Barclays - Is this the final nail in the coffin?

#1
One would hope so, but the devil looks after his own (and the SFO have a seriously crap record of success.)

Could Barclays’ banking license be suspended as a result of the latest fraud charges?

Governments are scared of banks, to the extent that they pumped taxpayers' money into them to keep them afloat during the crash and then allowed them to continue paying their execs and 'high-flyers' massive bonuses. However, Barclays decided to go their own way and arrange a corrupt loan. Anyone who says that Barclays are no worse than any other British bank could not be more wrong. This lot are the poster boys for corrupt banking practice. Libor, exchange rates, PPI - it goes on and on. They have strayed a very long way indeed from their Quaker roots.

I am no moralist, but so rotten did I perceive them to be, that I kicked them into touch a few years ago after being a customer for about forty years.
 
#3
HMG is afraid of banks collapsing, not afraid of banks per se,
They were so afraid of the banks that the light-touch regulation (which allowed the crash in the first place) continued after taxpayers' £billions had been pumped into them. They were in a position where they could have made the 'loans' conditional. They did not. It was carry on normal jogging. So much so that, apart from banks being better capitalised, all the conditions are in place for the next financial crash.
 
#4
They were so afraid of the banks that the light-touch regulation (which allowed the crash in the first place) continued after taxpayers' £billions had been pumped into them. They were in a position where they could have made the 'loans' conditional. They did not. It was carry on normal jogging. So much so that, apart from banks being better capitalised, all the conditions are in place for the next financial crash.
You know the rules, bank profits are private, bank losses are socialist.

No shortage of ex politicians on the boards of the clearing banks. Or other banks paying ex politicians large sums for virtually nothing. I'm thinking of the St Tony here.

Basically, Barclays have been getting away with blue murder for decades.

Didn't Barclays run a tax avoidance unit for their wealthier customers prior to the Libor scandal breaking?.

I just hope the next financial crash does not happen prior to my retirement date.
 
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#5
You know the rules, bank profits are private, bank losses are socialist.

No shortage of ex politicians on the boards of the clearing banks. Or other banks paying ex politicians large sums for virtually nothing. I'm thinking of the St Tony here.

Basically, Barclays have been getting away with blue murder for decades.

Didn't Barclays run a tax avoidance unit for their wealthier customers prior to the Lobor scandal breaking?.

I just hope the next financial crash does not happen prior to my retirement date.
There is a good chance it will, do as they do, move your hard earned into offshore accounts, what's sauce for the goose .........
 

Grownup_Rafbrat

LE
Book Reviewer
#6
They do however pay my pension and the wages of thousands of folk who work hard for 'normal' money. Branch staff and back office folk are not on Capital Bank salaries, and bonuses, profit sharing, subsidised loans etc were withdrawn 20 plus years ago.

Punish the guilty and stop it happening again but don't take out the foot soldiers with the top-level tossers please.
 
#9
They do however pay my pension and the wages of thousands of folk who work hard for 'normal' money. Branch staff and back office folk are not on Capital Bank salaries, and bonuses, profit sharing, subsidised loans etc were withdrawn 20 plus years ago.

Punish the guilty and stop it happening again but don't take out the foot soldiers with the top-level tossers please.

Unfortunately, like Carillion, the W***** at the top will walk away relatively scot free, thanks to friends in high places, gutless politicians, and a bought judiciary, and the foot soldiers at the bottom of the totem pole will suffer the rampart greed and venal posturing's of their lords and masters, thus it ever was, and will be,.....
 
#10
As with most other retail banks, these represent a rapidly diminishing proportion of the payroll as things progressively move online.
Bit of a myth that. I used to joke that moving everything online was about replacing low paid branch and clearing staff with high paid IT consultants and 'imagineers'. Clearing, travellers cheques and messengers were binned as the IT department mushroomed.

People who maintain asset registers, maintenance contracts, payroll and HR records, etc. Are still needed in large numbers until databases can be updated by the items they record. I love reading the job descriptions from the 20s and 30s in the staff magazines. Secretaries, waste clerks, canteen staff, local regional office staff all replaced but costs never did reduce.

Bob Diamond and his culture of Greed speeded up the rot which Big Bang started. It removed all the regulation to curb such behaviour which the Victorians introduced after a major Banking crisis necessitated Government bailouts.

The one thing we learn from history is that we never learn from history.
 
#12
They were so afraid of the banks that the light-touch regulation (which allowed the crash in the first place) continued after taxpayers' £billions had been pumped into them. They were in a position where they could have made the 'loans' conditional. They did not. It was carry on normal jogging. So much so that, apart from banks being better capitalised, all the conditions are in place for the next financial crash.

That was down to that useless financial moron, Chancellor Brown who with more than little help from the rest of his cabinet did more damage to the Btitish economy than almost anything else since WW2... Brown admits 'mistake' on banks
snip "The former prime minister told a US conference he had not realised the "entanglements" of global institutions.
"We didn't understand just how entangled things were."
Mr Brown said he had to "accept my responsibility" but added he was not the only one who had made mistakes."


