UK Banking facing Judicial enquiry


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Sirius B
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Message 1254969 - Posted: 3 Jul 2012, 9:52:45 UTC

Diamond Gone!

2 down, wonder how many more caught up in this & will they end up prosecuted?
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Message 1254984 - Posted: 3 Jul 2012, 10:40:09 UTC

Bob Diamond has resigned from Barclays in the face of relentless political pressure for him to go following the interest rate manipulation scandal.

An attempt by the board to save his position by accepting the resignation of the chairman, Marcus Agius, on Monday has failed. Instead Agius will now become full-time chairman and lead the search for a new chief executive.

But Diamond's decision to quit – and the return of Agius – dismayed some in the City. One investor said: "We are clearly now left with the worst of all possible situations. We don't have a ready-made candidate and a chairman who has no credibility."


Headless chickens anybody?

Sirius B
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Message 1255028 - Posted: 3 Jul 2012, 12:34:11 UTC

Thought of the day: -

We rob a bank & get 10 years (or more)

Headman robs a bank continuously for 6 years & gets awarded £100 million

"Please sir, can I have some"
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Sirius B
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Message 1255030 - Posted: 3 Jul 2012, 12:48:11 UTC

"Diamonds are a bank's best friend"


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Message 1255042 - Posted: 3 Jul 2012, 13:46:20 UTC

Q1 How do you sleep at night?

A1 Very well, in a posh 5 star hotel, thank you for asking. Next?

The phrase 'Diamond Geezer' is London slang; the Oxford slang dictionary defines a 'Diamond Geezer' as ...... A really wonderful man, helpful and reliable; a gem of a man.

Oh well, that will have to be re-written then.

Don't forget Fred the Shred Goodwin. Lost his Knighthood and then his wife..... You wanna play for high stakes, fine, get it wrong and you can lose big time.


Sirius B
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Message 1255050 - Posted: 3 Jul 2012, 14:04:14 UTC - in response to Message 1255042.

Q1 How do you sleep at night?

A1 Very well, in a posh 5 star hotel, thank you for asking. Next?Oh that's alright then, the normal "eff you jack I'm alright" answer...Well done!

Don't forget Fred the Shred Goodwin. Lost his Knighthood and then his wife..... You wanna play for high stakes, fine, get it wrong and you can lose big time.
Oh that's alright then, no thoughts of the damage done to millions of people struggling to survive - thanks for showing the world(well at least this forum) that you're of the same mindset. NO wonder this country is in a cesspit!

YES I know, why don't I bugger off to a banana republic - that's the only answer people of your catergory know.
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Message 1255058 - Posted: 3 Jul 2012, 14:12:02 UTC
Last modified: 3 Jul 2012, 14:12:54 UTC

Sirius, you and I generally get on fairly well, and we agree to disagree on most political matters. But I find that post of yours was a bit personal and unwarranted. I would have thought that you could have seen, as I'm sure that others did, that it was a very tongue in cheek sarcastic comment upon the current situation.

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Message 1255061 - Posted: 3 Jul 2012, 14:18:42 UTC

Oh Sirius, Chris was taking the "wee" a bit of good old British satire..

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Message 1255075 - Posted: 3 Jul 2012, 14:58:07 UTC

Yes, it looks like Sirius missed Chris' sarcasm.
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Sirius B
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Message 1255078 - Posted: 3 Jul 2012, 15:02:20 UTC - in response to Message 1255061.

Oh Sirius, Chris was taking the "wee" a bit of good old British satire..


Sorry, but that's not the way he has been coming across lately, either on the boards or via PM's.

I will state this though. Chris has made it public knowledge that he "knows" me - He does not - he has met me several times. I'm old school in that I can count the number of friends on one hand, all the others are just aquaintances, which is why I find the "Friends" on the account page hilarious.

Also, are these satorial?

1254227
1254163
nothing at all to do with Nick as I'm the thread owner
Banana Republic anyone?

One must admit that one can see a pattern emerging here.


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Message 1255121 - Posted: 3 Jul 2012, 20:50:05 UTC

With two and a half very big scalps on its door post I can't but help thinking how many more are quaking in their boots at the going s on in WoofersBank just now over this current debacle. Traders with their snouts in the trough, senior management starts by saying its "only a few traders" then start to resign in a hurry as the stuff starts to descend from on high. One can't but help think "senior management prodding greedy traders along".....
I wander who will be next? And will they be "falling on their swords", or will the swords be "pushed in their direction"?

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Sirius B
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Message 1255125 - Posted: 3 Jul 2012, 20:53:01 UTC - in response to Message 1255121.

It's nice that they're falling on their swords, but as far as I'm concerned, & I'm pretty sure a lot more will be thinking the same is, WILL they be prosecuted or will their "friends" in high places prevent that from happening?
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Sirius B
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Message 1255137 - Posted: 3 Jul 2012, 21:07:15 UTC
Last modified: 3 Jul 2012, 21:10:08 UTC

Could this be seen as a case of collusion?

