LIBOR Scandal Fallout Has Started

Discussion in 'The Intelligence Cell' started by Mr_Fingerz, Jul 1, 2012.

Welcome to the Army Rumour Service, ARRSE

The UK's largest and busiest UNofficial military website.

The heart of the site is the forum area, including:

  1. Mr_Fingerz

    Mr_Fingerz LE Book Reviewer

    From BBC Breaking News on Twitter: Marcus Agius resigning as chairman of British bank #Barclays, the BBC's @Peston says. Details soon

    I suspect that there'll be more to follow and that Diamond will adopt the "It wasn't me, it was a big boy who ran away" defence when he's up before the Treasury Select Cttee.
  2. Wordsmith

    Wordsmith LE Book Reviewer

    And speaking of Robert Peston.

    BBC News - What did Bank of England say to Barclays about Libor?

    Looks like Diamond will be claiming that he had an OK from the Bank of England to submit misleading LIBOR rates.

    So Diamond went ahead and sanctioned misleading values of LIBOR being passed to the BofE on the basis of a conversation which no records exist. Anyone in their right minds would have asked for written confirmation from the BofE before doing so.

    In addition, Barclays was one of the few banks not to ask for a bailout from the BofE when the Lehman credit crunch arrived. In doing so they could have reduced their borrowing costs because anyone looking at Barclay's would have known the BOfE stood behind it.

    The aroma of fish grows stronger...

  3. It defies belief really. I note the Chairman wasn't even around when this was happening!
  4. Doesn't it just, but If I remember rightly Barclays went to UAE or was it Saudi to get a huge loan and the share holders were less than impressed. I doubt wether Barclays would have told lenders that they had the sanction of Bof E to manipulate the borrowing rate as they wouldn't have told anyone. No this is a case of if we go down , you go down-trouble is it could get abit stinky for Darling and Broon. Ooh would I not have like to be a fly on the wall in the treasury.
  5. We await the phone call transcript!
  6. maninblack

    maninblack LE Book Reviewer

    If the various directors of Barclays have any sense they will negotiate with the UK authorities to expose all their foul little crimes and get a swift prosecution out of the way. 5 years in Ford open prison is a good deal better than what they will get when the FBI extradite them.
    • Like Like x 1
  7. I feel that before we see the bottom of this, that aroma will turn out to be a shagg'n great trawler.
  8. From what I read, that is what they have done. This is why Barclays is first. They did a deal with the global regulators and of course they/Tim Bond cited the problem regarding false USD LIBOR bids to the US regulators back in 2007/8.

    I suspect criminal proceedings are underway to target the other banks.
  9. Mr_Fingerz

    Mr_Fingerz LE Book Reviewer

    Apparently the reason why the Barclays fine of £290M was so small, is because they have been naming names.

    I see that four bodies at RBS were given the (not so) good news this morning that their cards would be waiting for them on Monday. I presume that London City Police will have some officers waiting to speak to them as they pick said cards up.
  10. Given that I along with just about everybody else is staggered, by the simple mindless responses from the banks 'fetch me the Bolly this one is broken'. Perhaps somebody could come out with a guide to the criminality and it's non banking equivellents?
    So fiddling the Libor is cosher, thus short changing a customer in a pub is as well?
  11. Is this the sort of deal which will see Brokleys staff immune from beng carted throu the City in a trumbull in handcuffs?
  12. No sign of their manager also getting the shove?
  13. Mr_Fingerz

    Mr_Fingerz LE Book Reviewer

    Do you mean something along the lines of:

    Me insisting that a client has my insurance in case "something bad happens" is demanding money with menaces, whereas if Barclays or RBS, in the course of providing a loan insist that the "customer" purchases an insurance policy that is neither appropriate nor cost effective, they are guilty of nothing more than "sharp practice" at one extreme or "overzealous selling" at the other?
  14. BBC on-line news (sorry no links) Barclays Top Dog, Agius has been given the boot. This was on the cards, we will have to see if Tinshit (Diamond) gets the same order. If he does it will not be something that Barclays will want to do easily, as he is considered as one of the Top Guns in the city. Now shot down with Wrights Biplane.
  15. Or even lower down the scale, when Barclays were taking Direct Debits from my bank account to service somebody else debts, not once but on two separate occasions. When I pointed out the similarity of me holding a gun to the tellers and demanding £10, as being the same sort of action as Brokenlies. They got all uppity.