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 ...

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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.....

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Not really, they'll just be deferred.

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.

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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.

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.

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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?

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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

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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

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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?

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

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"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.

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

Libor Scandal - Diamond to receive full salary

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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"?

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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.

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Mandtugai!

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".

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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.

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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.

Good post & totally agree with the need for underpinning.

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

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I think that all the while a bank has shareholders that need to be appeased with ever growing dividends, they will take risks and dabble in dubious practices to maximise their profits. What we need is a peoples bank which should be set up to not make profits, but to break even on operating costs. It's prime function should be to provide a simple personal banking service to the general public at a reasonable cost. Large Corporations and SME's would still need to deal with investment banks and the like for their business needs.

We used to have something like it with the now defunct Girobank, which got taken over by Alliance & Leicester and is now part of Santander. There are very few independent building societies left, most of them have been taken over by the big banks. 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, and widely respected and looked up to, sadly not any more these days. It wouldn't surprise me if the legal profession and solicitors/lawyers were in time to follow that path as well.

The term Establishment is most often used in the United Kingdom, where it includes leading politicians, senior civil servants, the most important financiers and industrialists, governors of the BBC, and the Royal Court.

The establishment as we knew it 30 years ago is cracking at the foundations, even the BBC once admired throughout the world for it's impartiality is not immune to attack these days. I still support and defend the establishment as without it we wouldn't have the lifestyle that we do in the UK, but I think we need to get the builders in to carry out some underpinning, to stabilise things before it gets any worse.

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.

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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.