Opposition Leader "not afraid" of inquiry

Gotta love Johnny Rotten on Question Time....

"He said: "How on earth is Parliament going to discuss this really when both sides, left and right, are connected to this?

"This doesn't just go back to Brown, this is part of the ongoing problem. Mr Diamond comes from Wall Street – hello.

"Both parties love this idea. They are fiddling with rates. They are affecting the world and everything we used to count on as being dependable and accurate is being discussed by these argumentative chaps.

"If I nick a motor I'm going to be up before the judge, the rozzers [police]. Hello, same thing."

---

On there own, Barclay's could not have rigged the LIBOR rate

Below is a snippet I picked-up off the net...

At the moment it seems that Barclays Bank have been singled out and fined for Libor wrangling – a feat impossible for
them to have achieved on their own and, given the circumstances, not likely to have occurred without the tacit approval
of some policy makers, government officers and much collusion with many other banks.
According to the British Bankers’ Association website “Individual Libor rates are the end-product of a calculation based upon
submissions from a bank panel, made up of the largest, most active banks in each currency Libor is quoted for…
Every contributor bank is asked to base their Libor submissions on the following question: “At what rate could you borrow funds,
were you to do so by asking for and then accepting inter-bank offers in a reasonable market size just prior to 11 am?”…
Each morning between 11:00am and 11:10am a named individual responsible for cash management at each panel bank
formulates their own rates for the day and inputs them into this application, which links directly to a rate setting team at Thomson
Reuters. A bank cannot see other contributor rates during the submission window - this is only possible after final publication of
the Libor data...
Every Libor rate produced by Thomson Reuters is calculated using a trimmed arithmetic mean. Once Thomson Reuters receive
each contribution submission they rank them in descending order and then exclude the highest and lowest 25% of submissions -
this is the trimming process… The remaining contributions are then arithmetically averaged to create a Libor quote…
The decision to trim the bottom and top quartiles in the calculation was taken to exclude outliers from the final calculation. By
doing this, it is out of the control of any individual panel contributor to influence the calculation and affect the Libor quote.”
These extracts from BBA’s website highlight a key fact: Barclays Bank, on their own, would have as much chance of
materially affecting the Libor rate as a tailor would in cutting cloth with only half a pair of scissors.
Collusion with the other banks would have been extensive. If a panel comprises 16 subscribers, the 25% exclusion rule
would mean that half of them would be out of the equation, leaving the middle eight, but which eight is that? How many
would need to be in on it to make a difference?

---

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.

On reading that Nick, there is a (possible) glaring answer as to why Barclays were fined...

They were the only major bank to refuse Taxpayer aid & because of that, those "corrupted" within the system did not like that, hence the large fine.

It would be nice to see if at the end of the "parliamentary inquiry" whether other banks will be fined!

---

On reading that Nick, there is a (possible) glaring answer as to why Barclays were fined...

They were the only major bank to refuse Taxpayer aid & because of that, those "corrupted" within the system did not like that, hence the large fine.

It would be nice to see if at the end of the "parliamentary inquiry" whether other banks will be fined!

I coming to realise that this whole shebang is fast becoming a farce.
What Barclay's may or may not have done is far less than what most countries
governments have been doing, to their individual interest rates, during the past
several years.

---

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.

Good post & totally agree with the need for underpinning.

However, once that gets done, the foundations need a complete overhaul!

---

This in effect means that the UK's banking and monetary system is effectively being run by what is termed the "Big Four", and supposedly overseen by the Bank of England.

Barclays plc
HSBC Holdings plc (Midland)
Lloyds Banking Group plc (TSB)
The Royal Bank of Scotland Group plc (Nat West)

Hardly surprising really I suppose, that a cartel developed. There was a time when Bankers and politicians were regarded at pillars of society,

Not a bad amount to choose from with regards to banks, more realistically to
choose from if you compare this to our political parties, here there are
really only two. So here having four banks does not necessarily mean this is a
bad thing. But combined with our two political parties who operate under the same
system of self regulation as the banks do then no doubt between them a lot of
back scratching goes on. But self regulation does have it's benefits, you just
need to get the balance right....not an easy thing.

---

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.

Sorry Cameron, you'll never be a patch on her....




Turning in their graves - A history lesson for Bankers

"Whether Mr Cameron has the bottle to emulate her, though, remains to be seen. Indeed, with his call for a thorough inquiry into the ethics of the City, it is Ed Miliband, of all people, who seems closer to capturing the Iron Lady’s spirit".

"No doubt many City figures today would scoff at those words. But we desperately need to rediscover the Quaker values on which Barclays was founded all those years ago — the values of ‘honesty, integrity and plain dealing".

---

Currently pretty much all internationally marketed big banks are in trouble only a few ones who are managing to block out their messy operations dirty leaks are called as "good" or "reliable" etc's.

---

Mandtugai!

E-Mail cache show Whitehall fears

A couple of interesting points noted in the article...

1: "TSC sources on Sunday said Mr Tucker must have known that Royal Bank of Scotland and Lloyds Banking Group were posting false rates because their Libor submissions were lower than Barclays even after they had been locked out of markets and forced to take £60bn in secret loans from the Bank".

This prior to the taxpayer bailout - just what were they running? The biggest ponzi scheme in history?

2: "The board has not discussed the possibility of separating the investment bank and listing it in New York. The US Federal Reserve is said to have indicated that it would reject the application, should one be made, as it does not want the burden of a bank with £1.16 trillion of assets".

So with that much in assets & pretty sure other big banks have major assets, why the recapitalisation? Surely they could have offset some of those assets to protect themselves? OR, are these "assets" just "Paper Assets"?

---

Barclays No 1 & 2 men offer differing stories.....

Libor Scandal - Diamond to receive full salary

---

"10 July 2012

Dear Mr Tyrie,

Having watched the committee's session today, I was dismayed that you and some of your fellow committee members appear to have suggested that I was less than candid with the committee last week. Any such suggestion would be totally unfair and unfounded.

The focus of your concern appears to relate to correspondence between Messrs Turner and Agius in April 2012. The questions asked of me, however, concerned the period of my promotion in September 2010 and the board meeting I attended in February 2012. As the letters of April 2012 make clear, those letters followed an April meeting between Messrs Turner and Agius which I did not attend. I was not asked about the April 2012 meeting nor was I asked about nor shown follow up letters to that April meeting at our session.

I trust this addresses any concerns you may have had. The comments made at today's hearing have had a terribly unfair impact on my reputation, which is of paramount concern to me. I look forward to discussing this issue with you further if you wish to do so.

Yours sincerely

B Diamond"

Ah diddums bobbie boy....your reputation went up in smoke some time ago, now be a good little thief & bugger off once & for all.

---

Diamond looking for his missing £20 million.....

---

Interesting report & one that can actually be posted in either this thread or "Cameron's 1st Term". However, as it's about financing, felt it best to be in this one....

One in six peers have deep financial interests

Wonder if this is the reason why many want the House of Lords reformed? If so, could it be because they're not getting their "cut" of the loot?

---

If other big organisations did this, I wonder what effect it would have on Barclays & would it help the others banks recapitalise?

Leicester City Council pulls £6 million from Barclays

---

I don't particularly like the smarmy asswipe, but have to admit one thing at least: He is dead right on calling for an judge led inquiry into the libor scandal, especially after reading this report.....

Scandal inquiry "A Whitewash" before it starts

---

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?

---

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.

---

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.

---

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.....

---

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 ...

---