UK Banking facing Judicial enquiry

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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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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 1255371 - Posted: 4 Jul 2012, 10:13:46 UTC
Last modified: 4 Jul 2012, 10:20:55 UTC

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?

I suspect that the world's banking fraternity would, at any time, know roughly
what the LIBOR rate should be, hence know if it was being set too high or too
low on any given occasion

An interesting snippet from WIKI...
In the 1990s, the yen Libor was influenced by credit problems affecting some of the contributor banks

So it seems "falsely setting the rate is not a new thing then?

.
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Message 1255377 - Posted: 4 Jul 2012, 10:31:47 UTC
Last modified: 4 Jul 2012, 10:34:00 UTC

All in all, the LIBOR is not a sacrosanct rate. Institutions use it to
set their own rates by, "if they wish". Then they set according to what their
own requirements are, either they set, at it; above it or below it. So had it
not been for this current financial dilemma, the worlds in, then I suspect this
LIBOR scandal would have amounted to nothing more than a "Storm in a tea cup"
The Kite Fliers

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Message 1255428 - Posted: 4 Jul 2012, 14:19:05 UTC - in response to Message 1255375.  

I believe each region has their own version. I did look into that ealrier this week but forgooten the names of them. The only one I can remember is TIBOR.

I believe there is a couple more at least, but London has always been the major one for most banks.
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Message 1255433 - Posted: 4 Jul 2012, 14:26:30 UTC

Cameron states that shamed/disgraced bankers to not receive golden handshakes

I'll lay odds-on that before all this is over, some asswipes known as lawyers repute this via points of law.
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Message 1255598 - Posted: 4 Jul 2012, 19:13:13 UTC

http://www.bbc.co.uk/news/business-18713990
Well, when you listen to Bob Diamond then he certainly does sound a very
genuine man. He certainly doesn't come over as a bad-guy...all very interesting.

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Message 1255604 - Posted: 4 Jul 2012, 19:21:52 UTC - in response to Message 1255598.  
Last modified: 4 Jul 2012, 19:24:46 UTC

Then this is definitely going to put "The Cat amongst the pidgeons"....

Diamond ready to fight for £22million payout


Edit: In the link provided, is another *.*bor - Euribor.
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Message 1255621 - Posted: 4 Jul 2012, 20:14:46 UTC
Last modified: 4 Jul 2012, 20:15:38 UTC

This really is better than any Jim Henson creation....

The whole country in a double dip recession, major issues worldwide which will impact the UK & rather than work together to start the ball rolling in resolving those issues, we get....

Schoolboys in charge
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Message 1255626 - Posted: 4 Jul 2012, 20:28:54 UTC

Nice Chart

Will these "Shadowy" whitehall figures fall on their swords a la Bob Diamond, if they're found to be implicated in this matter?

Personally, I very much doubt it as they'll more than likely be "Senior" civil servants & they won't allow anybody to disrupt their snouts in the trough.
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Message 1255674 - Posted: 4 Jul 2012, 22:48:34 UTC

Andrew Tyrie is nobody's fool & if he feels that something is amiss, he'll go after it as fast as a bullett leaves a barrel....

Diamond's testimony "implausible"

Think this is going to widen into a debacle as bad as the Eurozone crisis, if not worse.
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Message 1255685 - Posted: 4 Jul 2012, 23:25:59 UTC - in response to Message 1255674.  

Andrew Tyrie is nobody's fool & if he feels that something is amiss, he'll go after it as fast as a bullett leaves a barrel....

Diamond's testimony "implausible"

Think this is going to widen into a debacle as bad as the Eurozone crisis, if not worse.

Once we get to hear a few more testimonies then we might get a better idea as
to who's telling the truth hence giving us the real story.


The Kite Fliers

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belong to a formal team so "fly their own kites" - as the saying goes.
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Message 1255689 - Posted: 4 Jul 2012, 23:32:55 UTC - in response to Message 1255679.  
Last modified: 4 Jul 2012, 23:47:49 UTC

Perhaps if you would stop making multiple posts all the time, someone else could get a word in edgeways now and again. I really don't know why you feel the need to do this.



