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Crime of the Century

Business  (tags: banks, barclays, crime, interest rates, law, libor, robert scheer, scandal, wall street )

- 2144 days ago -
Modern international bankers form a class of thieves the likes of which the world has never before seen. The sad reality is that they will probably get away with it.

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Past Member (0)
Sunday July 8, 2012, 5:10 am
I have the impression from here in the UK that some people in other countries have yet to realise how big a story this is.

What people at Barclays, one of Britain's biggest banks, with the possible involvement of the Bank Of England and Whitehall have done equals if not surpasses anything we saw to cause the recession. As there are loopholes in the law it's entirely possible that no-one will be prosecuted. Chief exec Bob Diamond leaves in disgrace and with a pay off of up to 30 million.

But this is just the tip of the iceberg. Barclays is just the first of many to be found out, both here and, no doubt, around the world.


. (0)
Sunday July 8, 2012, 7:11 am
I agree 100% with Roger, however I wouldn't be surprised if the banks didn't put forward the odd scape goat in order to satisfy the public outcry. It would be nice to think that this story would be too big to surpress but Wimbledon has already, and quite understandably, caught the public's attention. A case of a timely release of bad news I wonder?

Teresa W (782)
Sunday July 8, 2012, 7:56 am
noted, thank you

Jason S (50)
Sunday July 8, 2012, 10:08 am

Robin snackers (20)
Sunday July 8, 2012, 6:05 pm

Glenn Byrnes (196)
Sunday July 8, 2012, 7:03 pm

Christeen A (368)
Sunday July 8, 2012, 7:34 pm
Bankers have never been saints-international or otherwise.

JL A (281)
Monday July 9, 2012, 9:49 am
ghastly and sad

Kerrie G (116)
Monday July 9, 2012, 10:11 am
Noted, thanks.

Lindsay K (6)
Monday July 9, 2012, 11:52 am
This is disgraceful behaviour, and, I think, there will be changes in bank regulations.

But what seems to have been pushed to one side is the other scandal that broke just after the Libor rate scandal - that of selling inappropriate products with small print that nobody could understand to customers that are now left with huge repayments to make.

Maggie Kearns (7)
Monday July 9, 2012, 3:19 pm
And to think our US business community lauded the British banking system as THE example of how our banks should be run...

Gloria H (88)
Monday July 9, 2012, 4:40 pm
great photo! Need a close up on the sweat pouring down his face!

Fred Krohn (34)
Monday July 9, 2012, 5:05 pm
Too bad all the Templar Knights (the order invented international banking!) were killed off, I'd live to see them come in and take care of these crooked bankers!

Ann B (60)
Monday July 9, 2012, 7:12 pm
noted - thank you

Vinnie m (334)
Monday July 9, 2012, 10:26 pm
Banks are horrible people who make other lives miserable. Never want to work out something with you. They deserve a taste of their own medicine.

. (0)
Tuesday July 10, 2012, 3:14 am
I'd strongly recommend anyone with an interest in this subject to watch the Treasury Select Committee (a selection of British MPs) who are interviewing Barclays executive chairman Marcus Agius today. It is being broadcast live on the BBC in the UK and it is available on the BBC website, here is a link (hope it works for everyone) Normally I would shy away from seeing someone being put under pressure but in this case .............

. (0)
Tuesday July 10, 2012, 9:01 am
Here is another interesting angle reported by Reuters - The Federal Reserve Bank of New York may have known as early as August 2007 that the setting of global benchmark interest rates was flawed. It seems like this may be a story that has a while to run yet!
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