UK Banking facing Judicial enquiry


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Profile Sirius B
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Message 1260818 - Posted: 15 Jul 2012, 21:10:55 UTC

If this proves to be true, then the parliamentary inquiry will need to be stopped instantly with a judge led inquiry replacing it, with prosecutions to follow if necessary....

Was petrol prices also rigged?
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Profile Gary Charpentier
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Message 1260868 - Posted: 15 Jul 2012, 21:49:48 UTC

http://www.marketwatch.com/story/us-criminal-probe-in-libor-scandal-report-2012-07-15
Sounds like on this side of the pond we are just about ready to present to a grand jury or it is already under way.


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Message 1260869 - Posted: 15 Jul 2012, 21:54:44 UTC

Hi Gary,

We always knew that the fallout might hit the USA, but maybe a bit premature until we know the full story over here first.


Profile Gary Charpentier
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Message 1260870 - Posted: 15 Jul 2012, 22:02:02 UTC - in response to Message 1260869.

Hi Gary,

We always knew that the fallout might hit the USA, but maybe a bit premature until we know the full story over here first.

Then you had better get on with it, or the extradition requests will bring your inquiry to a halt.

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Message 1260881 - Posted: 15 Jul 2012, 22:14:56 UTC

Not really, they'll just be deferred.

Profile Sirius B
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Message 1260884 - Posted: 15 Jul 2012, 22:27:47 UTC - in response to Message 1260881.

Hi Gary,

We always knew that the fallout might hit the USA, but maybe a bit premature until we know the full story over here first


Not possible under the current investigation as there's going to be many cover ups under this government - they have to "protect" their moneymen at all costs.

Not really, they'll just be deferred.


That'll upset that "special relationship" then.....


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Profile Gary Charpentier
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Message 1260968 - Posted: 16 Jul 2012, 4:25:01 UTC - in response to Message 1260881.

Not really, they'll just be deferred.

Doubt that. Besides, many of the involved banks have NY home offices. They will get them back, and before November when we have an election. A lot of votes to put some nasty bankers in jail right before the election.

As to evidence, you have yours and I've got a feeling the DOJ has its and theirs might tell the full story. Could be all intercepted communications looking for terrorism funding, now going to be used for a more normal criminal proceeding.

NSA intercepts 100% of all electronic communication that cross the border. 99.9999% is trash but they find gems in it. Of course, like any good government, make lots of copies, never know when it might come in handy ...

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Profile Sirius B
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Message 1261225 - Posted: 16 Jul 2012, 19:22:30 UTC

Interesting article.............

Del Missier "Instructed" by Diamond

The way this is headed... the question is going to be...

"Whose truth is going to be believed"
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Message 1261226 - Posted: 16 Jul 2012, 19:30:36 UTC

Doubt that. Besides, many of the involved banks have NY home offices. They will get them back, and before November when we have an election. A lot of votes to put some nasty bankers in jail right before the election.

You reckon Gary? Will be interesting to watch and see. The USA banking and political fortunes have always had a strong effect on the UK, so it does matter what the outcome is.

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Message 1261767 - Posted: 18 Jul 2012, 11:13:45 UTC

HSBC Holdings plc, (Hongkong & Shanghai Banking Corporation) was formed in 1991 to take over the Midland Bank.

Britain's biggest bank allowed rogue states and drugs cartels to launder billions of pounds through its branches. HSBC stands accused of fostering such a ‘polluted’ culture it became a conduit for criminal enterprises.

A top executive at the bank sensationally quit yesterday in front of a US Senate hearing that exposed the scale of the scandal.

If you will let foreigners take over British Banks, what do you expect?

HSBC

Profile Sirius B
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Message 1261821 - Posted: 18 Jul 2012, 13:40:04 UTC - in response to Message 1261767.

Just goes to show that big corporations are only interested in the "here & now" as history has already proven.

2 major examples were Standard Oil & IT&T during WWII.

This scandal is going to get a lot worse the deeper the investigation digs.
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Message 1262175 - Posted: 19 Jul 2012, 11:01:15 UTC - in response to Message 1261821.


This scandal is going to get a lot worse the deeper the investigation digs.


Someone else thinks the same.....

How big could the Libor scandal get?

"Already, the Serious Fraud Office has seemingly reversed course and opened a criminal investigation into Libor.

