breadandcheese Posted 28 June 2012 Posted 28 June 2012 Criminal proceedings my arse. Sure, that`ll happen. I suspect you're right, although I don't pretend to know the financial regulation laws as I've never studied them. If any members of foxestalk who have studied for financial qualifications can shed some light onto the possible sentences, I'd be much appreciative. However I am stating my opinion that it should be punishable through potential custodial sentences, in the same way that insider trading is, especially in the States where they treat these crimes more severely than we do over here. It is a question of the government beefing up the sentencing. The laws are already in place, hence Barclays being found guilty (although as commentators in the media have made clear, it's not just them). It's the sentencing that needs tackling. However, it is not a Tory issue or Labour issue. According to reports, this market manipulation of LIBOR started in 2005, before the current government, and investigations have been ongoing for years.
cambridgefox Posted 28 June 2012 Posted 28 June 2012 I have also been told that the US fined them on a civil basis at a fraction of what should have been paid as they need their help on other issues.whether there is any truth in this,I do not know.
Captain... Posted 28 June 2012 Posted 28 June 2012 banks = bastards! It really is that simple! Banks = an important financial institution Bankers* = Cvnts (*obviously not all of them, I'm sure Cam fox's missus is lovely, but the greedy lowlife, bloodsucking cvnt buckets that have got us into this mess and are getting even richer off the back of it deserve to be shot)
davieG Posted 28 June 2012 Author Posted 28 June 2012 Banks = an important financial institution Bankers* = Cvnts (*obviously not all of them, I'm sure Cam fox's missus is lovely, but the greedy lowlife, bloodsucking cvnt buckets that have got us into this mess and are getting even richer off the back of it deserve to be shot) Do they get the chance to use a play station before they're shot?
Captain... Posted 28 June 2012 Posted 28 June 2012 Do they get the chance to use a play station before they're shot? Nope, I'm only planning to kneecap them, or maybe shoot them through their lying mouths, or shoot their cocks off, I'm not going to kill them, I'm not sick.
cambridgefox Posted 28 June 2012 Posted 28 June 2012 Banks = an important financial institution Bankers* = Cvnts (*obviously not all of them, I'm sure Cam fox's missus is lovely, but the greedy lowlife, bloodsucking cvnt buckets that have got us into this mess and are getting even richer off the back of it deserve to be shot) Ha,you don't know her then!you are right it's those at the top that hide behind the poor staff (that get the crap from the public) who earn huge bonuses,whilst making stupid decisions on a weekly basis,whereas the staff levels are being reduced to cut costs,which in turn causes people to make mistakes,whilst not being paid that well.mistakes by staff are given warnings like confetti ,probably hoping they get the sack so no redundancy money is given out.I know a lot of people get pressure but my mrs in business banking gets her fair share as its quite a complex and complicated field,different rules for each type of business,you have to be an accountant,solicitor and banker it seems.luckily she is organised so very rarely makes errors.
cambridgefox Posted 28 June 2012 Posted 28 June 2012 Nope, I'm only planning to kneecap them, or maybe shoot them through their lying mouths, or shoot their COCKs off, I'm not going to kill them, I'm not sick. ah you do know her then.
RobHawk Posted 28 June 2012 Posted 28 June 2012 Banks = an important financial institution Bankers* = Cvnts (*obviously not all of them, I'm sure Cam fox's missus is lovely, but the greedy lowlife, bloodsucking cvnt buckets that have got us into this mess and are getting even richer off the back of it deserve to be shot) True, but surely any buisness or institution can only be as good as the people that run it! Either way you are right, those running the show should be banged to rights (with no palystation DavieG - These guys are high risk - they could take down the whole country!! )
Jon the Hat Posted 28 June 2012 Posted 28 June 2012 Senior management at banks have overseen a systematic and widespread disregard of customers, staff and laws in the name of profit. The only solution is harsh implementation of the law when it is broken, easy switching to other banks (if we can find one that is not just as bad) and staff being able to move to other places of work freely.
Bellend Sebastian Posted 28 June 2012 Posted 28 June 2012 Both my credit card and savings account company have been taken over by Barclays. Needless to say I'm ecstatic about it
James. Posted 28 June 2012 Posted 28 June 2012 Of all the fall out from the crisis this story has to be one of the most shocking. Outright fraud on a massive scale. Although I wouldn't be that surprised if he stayed Diamond's position has to be close to untenable.
