names going to prison over it.Seems to be if enough of the people in charge are at it they all get off scott free

tony blair has gone unpunished for providing false documentation that led the country to war

the higher up you are the less the law applies

Re: Banking Scandal
 

It is Fraud, n should lead to prosecution, but will not, as far as i'm aware, there is no facility to do so?:confused: But if you or i commit fraud,then we will be prosecuted,fact!! Which tells me, this whole farce as been deliberately set up so the rich look after the rich, These people are not dense, so to omit prosecution from the game,what other reason can there be?:rolleyes:

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Only around £60 million of that fine was imposed by GB the rest was by the USA, so it seems there will be very little going to those people affected

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but where did the money come from...and who gets it. £60 million isn't exactly chickenfeed.

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I see that Diamond resigned. I hadn't realized he was American. Go figure, eh. America ... land of free enterprise and white-collar crime.:rolleyes: Not quite in Bernie Madoff's league, but not bad.:D

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You could tell Bob Diamond was a wrong 'un.

Anyone with a mouthful of such false looking, dazzlingly white veneered teeth, should never be trusted.

Plus, I-spy botox.

Any man so utterly vain, will have no qualms when it comes to being dishonest.

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Especially when he EARNS:eek: £6 million a year, how the hell can anybody justify that sort of wage, somebody is taking the urine:mad:

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Not only taken it, but sold it on with profits it seems. ;)

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Well it just goes to prove you can't turn a sow's ear into a silk purse, no matter how much money you spend trying.

You still look like a hamster faced prat, with joke shop teeth, and an unaturally conker coloured looking barnet.

http://t3.gstatic.com/images?q=tbn:A...BCQukn5-UAHIIQ

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Thing is though the slimey gits likely to leave wi a "Multi-Million" pound payoff, That should really pacify all those small businesses who have been put in the crap,by his company.:rolleyes:

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Bet he's a little shufflin short arse as well

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There's usually an Accy Web member popping up, everytime Barclays is in the news.

Normally to say just how well they're weathering the storm, and all without a publicly funded bail-out.

Perhaps he's busy finalising his application, for the recently vacated post of chairman.

:rolleyes:

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Ahh so thats the reason theres been no comment on this from this person?:rolleyes:

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Six million quid?

Pah.

Peanuts.

Hardly worth getting out of your reproduction four poster, with gold-plated knobs on.

Tony Blair earned £20m in just one year advising business bosses and foreign governments | Mail Online

Should have been a Labour politican.

The silly banker.

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Ya he's don't it a arse about face really you usually make your money after being a Labour Prime Minister not before:D

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if you mean me I am obviously bound by my terms of employment to discuss anything of any sensitivity...

as for who earns 6 million let me point you at a huge number of premier league footballers who beat this hands down for kicking a bag of wind around.....

Re: Banking Scandal
 

Oh NOOo!

You're not being bullied by footballers are you entwissy?
:p

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The difference being a footballer who commits fraud and caught out, will face ban n prosecution, not be rewarded, as is likely in B.D.s case, not a valid comparison in my book.

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Nor in mine. The situation in banking looks to be escalating and I think there will be many more twists and turns in this sordid tale. What it does, is undermine public confidence in the whole of the banking industry...this cannot be good for anyone.
Banking is no longer a service,(and you don't mind paying for a service if it provides you with what you want) the banks have become greedy and have taken the whole country for a ride...treated its clients as mugs. They have undermined the likelihood of an economic recovery by their toxic practices.

Bob Diamond will come under scrutiny today. I wonder which high paid flunkies are currently crapping themselves.

Just as an aside, Bob Diamond should get absolutely nothing when he stands down....why should sharp underhand practice be rewarded by more money than the common man would earn in two lifetimes?

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I would also point out,if a footballer commits fraud n is caught, It costs him, "NOT" rewards him, a suttle difference i think.:rolleyes: Whist i understand yer T@C prevent comment (Fair Enough) I doubt very much if they state yeh must try n shift the spotlight? Bit pathetic in my view.