Could this be the beginning of a much more aggressive exposure of the misbehaviour of bankers during the last decade, going well beyond Libor?"

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Message 1262237 - Posted: 19 Jul 2012, 16:26:53 UTC - in response to Message 1262175.


This scandal is going to get a lot worse the deeper the investigation digs.


Someone else thinks the same.....

How big could the Libor scandal get?

"Already, the Serious Fraud Office has seemingly reversed course and opened a criminal investigation into Libor.

Could this be the beginning of a much more aggressive exposure of the misbehaviour of bankers during the last decade, going well beyond Libor?"


All amounts to what I said in one of my first postings regarding this scandle.

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Profile Sirius B
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Message 1264437 - Posted: 26 Jul 2012, 14:21:13 UTC

After 4 years of dithering, they're only now realising what we knew from the start?

Banks are too big

If the Libor scandal hadn't broke, you can take it to the bank that nothing would have changed & the snouts at the troughs would still be supping!
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Message 1264452 - Posted: 26 Jul 2012, 15:27:54 UTC - in response to Message 1264437.
Last modified: 26 Jul 2012, 15:29:14 UTC

[quote]After 4 years of dithering, they're only now realising what we knew from the start?

Banks are too big

I disagree, Sirius, it's not that the banks are too big but that those employed
to regulate them do not have the nous to do it effectively. Governments should
not interfere with business, something they have shown over many years not to
understand. The UK banking sector needs someone skilled to regulate it,
someone with the experience of high level banking who understands all it's
faculties and who instinctively knows what's right with it and also what's
wrong with it. Guess who that person should be? yes you've got it, Bob Diamond...
... it takes a thief to catch a thief... and in this business that is what is
needed to regulate it without stemming it's business potential.

Some reports in the media state that we don't have enough banks, well we do have
22 UK registered banks, I should think this is enough. What do these pundits
suggest as a minimum quantity of banks? 30, 40, 50 or more. So lets go back to
the old days then and have 250 like there was in 1900. Every time a recession
occurred so it would be accompanied by a quantity of bank failures. We want
to cure banking problems not create a load more of them.
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Profile Sirius B
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Message 1264456 - Posted: 26 Jul 2012, 15:33:48 UTC - in response to Message 1264452.

Fair point Nick...but then again.."Who watches the Watchers?"
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Message 1264458 - Posted: 26 Jul 2012, 15:38:30 UTC

Banking regulations should guarantee customer deposits in retail banking, and have no guarantees on deposits for all other banking activities. Hitting the balance sheets with risky short term activities and the shareholders will sort out the management team(s)
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Message 1264468 - Posted: 26 Jul 2012, 15:59:53 UTC - in response to Message 1264456.
Last modified: 26 Jul 2012, 16:00:26 UTC

Fair point Nick...but then again.."Who watches the Watchers?"

Well, who judges the judges? other judges using legislative guidance and pure
common sense. Draw-up sensible legislation to protect the retail banking side
and for the commercial side making sure debt liabilities are covered by assets.
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Profile Sirius B
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Message 1264483 - Posted: 26 Jul 2012, 16:34:23 UTC - in response to Message 1264468.

Fair point Nick...but then again.."Who watches the Watchers?"

Well, who judges the judges? other judges using legislative guidance and pure
common sense. Draw-up sensible legislation to protect the retail banking side
and for the commercial side making sure debt liabilities are covered by assets.


You've said the magic words!

But the issue now is that all the best "magicians" are dead......maybe "Dynamo" could save them?
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Message 1265174 - Posted: 28 Jul 2012, 12:11:56 UTC

Hmmm. Not so much reward for failure, as we are used to in the UK, more like rewarded for committing fraud....a criminal activity. The 'Public Sector', is often slated for waste and mismanagement, but when it comes to the 'Private Sector' (those that line the pockets of the Fasci...sorry, Tory party), comparively little, if anything, is ever said. Interesting. Even more interesting, is that, virtually nothing will be done about the 'criminal practices' of the 'Private Sector'; nothing ever will be done, either. Might I dare to suggest, that the real problem with finances in the UK, is that the 'private sector' has been able to 'pass the buck' to the 'public sector'...never mind the insane 'costs' that the private sector claim. Bankers? Sack them! The whole damned lot. Watch out, if I ever come to 'power'!!!!



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