And here FSA blames Blair, Brown and Balls for RBS collapse

snip "The Financial Services Authority said it came under "sustained" political pressure to spare the Square Mile from red tape in the years before the banking crisis.
It highlighted comments from Tony Blair, Gordon Brown and Ed Balls as it argued any attempt to tighten the rules would have prompted complaints of a "heavy-handed" approach"
 
#13
That was down to that useless financial moron, Chancellor Brown who with more than little help from the rest of his cabinet did more damage to the Btitish economy than almost anything else since WW2... Brown admits 'mistake' on banks
snip "The former prime minister told a US conference he had not realised the "entanglements" of global institutions.
"We didn't understand just how entangled things were."
Mr Brown said he had to "accept my responsibility" but added he was not the only one who had made mistakes."


And here FSA blames Blair, Brown and Balls for RBS collapse

snip "The Financial Services Authority said it came under "sustained" political pressure to spare the Square Mile from red tape in the years before the banking crisis.
It highlighted comments from Tony Blair, Gordon Brown and Ed Balls as it argued any attempt to tighten the rules would have prompted complaints of a "heavy-handed" approach"
'Prudence' was certainly Chancellor in the period leading up to the crash. However, eight years have elapsed since that government fell. Apart from a reportedly better level of bank capitalisation (assisted by cheap money and record low interest rates) depressingly little has changed since. It is a systemic failure.
 
#14
Can't really agree more.....

One only has to look at the final outcomes of scandals en passim over the last 30 years or more involving the Square Mile.
 

DaManBugs

LE
Book Reviewer
#17
Can't really agree more.....

One only has to look at the final outcomes of scandals en passim over the last 30 years or more involving the Square Mile.
The main problem with the Square Mile is that it's a completely independent entity (it even has its own Old Bill). The laws of the land don't apply there and any attempt to regulate the place is immediately quashed by the self-serving politicians once they're shown how fat the brown envelopes are. It's also by far the biggest money-laundering and tax-avoidance location on the planet.

If all the UK banks were nationalised and forbidden from mixing normal banking with financial speculation business, things could improve a lot and put the services of the banks back where they belong, that is, attending to normal folks and their financial requirements. But that's hardly likely to happen. The banks are also running all manner of commercial enterprises that have nothing whatsoever to do with banking. Nationalisation would put a stop to that and prevent the formation of secret cartels promoting monopolies to the detriment of society as a whole.

MsG
 
#18
That was down to that useless financial moron, Chancellor Brown who with more than little help from the rest of his cabinet did more damage to the Btitish economy than almost anything else since WW2... Brown admits 'mistake' on banks
snip "The former prime minister told a US conference he had not realised the "entanglements" of global institutions.
"We didn't understand just how entangled things were."
Mr Brown said he had to "accept my responsibility" but added he was not the only one who had made mistakes."


And here FSA blames Blair, Brown and Balls for RBS collapse

snip "The Financial Services Authority said it came under "sustained" political pressure to spare the Square Mile from red tape in the years before the banking crisis.
It highlighted comments from Tony Blair, Gordon Brown and Ed Balls as it argued any attempt to tighten the rules would have prompted complaints of a "heavy-handed" approach"
Maybe the government should follow the Icelandic approach, let the banks collapse, imprison those responsible (IMO for life), compensate the account holders and form new nationally owned banks.
I know it was a lot more complex than what I've written but in a its simplified form it looks to be an ideal solution.
 
#19
The keyniasian model is the biggest ponzi scheme since the bail out in the 1930's and with banks losing the gold standard and back by shitty ETF's and paper gold and silver markets. Its a farce and a scam.
 
#20
The main problem with the Square Mile is that it's a completely independent entity (it even has its own Old Bill). The laws of the land don't apply there and any attempt to regulate the place is immediately quashed by the self-serving politicians once they're shown how fat the brown envelopes are. It's also by far the biggest money-laundering and tax-avoidance location on the planet.

If all the UK banks were nationalised and forbidden from mixing normal banking with financial speculation business, things could improve a lot and put the services of the banks back where they belong, that is, attending to normal folks and their financial requirements. But that's hardly likely to happen. The banks are also running all manner of commercial enterprises that have nothing whatsoever to do with banking. Nationalisation would put a stop to that and prevent the formation of secret cartels promoting monopolies to the detriment of society as a whole.

MsG
I say sir, a bit radical, and just where do you think my chums and I in the club would invest our tax free returns from foriegn climes, its just not cricket, I mean to say, the lower orders can poke about with the high street johnnies, but us fellows in the establishment must have a bolt hole where we can hide away "Surplus" funds. The Hatton garden fiasco removed a very lucrative secret deposit venue. Coutts & Co are a jolly fine bunch of fellows, but they will in turn, like all private banks be subject to the new legislation, and bang goes our profits, and the merchant bankers will have to look to their laurels, and play the game, its just not cricket, I mean to say old boy, can't have the government fellows telling the square mile how to run their affairs, its not the British way, how is a chap supposed to double his investment if the banks won't play ball, have to go now, the grouse wont wait, and I have a young filly in a Kensington mews that requires my immediate "Attention" toddle pip old thing!
 
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