RLFANS.COM -

Page 1 of 12

[ 112 posts ]

Go to page 1, 2, 3, 4, 5 ... 12 Next

Print view

Previous topic | Next topic

Author

Message

Post subject: One law for the....

Posted: Thu Jun 28, 2012 9:48 am

DaveO

Moderator

Joined: Dec 22 2001
Posts: 14395
Location: Chester

Banks?

http://www.bbc.co.uk/news/business-18622264

and

http://www.guardian.co.uk/commentisfree/2012/jun/27/barclays-bank-big-obey-rules

This is absolutely stunning IMO.

The key point form that is this:

"Strip away the acronyms and the charges against Barclays are straightforward. Its traders and senior management are accused of tampering with two key interest rates to bolster their own profits. And they apparently did this not once, but repeatedly over four years."

Why aren't people being arrested as I type this? A paltry fine from the FSA isn't right. It amounts to 10 days profit of Barclays bank. What is more fining the institution itself only hurts the shareholders not the perpetrators of the crime

If I defrauded anyone out of as few thousand quid I would be in the dock.

People need to do jail time for this but I doubt they will.

Last league derby at Central Park 5/9/1999: Wigan 28 St. Helens 20
Last league derby at Knowsley Road 2/4/2010: St. Helens 10 Wigan 18

Top

Post subject: Re: One law for the....

Posted: Thu Jun 28, 2012 9:51 am

Mintball

All Time Great

Joined: May 10 2002
Posts: 47951
Location: Die Metropole

How can you possibly compare this to areal crime – such as looting a bottle of water during last summer's riots – and suggest that those who got a little muddled at a bank should be punished in anything like the same way as a real criminal?

And the fine is a disgrace too: Barclays should be excused it – just as Goldman Sachs were excused a fine for something or other.

"You are working for Satan." Kirkstaller

"Dare to know!" Immanuel Kant

"Do not take life too seriously. You will never get out of it alive" Elbert Hubbard

"We are all in the gutter, but some of us are looking at the stars." Oscar Wilde

The Voluptuous Manifesto – thoughts on all sorts of stuff.

Top

Post subject: Re: One law for the....

Posted: Thu Jun 28, 2012 10:28 am

DaveO

Moderator

Joined: Dec 22 2001
Posts: 14395
Location: Chester

Mintball wrote:How can you possibly compare this to areal crime – such as looting a bottle of water during last summer's riots – and suggest that those who got a little muddled at a bank should be punished in anything like the same way as a real criminal?

And the fine is a disgrace too: Barclays should be excused it – just as Goldman Sachs were excused a fine for something or other.

Quite. And Bob Diamond is totally blameless as well. Why on earth should he have known how his bank set its LIBOR rate (which is a fundamental indicator of a banks financial health amongst other things)? Why on earth would he take an interest in that?

Last league derby at Central Park 5/9/1999: Wigan 28 St. Helens 20
Last league derby at Knowsley Road 2/4/2010: St. Helens 10 Wigan 18

Top

Post subject: Re: One law for the....

Posted: Thu Jun 28, 2012 10:31 am

Chris28

In The Arms of 13 Angels

Joined: Oct 19 2003
Posts: 17898
Location: Packed like sardines, in a tin

Was pondering starting a thread myself, but in the spirit of this thread I'm so annoyed that they can't be left to their own devices without being bothered by pesky things like morals and "the law". I'll happily donate my house and all its contents to Barclays to help them pay off the fine. Sterling chaps, every one.

2005 Challenge Cup

To reconcile respect with practicality, what is the optimum speed for a hearse?

Top

Post subject: Re: One law for the....

Posted: Thu Jun 28, 2012 12:40 pm

cod'ead

International Chairman

Joined: May 25 2002
Posts: 37704
Location: Zummerzet, where the zoider apples grow

Interestingly and more peversely, the fine is levied by the FSA and paid by Barclays. The fines the FSA collect are then taken into account when setting the levies on the banks to pay for the functions of the FSA.

