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.

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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.

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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.

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.

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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.

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.

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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.

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"?

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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.....

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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.

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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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Don't take life too seriously, as you'll never come out of it alive!

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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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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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.

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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It's good to be back amongst friends and colleagues

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

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[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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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.

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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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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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.

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?"

---

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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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

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.

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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