Barclays reveals phone details

Edit: some interesting points raised in this link....

Bank of England "eased" diamond out
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Message 1255142 - Posted: 3 Jul 2012, 21:12:21 UTC

That email can be read two ways, one that it is a sign of some form of collusion, and the other that it is a warning. Either way round it does show that senior members of WoffersBank had, at the very least, an inkling of what was going on, so were to a greater or lesser extent culpable.
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Message 1255147 - Posted: 3 Jul 2012, 21:27:43 UTC - in response to Message 1255137.
Last modified: 3 Jul 2012, 21:31:01 UTC

Barclays reveals phone details


The following quoted from Sirius's link.
The bank has disclosed details of a phone call between former boss Bob Diamond and the deputy governor of the Bank of England, Paul Tucker, in 2008.

Mr Tucker told Mr Diamond that Barclays' Libor submission did not always need to be as high as it was.


Fee-Fi-Foe-Fum I smell the blood of a Government-mun.

Who was the Chancellor in 2008....Alistair Darling.
Your not going to tell me that the Paul Tucker did not share this Libor
submission with his boss, the head of the BOE. Who too then would have been
obliged to have shared his concern with the UK Chancellor?

If Brussels had any morals it would have us kicked out from the ECM, but
fortunately or for some of us, unfortunately, Brussels does't have any of
these.
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Sirius B
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Message 1255174 - Posted: 3 Jul 2012, 22:49:36 UTC

What type of inquiry is coming?

"The Treasury minister Lord Sassoon said calls for a judge-led inquiry were “misguided”. He added: “What we need now are rapid prosecutions of individuals who may have broken the law”. But will it happen?

Diamond may have a fight to receive £20 million payout

"It is also under pressure from investors. Joanne Segars, the chief executive of the National Association of Pension Funds, said: “Shareholders want any severance payments to be kept to a contractual minimum, and clawback mechanisms for past pay and bonuses should be fully explored. There must be no reward for failure.” Unfortunately, this is the way of this country for decades, so it's about time it ended!

Bank of England made us do it So no morals or integrity then Diamond?
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Message 1255328 - Posted: 4 Jul 2012, 8:14:23 UTC - in response to Message 1255174.
Last modified: 4 Jul 2012, 8:15:27 UTC

Bank of England made us do it So no morals or integrity then Diamond?

Most probably everyone in the banking sector throughout the world knew it
was going on. But as long as no one can prove it on paper then every man and
his dog can shake a stick at Barclay's. But as long as a few Governments can
screw a few £'s out of Barclay's over it then they'll be happy with any outcome
from an enquiry. Will Diamond be portrayed as a bit of a gangster, well from where
he comes from then they do have a notorious past for producing them!
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The Kite Fliers

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Kite fliers: An imaginary club of solo members, those who don't yet
belong to a formal team so "fly their own kites" - as the saying goes.

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Message 1255338 - Posted: 4 Jul 2012, 8:50:42 UTC

Most of us were not surprised at the PPI mis-selling, and banks have always been a closed shop to themselves, but I have to admit that I was not fully aware of the depth of the LIBOR scandal. At the moment new info is coming out almost daily, so I'm gonna sit back for a bit, and try and get more of a grip into what has been and is going on. I no little about National or Internatiomal finance I'm gonna have to bone up on it.

late edit - I see the Ulster bank is also in trouble now. Ulster Bank

Sirius B
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Message 1255350 - Posted: 4 Jul 2012, 9:19:47 UTC

Whitehall Whodunit

Hmmnn, looks like someone knows their history...

Henry II in 1170: - "Will no one rid me of this turbulent priest?".

Whitehall 2012: -

"that an atmosphere was created in which the message was received - "Who will rid me of this troublesome rate?"
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Message 1255360 - Posted: 4 Jul 2012, 9:52:50 UTC

Definition of 'London Interbank Offered Rate - LIBOR'

An interest rate at which banks can borrow funds, in marketable size, from other banks in the London interbank market. The LIBOR is fixed on a daily basis by the British Bankers' Association. The LIBOR is derived from a filtered average of the world's most creditworthy banks' interbank deposit rates for larger loans with maturities between overnight and one full year.

OK, I understand more fully what it is now, and why historically London is seen as the world financial centre. But if the LIBOR is discredited will the international banking system use another yardstick elsewhere? And if so what would be the backlash on UK banks?

The LIBOR is the world's most widely used benchmark for short-term interest rates. It's important because it is the rate at which the world's most preferred borrowers are able to borrow money. It is also the rate upon which rates for less preferred borrowers are based. For example, a multinational corporation with a very good credit rating may be able to borrow money for one year at LIBOR plus four or five points.

Countries that rely on the LIBOR for a reference rate include the United States, Canada, Switzerland and the U.K

I read that as saying that if UK banks get it wrong, then it affects the rest of the world not just London.

OK, the mud slinging has started, he was forced out and he's obviously not going quietly.

Diamond

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