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UK Banking facing Judicial enquiry
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Sirius B Send message Joined: 26 Dec 00 Posts: 24909 Credit: 3,081,182 RAC: 7 |
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" |
Sirius B Send message Joined: 26 Dec 00 Posts: 24909 Credit: 3,081,182 RAC: 7 |
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. |
Sirius B Send message Joined: 26 Dec 00 Posts: 24909 Credit: 3,081,182 RAC: 7 |
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?" |
Nick Send message Joined: 11 Oct 11 Posts: 4344 Credit: 3,313,107 RAC: 0 |
All amounts to what I said in one of my first postings regarding this scandle. The Kite Fliers -------------------- 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. |
Sirius B Send message Joined: 26 Dec 00 Posts: 24909 Credit: 3,081,182 RAC: 7 |
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! |
Nick Send message Joined: 11 Oct 11 Posts: 4344 Credit: 3,313,107 RAC: 0 |
[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. The Kite Fliers -------------------- 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. |
Sirius B Send message Joined: 26 Dec 00 Posts: 24909 Credit: 3,081,182 RAC: 7 |
Fair point Nick...but then again.."Who watches the Watchers?" |
John Clark Send message Joined: 29 Sep 99 Posts: 16515 Credit: 4,418,829 RAC: 0 |
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) It's good to be back amongst friends and colleagues |
Nick Send message Joined: 11 Oct 11 Posts: 4344 Credit: 3,313,107 RAC: 0 |
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. The Kite Fliers -------------------- 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. |
Sirius B Send message Joined: 26 Dec 00 Posts: 24909 Credit: 3,081,182 RAC: 7 |
Fair point Nick...but then again.."Who watches the Watchers?" You've said the magic words! But the issue now is that all the best "magicians" are dead......maybe "Dynamo" could save them? |
Iona Send message Joined: 12 Jul 07 Posts: 790 Credit: 22,438,118 RAC: 0 |
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'!!!! Don't take life too seriously, as you'll never come out of it alive! |
Sirius B Send message Joined: 26 Dec 00 Posts: 24909 Credit: 3,081,182 RAC: 7 |
Funding for Lending introduced The rich helping the rich again. Only those who can afford a 40% deposit can use this scheme, while the national loan scheme will be wound down. |
Sirius B Send message Joined: 26 Dec 00 Posts: 24909 Credit: 3,081,182 RAC: 7 |
interesting reforms..... Barclays plan radical reforms That "downgrade" looks good....might make them perform in the best interests of both themselves & the customers... ...we'll see..... |
Sirius B Send message Joined: 26 Dec 00 Posts: 24909 Credit: 3,081,182 RAC: 7 |
A reverse Nigerian Scam? Poor Africa....Barclays have to recover their losses somehow..... Barclays to speed up their growth plans Hmmn, wonder how quick will the other disgraced banks join in the "African Gold Rush"? |
Nick Send message Joined: 11 Oct 11 Posts: 4344 Credit: 3,313,107 RAC: 0 |
Funding for Lending introduced How much money do you need to have to be classed as rich, Sirius? 40% of the average price of a house, currently around £166,ooo, equates to £66,400. If you think your rich with that amount of money in your pocket then your "Sirius'ly" mistaken. The Kite Fliers -------------------- 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. |
Sirius B Send message Joined: 26 Dec 00 Posts: 24909 Credit: 3,081,182 RAC: 7 |
Tell that to the young newlyweds attempting to get on the housing ladder. I'm pretty sure that they'll think £66k will be a bit rich for their blood. |
Nick Send message Joined: 11 Oct 11 Posts: 4344 Credit: 3,313,107 RAC: 0 |
Tell that to the young newlyweds attempting to get on the housing ladder. I'm pretty sure that they'll think £66k will be a bit rich for their blood. Now we see the one big problem behind all this banking fiasco....too much easy credit so forcing asset prices up way too high. The Kite Fliers -------------------- 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. |
Sirius B Send message Joined: 26 Dec 00 Posts: 24909 Credit: 3,081,182 RAC: 7 |
Well, it's a start, but can it be truly enforced? Libor riggers should be prosecuted "In a stinging criticism of the BBA, Mr Wheatley said it was "careless" in its approach to policing Libor and put too much trust in a system that "did not have the right level of checks and balances in place". A dumbass commoner states that & is castigated, yet an educated "ejit" states it & its published & accepted.....Charming to say the least. |
Nick Send message Joined: 11 Oct 11 Posts: 4344 Credit: 3,313,107 RAC: 0 |
Well, it's a start, but can it be truly enforced? Martin Wheatley: System built on "flawed incentives, incompetence and the pursuit of narrow interests"... ...So we know where the Libor lot got this trait from...studying politicians for their past-masters at this...Politicians, a bastion of incompetence. The Kite Fliers -------------------- 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. |
Sirius B Send message Joined: 26 Dec 00 Posts: 24909 Credit: 3,081,182 RAC: 7 |
More damning evidence of incompetence.... Turner calls for unconventional policies "The financial crisis of 2008 was "not a bolt from the blue," he said. It arose from poor supervision, from bad rules and structures, from dangerous cultures - and the errors were made by regulators, economists, central bankers and public policy makers, as well as bankers themselves." Nothing new then from the "Last Gasp Saloon". |
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