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small businesses have gone to the wall as a result of this crazy practice...jobs lost, houses repossessed(how can these people be compensated for this) that might not have been, had the banks been truer, more open in their dealings...and it looks like there also might have been some political involvement too...as well as the BOE(which I mentioned in an earlier post).

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Ya but they bring enjoyment to thousands not misery ;)

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No one has mentioned about the tax this Bob Diamond should have paid on his vast salary and bonus. It seems he pays very little, as Barclays pay his tax for him.So his salary and bonus last year which amounted to 21 million is now worth another 5.7 million as his tax was settled by his bank.By my reckoning he should have paid at least 60% to HM Government amounting to about 12.6 million.How do these guys get away with it?

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Jim they get away with it because the rules are made to catch the little flies...the big flies just break through the net that is supposed to catch them.
It has always been this way and I can't see any real change coming soon.
The mantra of these guys is 'because I'm worth it'......they are greedy and do not see that by them shirking their tax burden, we all have to bear a little bit more of the burden. If they paid what they should, there would be no cuts in services...but you see cuts in services never affect them.
They have probably done untold harm to the reputation of Britain

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Like I pointed out in the Graham Jones thread...politicians would rather go after the guys who knock the odd £10 off your car repair for cash, than deal with people who make millions from the misery of others, while producing absolutely nothing

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I've said before, in the eighties when I was a student, out of the then four high street British banks, Barclays was the only one who did business in pre-apartheid South Africa.

Profits before morals every time.

Re: Banking Scandal
 

Wiil the Tories or anyone take any notice of this bloke?

Cable warns banks are 'throttling' recovery - Telegraph

The Liberals are the lamest of lame ducks in this government..they pop up every now and then but are useless and god only knows what if any policy they have.
This government have not been elected and have no mandate to push through their programme of dismantling of the whole social and economic struture of this nation.. be gone I say!

Re: Banking Scandal
 

So a General Election tomorrow.

Choice?

David "Lord Snooty" Cameron or
Ed "School Sneak" Miliband

Is that the best we can do? :(

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I'm afraid it is...

Living in a predominantly labour ward, my vote is meaningless, vote labour it's +1 to the 600+ majority..vote anything else it's a 600+ -1 vote

Proportional representation is the way to go..but that was flummoxed last time out by politicians (who want jobs for the boys) screwing with the question, over complicating the outcome, and media scaremongering. Result..proportional representation is buried for the foreseeable future.

Really can't see the issue here, you take 100% of the vote and share this between 100% of the parties who stand, and you do it proportionally. Majority party has the PM and cabinet, the rest either agree or disagree in the commons. This works in many other countries.

Oh, and you need to make parliamentary whipping illegal..forcing someone to vote the way you want under threat is illegal for joe public, but not in parliament..the mind boggles!!!

The mother of parliaments as an ideal is outdated and about as relevant as the forum of Rome, it's antiquated and past its sell by date.

The argument that you need someone to represent you who lives in the area is flawed, thats why they move cabinet members into 'safe' seats (and why we have people like Graham Jones who, once they are in, think they are more educated than the people they represent)

Re: Banking Scandal
 

Absolutely bang on the money. Karma added and deserved. :D:D:D:alright:

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Putting the question that way it's the devil or the deep blue sea. ;)

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Umm it's called a hung parliment..which happened in the last election.. one party had the most MP's but not a winning majority and so another party agreed to support the party with the most MP's in exchange for seats in the cabinet..Google Page Ranking in practice.:rolleyes:

Re: Banking Scandal
 

government are passing laws that will enable the swift convictions of vandals yet the punishment if any for bankers will be dragged out over 4 years before trial if at all

says it all really about rich looking after rich

Re: Banking Scandal
 

Which is applicable to all shades of political colour, the days of Labour being just for the poor and needy are long gone ask Tony Blair:rolleyes: