Barclays: What sort of crisis is it?

[Johnysid]

Barclays operated a Derivatives Market to profit from part of the £554 TRILLION being invested as hedges against the LIBOR. From 2005 Barclays cheated investors out of billions by rigging the market. This is criminal fraud.
In 2008 Barclays helped rig the LIBOR further, perhaps encouraged by government, to allay fears of general bank collapse.
The media have jumped from the serious crime to the dubious practice without a qualm and mixed the two events together. Who will demand justice when the media fail us? Does anyone care? Who is immoral, Barclays, the media or the electorate?

[venator]

The big problem is that there won't be a nice solid piece of evidence to stand up in court.

The SFO have made a shambles of previous cases for just this reason.

[Johnysid]

Yes, you are probably right Venator because the authorities have given the criminals years to cover their tracks and shred the evidence. There is hope however because the Americans must have a lot of evidence, the US Commodities and Futures Trading Commission fined Barclays £230m for their activity in the US based on a 2008 investigation. (Compare this with the belated £60m fine imposed by the FSA in the UK where much of the global damage was done).

[youngmafbog]

//EDDIE51 Problem is 1/2 of Tory MPs are also directors of banks and financial institutions .
They won't sh!t on their own doorstep //

Now let me think, wasn't His Tonyness in deep with one of the biggest Banks in the World.

And lets not forget thi hapened on Labours watch.

[Old_Geezer]

It may have happened on Labour's watch, but I have difficulty picturing the Conservative wholeheartedly approving of State interference in the financial industry/markets had restrictive legislation been drafted.

Anyway to answer the original question re who is immoral, all the world's immoral save you and I, and even you are probably a little immoral.

[Johnysid]

What is most important, party politics or the rule of law? Who has allowed this major crime, perhaps the worst fraud ever once we learn about the other banks, to become diverted into a matter of opinion?

[emmie]

watching Bob Diamond at the treasury committee was like watching a really smarmy salesman, those who's cheesy smile betray an inner dark demon. He was rattled, riled, but came across as matey at one point. Who wants that, he has been paid millions, and look what you got for it, another bank discredited. My money is in there, alongside millions of other people and i am seriously thinking of taking it out and shutting up shop.

[bazwillrun]

This nor any other government for that matter will allow a bank of this size to fail, for numerous reasons, political and financila are two of the main ones.

The banks also know this , which is why they do what they do, take the risks they do, knowing that they really cant fail !

As for the SFO getting involved, look at their history of failings in massive cases, they arent nicknamed the Seriously Funny Squad for nothing.

investigations on a scale that would be needed for something like this are beyond the capabilities of most organisations.

If we have an inquiry it will be just like most other inquiries, cost millions drag on for ages, a few sacrificial lambs etc etc, to tell us what we already know.....most organisations are run by "crooks" and are corrupt to varying degrees.

too many people know too much about too many other people, nobody is going to shaft anybody because theyre all looking after their own backs

oh hold on a minute thats big business isnt it ?!

[emmie]

it's going to be a Parliamentary enquiry, not a case of mass fraud then? so no police involved, though i wonder if they should be looking at this and very closely.

[bazwillrun]

"it's going to be a Parliamentary enquiry"

about as much use as an ashtray on a motorbike, these for the most part imbeciles just dont have the nous for any in depth forensic questioning.

[Johnysid]

Half the answers suggest that the banks can just bribe their way out of trouble and the other half suggest that the politicians, SFO etc are corrupt and incompetent so will not resolve the problem. Contributors blame both Labour and Tory.

Yet every election we have the chance to throw out the political establishment. It is only an "establishment" because people treat elections as a ritual exchange of power between Labour and Tory.

What country has ever escaped a malaise such as ours without the people deciding to change the establishment? thenry said "Who gives a sh*t? ", has he eloquently summarised the problem, does the electorate give a **** or will it just stay at home next election or robotically vote Labour back in?

[FredPuli43]

If, as claimed, half the Tory MPs are directors of banks or financial institutions (any accurate stats for that?), half the committee ought to have relevant knowledge to cross-examine with!They can be poachers turned gamekeepers for the occasion.

Trouble with these Parliamentary inquiries is that the members spend a lot of time making empty political speeches dressed up as questions. That gets nowhere.

[bazwillrun]

"Trouble with these Parliamentary inquiries is that the members spend a lot of time making empty political speeches dressed up as questions. That gets nowhere. "

showboating is the word.

They will all act as individuals trying to make a news splash, all with their own little list of questions, all crossing paths at cross-purposes and making a mash of it.

If the inquiry was conducted like a trial then one person presides and one person acts for each side and that person has a cohesive plan and a direction with a means to an end.

and these MP's that will ask the questions I suppose are the same ones that have been caught stealing taxpayers money and fiddling expenses ....perfect....takes one to know one....set a thief to catch a thief !