For somebody that starts threads & then do not contribute to them except remind people that they're going off topic, that comment is laughable.

Secondly, I do not post inane comments - I provide links to valid reports accompanied by my sarcastic/humourous/serious remarks depending on the link concerned.

Thirdly, each post is accompanied by a serious link with regards to the thread topic, there have been numerous occasions where you totally ignored the link & it's seriousness & just condemned my comments.

Fourthly, you seem to be defending the establisment, with very little comments on the negative side, always stating that not all MP's are as "useless muppets" as I so famously state. I know that is true, bur are those MP's front facing & making continuous statements which are changed within hours/days weeks because matters are not going their way? No they don't, unfortunately, as the Banking/Euro/Media scandals are showing, what is there to defend?

It's all right for "established" comedians/news readers etc to pass these comments/remarks but I'm not?

Thanks again for confiming that it's your way or the highway. So freedom of speech needs to be forbidden in "your" version of the establisment then?

Edited for spelling mistakes.

Edit 2: -

That is what they do, and what they have done. The fact that you don't like what they say or agree with it, is no good reason for name calling.


But she won't be a British Maggie will she? Thatcher if she were in power today would give Germany & Europe short thrift, If the Mekon turns out to be as good, woe betide us!


I have a white kettle, what colour is yours?
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Message 1255872 - Posted: 5 Jul 2012, 12:46:00 UTC - in response to Message 1255853.  

In order to avoid boring readers of this thread, and going off topic regarding the current subject of the UK banking Scandal, I have started another thread.



and failing to answer the questions in the post above, exactly as I expected.thanks.
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Message 1255882 - Posted: 5 Jul 2012, 13:17:24 UTC

More QE

A comment made on this report says it all...

"stop bailing out the banks.
If someone has to be bailed out it should be the hardworking working man/woman! NOT the balance sheets of failed banks!"

5 more points

The report at the end of the inquiry is going to make interesting reading.
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Message 1255894 - Posted: 5 Jul 2012, 13:53:33 UTC - in response to Message 1255882.  

"stop bailing out the banks.
If someone has to be bailed out it should be the hardworking working man/woman! NOT the balance sheets of failed banks!"

Yes, Let them fail. It isn't like there is deposit insurance or anything like that. You wouldn't have to bail them out that way at all. Yes, Let them fail.

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Message 1255905 - Posted: 5 Jul 2012, 15:17:19 UTC

MP's clash

Rather than just vote on which type of inquiry is to be held, we get this..amazing!

"He said there was "massive public anger" following the disclosure of Barclays' attempts to rig the benchmark Libor rate and the revelation that major banks were involved in mis-selling interest rate swaps to small firms.

"The sense of outrage comes on top of a deep and wide public discontent at the huge price our economy and economies around the world have paid as a result of the gross banking irresponsibility in the run-up to the financial crisis," he said.

"A price which is measured in billions of pounds of loans gone and debts written off but is felt in the everyday lives of citizens in jobs lost, in small businesses gone bankrupt, in living standards undermined.
"

Yet one of those "men in the street" comments on these matters & he gets castigated by a fellow cruncher....amazing!
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Message 1255931 - Posted: 5 Jul 2012, 16:41:48 UTC - in response to Message 1255903.  

Sorry Gary, I can't agree with that. There are many UK Pension Funds that have invested in Banks. The pensions of the man in the street will suffer if that happens.

T'was sarcasm Chris. Some don't understand why bailouts are a necessary evil, but perhaps if they think about the consequences of not ...


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Message 1256106 - Posted: 5 Jul 2012, 23:06:12 UTC - in response to Message 1256012.  

Well exactly, but too many people don't think ...

We may have a generation or two that is incapable of thinking, but that is a different topic ...

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