So this fine will be directly reflected by lower bank levies to police the banks. Effectively giving Barclays a discount on its fine.

You definitely couldn't make that one up

The older I get, the better I was

Advice is what we seek when we already know the answer - but wish we didn't

I'd rather have a full bottle in front of me than a full-frontal lobotomy
------------------------------------------------------------------------------------------------------------
kirkstaller wrote: "All DNA shows is that we have a common creator."

cod'ead wrote: "I have just snotted weissbier all over my keyboard & screen"

------------------------------------------------------------------------------------------------------------
"No amount of cajolery, and no attempts at ethical or social seduction, can eradicate from my heart a deep burning hatred for the Tory Party. So far as I am concerned they are lower than vermin." - Aneurin Bevan

Top

Post subject: Re: One law for the....

Posted: Thu Jun 28, 2012 1:02 pm

Keith

International Board Member

Joined: Oct 02 2002
Posts: 1552

cod'ead wrote:Interestingly and more peversely, the fine is levied by the FSA and paid by Barclays. The fines the FSA collect are then taken into account when setting the levies on the banks to pay for the functions of the FSA.

So this fine will be directly reflected by lower bank levies to police the banks. Effectively giving Barclays a discount on its fine.

You definitely couldn't make that one up

Lol and if it turns out that they were all in on it and end up with similar fines they might end up as a direct offset to the levies.
I'm also sure I heard from the FSA spokeswoman last night that they'd entered a no prosecution agreement with Barclays.

Top

Post subject: Re: One law for the....

Posted: Thu Jun 28, 2012 1:05 pm

Dally

International Chairman

Joined: Dec 22 2001
Posts: 14845

Although to be fair Osborne is trying to get it paid to government to benefit taxpayers.

Top

Post subject: Re: One law for the....

Posted: Thu Jun 28, 2012 1:10 pm

Dally

International Chairman

Joined: Dec 22 2001
Posts: 14845

Apparently, no criminal act has been committed in terms of the FSMA. Personally, I find it hard to believe that there has not been a criminal act committed under other legislation (and if not, the law is an ass). Now, if a criminal act has been committed and the perpetrators benefitted financially (which from the allegations seems likely) then surely they could have their assets seized and be jailed under the Proceeds of Crime Act? It's about time this country got tough on this sort of thing.

Top

Post subject: Re: One law for the....

Posted: Thu Jun 28, 2012 1:28 pm

Chris28

In The Arms of 13 Angels

Joined: Oct 19 2003
Posts: 17898
Location: Packed like sardines, in a tin

From BBC

"London Inter Bank Offered Rate. The rate at which banks in London lend money to each other for the short-term in a particular currency. A new Libor rate is calculated every morning by financial data firm Thomson Reuters based on interest rates provided by members of the British Bankers Association."

So a private company (with no interest in making money :wink:

) is calculating interest rates by which other private companies (with an interest in making money) are then, er, making money. But the second company is providing duff info to the first for the calculations so that they benefit more. Sounds extremely dodgy to me.

2005 Challenge Cup

To reconcile respect with practicality, what is the optimum speed for a hearse?

Top

Post subject: Re: One law for the....

Posted: Thu Jun 28, 2012 1:39 pm

Mintball

All Time Great

Joined: May 10 2002
Posts: 47951
Location: Die Metropole

Chris28 wrote:... Sounds extremely dodgy to me.

Well, what can you expect of a system at the heart of the casino economy?

Top

Page 1 of 12

[ 112 posts ]

Go to page 1, 2, 3, 4, 5 ... 12 Next

Home ‹ The Sin Bin ‹ One law for the....

Who is online

RLFANS.COM MERCHANDISE

RLFANS.COM SPONSORS & HELP

RLFANS.COM MERCHANDISE

RLFANS.COM SPONSORS & HELP