davieG Posted 27 June 2012 Posted 27 June 2012 BBC Full Report http://www.bbc.co.uk...siness-18612279 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. It seems highly likely that other banks, and in other countries, will face similar sanctions to that of Barclays. I guess that's ok then.
Rincewind Posted 27 June 2012 Posted 27 June 2012 Just watching it. If it was an unmarried mother claimed more than she should her benefits would be stopped and Mail readers would shout Hurrah Hurray what a spiffing idea. The one responsible will probably get a golden handshake and more benefits and cuts in services will suffer as a result. Very fair.
I am Rod Hull Posted 27 June 2012 Posted 27 June 2012 Bankers under 25 should have their filofax privileges revoked
Rincewind Posted 27 June 2012 Posted 27 June 2012 Makes me laugh. On Newsnight they are going on about them taking responsibility for their actions. They have fecked up and still have a job. How many people would keep their job if they made errors that cost their company money? And there are people on here defending them.
I am Rod Hull Posted 27 June 2012 Posted 27 June 2012 Makes me laugh. On Newsnight they are going on about them taking responsibility for their actions. They have fecked up and still have a job. How many people would keep their job if they made errors that cost their company money? And there are people on here defending them. I`m just looking forward to the responses from our local FT Tory party members
Rincewind Posted 27 June 2012 Posted 27 June 2012 Do you think they will take my comment serious? I only wish to offend the least humane of the club so it's their choice in how they react.
breadandcheese Posted 27 June 2012 Posted 27 June 2012 I`m just looking forward to the responses from our local FT Tory party members It's clearly evident you have no understanding of what conservatism is, choosing to believe the image of the Tories put out by detractors. Tories believe in free markets. This incident is the very antithesis of free markets. It is market manipulation and the fine should be only the tip of the iceberg. Criminal proceedings should be brought against those traders and market-makers involved in this, with prison sentences for the guilty. This is the only way to deter future wrong-doing.
Guest MattP Posted 27 June 2012 Posted 27 June 2012 I`m just looking forward to the responses from our local FT Tory party members What on earth do this have to do with the Conservatives?
I am Rod Hull Posted 27 June 2012 Posted 27 June 2012 What on earth do this have to do with the Conservatives? FT Tory party members
I am Rod Hull Posted 27 June 2012 Posted 27 June 2012 It's clearly evident you have no understanding of what conservatism is, choosing to believe the image of the Tories put out by detractors. Tories believe in free markets. This incident is the very antithesis of free markets. It is market manipulation and the fine should be only the tip of the iceberg. Criminal proceedings should be brought against those traders and market-makers involved in this, with prison sentences for the guilty. This is the only way to deter future wrong-doing. Criminal proceedings my arse. Sure, that`ll happen.
Guest MattP Posted 27 June 2012 Posted 27 June 2012 FT Tory party members Didn't realise it had anything to do with either, I'll leave it those people to respond though whoever they are.
Saxondale Posted 27 June 2012 Posted 27 June 2012 This is nothing to do with politics, this about a bank being a massive anus.
Captain... Posted 27 June 2012 Posted 27 June 2012 This is nothing to do with politics, this about a bank being a massive anus. If only it was just one bank.
Saxondale Posted 27 June 2012 Posted 27 June 2012 If only it was just one bank. Well, indeed, it seems like the others are going to be shamed shortly. They are all anuses. Or ani.
I am Rod Hull Posted 27 June 2012 Posted 27 June 2012 This is nothing to do with politics, this about a bank being a massive anus. Who do they answer to?
Saxondale Posted 27 June 2012 Posted 27 June 2012 Who do they answer to? In this case the FSA, who've just fined them £290m.
I am Rod Hull Posted 27 June 2012 Posted 27 June 2012 In this case the FSA, who've just fined them £290m. They`ve been doing a great job of late..... And how much of our tax went into bailing these banks out? Nothing to do with politics.....
Saxondale Posted 27 June 2012 Posted 27 June 2012 They`ve been doing a great job of late..... They're a set of cocks, I agree. Being a public-funded body, they're guaranteed to be incompetent and inefficient.
davieG Posted 27 June 2012 Author Posted 27 June 2012 In this case the FSA, who've just fined them £290m. Who will ultimately pay that fine, not those cheating bastards running this shite, they'll walk away laden with cash already secreted away. Probably get a Knighthood in a few years time.
Saxondale Posted 27 June 2012 Posted 27 June 2012 Who will ultimately pay that fine, not those cheating bastards running this shite, they'll walk away laden with cash already secreted away. Probably get a Knighthood in a few years time. The shareholders.
Thracian Posted 28 June 2012 Posted 28 June 2012 I`m just looking forward to the responses from our local FT Tory party members What crap. Labour, even this week has again been highlighted for blatant corruption - deliberately hiding massive overspend within the NHS and even negotiating contracts which serve to do so. I don't support any party - and this sort of debate highlights why - but I don't see that "Daily Mail" readers or any other conveniently boxed people should condone the banks' actions or corruption of any kind. Corruption is corruption and, sadly, it seems epidemic. As for bonuses, no-one should get an unearned bonus, that is a bonus that comes from demonstrably improving results, increasing profits and/or creating more jobs,
Reynard Bleu Posted 28 June 2012 Posted 28 June 2012 What crap. Labour, even this week has again been highlighted for blatant corruption - deliberately hiding massive overspend within the NHS and even negotiating contracts which serve to do so. I don't support any party - and this sort of debate highlights why - but I don't see that "Daily Mail" readers or any other conveniently boxed people should condone the banks' actions or corruption of any kind. Corruption is corruption and, sadly, it seems epidemic. As for bonuses, no-one should get an unearned bonus, that is a bonus that comes from demonstrably improving results, increasing profits and/or creating more jobs, Alas, this sounds too much like reason and common sense to hold any sway with those who make their own rules about what they should earn.
Jon the Hat Posted 28 June 2012 Posted 28 June 2012 If the board has any balls Diamond will go over this. Outrageous behaviour by a major bank.
cambridgefox Posted 28 June 2012 Posted 28 June 2012 If the board has any balls Diamond will go over this. Outrageous behaviour by a major bank. Agreed,my mrs is a business banking manager for Lloyds,when the last government were in they put obscene amounts of pressure on them to take over Halifax,begging them.Why didn't they look into the debt before buying ,thinking they had a bargain and a major asset that they normally would not have been able to due to the monopolys commission.Result no one at top level pushed for what looks like to me,one of the first things to look at when buying a business.Bail out resulting in no dividends for the last four or so years.Pressure on lower level staff,redundancies to a level which is unacceptable.they have made two huge redundancies so far this year and announced yesterday another 850 to come.the guy from Santander who took over is ruthless and wants to run it on minimal staff.How will that work,my wife often sits till 11 at night working.On a side note my mum has a rolling ISA of which she filled out the forms to reinvest and top up,guess what due to workload they forgot so she is only getting 1pc instead of 3.75pc of which they are struggling to change.result £187 lost interest in 30 days.not all the lower levels staff fault but a snowball effect from some terrible decisions.
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