Barclays - Is this the final nail in the coffin?

#21
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.
I done the same last November, and I had been a loyal customer since 1972, my hard earned is with a building society, the lesser of two evils.
 
#23
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?
Two chances of that: No Chance and No Chance At All

Pulling a banking licence from an outfit the size of Barclays would precipitate a banking crisis all of its own. Chuck in the complications of Brexit on top of that and it would amount to a massive foot shooting exercise.
At worst a hefty fine and censure.

Barclays almost certainly had heavyweight advice on this at the time and the SFO has a magnificent record of screwing things up.

Maybe they can find a more appropriate "expert witness" this time round

Pressure rises on SFO as it concludes Libor witness lacked 'integrity'
 
#24
If they lose their licence can I tell where to go regarding my Credit Card ?
Your debt will be written off by the bank.However it will also be sold to a debt recovery agency for pennies on the pound.The DRA will chase you for the full amount of the debt and make a lovely profit out of nothing.
 
#25
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
Or people can use their free choice to use a building society, but hey, why do that when left wing prats want to waste their taxes buying back banks?
 
#27
Or people can use their free choice to use a building society, but hey, why do that when left wing prats want to waste their taxes buying back banks?
Credit Unions. They are the future fo individual customers.

Until like Building Societies in the 80s they get greedy.
 
#28
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
While the inhabitants of the HoL & MP's are allowed to cohort with merchant bankers, dabble in the stock market, have sleeping directorships in blue chip company's, and generally play the system, all of the above reforms are irrelevant, a political Drain cleaner comes to mind, any suggestions?
 
#29
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
Bollox. Of course they do. And EU law too with regard to regulation of Financial Services

Never minding that it contributes over £72Bn in taxes to the exchequer (11% of total tax receipts) and directly and indirectly employs 1.1M people (3.4% of the working population) across the whole county.

Of course nationalising it all and refocusing on just retail consumer banking will be great for the magic money tree that JC seems to think will solve the coutry's ills.
 
#30
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,
Nationalisation is not the solution and would simply destroy the square mile, put a huge number of people out of work and destroy our economy. As for separation of retail and investment banking, it's been an ongoing project for years:

Ring-fencing information - GOV.UK
 

DaManBugs

LE
Book Reviewer
#32
Bollox. Of course they do. And EU law too with regard to regulation of Financial Services

Never minding that it contributes over £72Bn in taxes to the exchequer (11% of total tax receipts) and directly and indirectly employs 1.1M people (3.4% of the working population) across the whole county.
Of course nationalising it all and refocusing on just retail consumer banking will be great for the magic money tree that JC seems to think will solve the coutry's ills.
Before claiming “it’s bollix", mush_dad, have a read of this:
The tax haven in the heart of Britain
The (Secret) City of London

What you also fail to mention is the amount of tax that’s avoided by the City of London and the companies located there. Don’t’ forget that in 2017 more than 35 trillion dollaz flowed through the place. With a tax of just 0.3 percent on each financial transaction, the amount that could be contributed to the UK’s tax coffers makes your £72 billion look like chump change.

Nationalising the banks will certainly prevent them from achieving the obscene profits they do at the moment, but it would greatly increase the financial security of the country as a whole. They would also be unable to conjure money out of thin air every time they grant a loan, which would eventually lead to a more stable economy because it would remove the "debt-spectre" (without which the financial world can't exist at the moment) from the equation and reorganise the financial industry into a genuine service for the population and society.

But take a look here for what a “socialised” banking system might be able to do for UK society and business:
Bank of North Dakota - Wikipedia
Bank Of North Dakota: America's Only 'Socialist' Bank Is Thriving During Downturn (VIDEO) | HuffPost

MsG
 
#33
With a tax of just 0.3 percent on each financial transaction, the amount that could be contributed to the UK’s tax coffers makes your £72 billion look like chump change.
No, it would mean those transaction flow somewhere else and £0 tax is raised.

Why should those transactions be taxed anyway? The cost would be passed on to the general public - would you be happy if every time you transferred money in any form you were taxed?
 
#34
No, it would mean those transaction flow somewhere else and £0 tax is raised.

Why should those transactions be taxed anyway? The cost would be passed on to the general public - would you be happy if every time you transferred money in any form you were taxed?
Do you think big time drug smugglers like Bugsy pay taxes on their profits?
 
#35
But take a look here for what a “socialised” banking system might be able to do for UK society and business:
Bank of North Dakota - Wikipedia
Bank Of North Dakota: America's Only 'Socialist' Bank Is Thriving During Downturn
We have something similar; the Co-operative Bank. We all know how well managed and massively successful they've been. They are only just about keeping afloat through massive investment by a US hedge fund consortium.

Keep the red flag flying, eh?
 
#36
What you also fail to mention is the amount of tax that’s avoided by the City of London and the companies located there. Don’t’ forget that in 2017 more than 35 trillion dollaz flowed through the place. With a tax of just 0.3 percent on each financial transaction, the amount that could be contributed to the UK’s tax coffers makes your £72 billion look like chump change.
Yup, and as soon as you tax the transactions please tell me how many financial institutions will remain there as opposed to upping sticks to Paris, Frankfurt, New York or Hong Kong. The Sq Mile would have the financial clout and trade of Belgium
 
#38
Do you think big time drug smugglers like Bugsy pay taxes on their profits?

Well may be not the individuals, BUT the EU has used presumed "black economy" figures to extort yet more money from us in the past .... Britain will have to pay extra €2.1bn into EU budget by December

snip "Eurostat arrived at the €2.1bn figure on the basis of new methods of calculating member states’ GNI since 1995, taking account of previously unreported or under-reported black economy elements, such as drug dealing and consumption or the sex industry."
 
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