Jon the Hat Posted 28 June 2012 Posted 28 June 2012 Of all the fall out from the crisis this story has to be one of the most shocking. Outright fraud on a massive scale. Although I wouldn't be that surprised if he stayed Diamond's position has to be close to untenable. I agree. It is almost impossible to count the scale of transactions impacted by LIBOR and EURIBOR. Crazy. To still be there today he must have convinved the board he had no idea, and acted really quickly to make some changes. Whoever is in charge of internal controls should be shot.
Trav Le Bleu Posted 28 June 2012 Posted 28 June 2012 All banks are evil, but some are less evil than others.
breadandcheese Posted 28 June 2012 Posted 28 June 2012 I agree. It is almost impossible to count the scale of transactions impacted by LIBOR and EURIBOR. Crazy. To still be there today he must have convinved the board he had no idea, and acted really quickly to make some changes. Whoever is in charge of internal controls should be shot. David Buik on talksport today was saying that a lot of stuff has been going on behind the scenes, with traders being dismissed over the past year. He was implying that Diamond started firing traders once he knew what was happening. More shocking to me is that the current financial regulations do not make interest rate manipulation a criminal offence. That is truly shocking and begs the question as to what our parliamentarians were doing when they drafted previous financial acts and regulations. The only way to hold the banks to account is to arrest to those that commit fraud with the potential of custodial sentences. How many of those traders involved would have done so knowing that they could face a prison sentence if caught?
Trav Le Bleu Posted 28 June 2012 Posted 28 June 2012 David Buik on talksport... I got that far and stopped reading.
Rincewind Posted 28 June 2012 Posted 28 June 2012 They'll only do the trading from inside prison via the free internet access they are given. Also they will make a fortune advising other prisoners how to invest their £12 pw pay.
breadandcheese Posted 28 June 2012 Posted 28 June 2012 I got that far and stopped reading. I would have thought you wouldn't confuse questioning the quality of talksport to questioning the integrity of an independent financial analyst with 50 years experience in financial services and someone who is generally well respected.
Jon the Hat Posted 28 June 2012 Posted 28 June 2012 On another note, has anyone seen Ed Balls today? Hmmm? Has he gone all quiet by any chance now incompentence on his watch is in the spotlight?
Trav Le Bleu Posted 28 June 2012 Posted 28 June 2012 I would have thought you wouldn't confuse questioning the quality of talksport to questioning the integrity of an independent financial analyst with 50 years experience in financial services and someone who is generally well respected. Yeah, but Talksport would have David Buik talking and then paraphrase him as saying, "Big mullah man heap plenty money, bad thing, not clever, but sneaky. Men from over big water join heap money chief and make him like crazy coyote..." except I'm not dumbing it down enough.
Daggers Posted 28 June 2012 Posted 28 June 2012 I don't support any party = Just vote for the most right-wing every election.
MooseBreath Posted 28 June 2012 Posted 28 June 2012 The process of setting the libor was astonishingly reliant on honesty, and it's clear that controls on those involved in giving the estimates were astonishingly lax. That said, It looks like it would have taken collusion between at least six banks to have any effect. Quite surprised that they managed to pull it off even once, and to be honest I doubt they got away with it for long without being found out. Now they will face the consequences.
breadandcheese Posted 28 June 2012 Posted 28 June 2012 Yeah, but Talksport would have David Buik talking and then paraphrase him as saying, "Big mullah man heap plenty money, bad thing, not clever, but sneaky. Men from over big water join heap money chief and make him like crazy coyote..." except I'm not dumbing it down enough. Afraid not. It was straight from Buik's mouth, no paraphrasing, nothing. It was him doing the "In the City" feature. There was no editorial, it was David Buik giving his thoughts.
Webbo Posted 28 June 2012 Posted 28 June 2012 And there are people on here defending them. Who's defending them?
sphericalfox Posted 28 June 2012 Posted 28 June 2012 Anyone know how much the big 5 supermarkets got fined for price fixing back in 2007? http://www.guardian.co.uk/money/2007/sep/20/business.supermarkets I believe that same occurred with fuel prices, though i can't be bothered to find it. Our authorities who are supposed to be wardening these greedy twats need bigger sticks. £270m is a drop in the ocean to the amount of money they'll have made from the perpetrated fraud through collusion.
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