Barclays fined for attempts to manipulate key bank rates

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Barclays fined for attempts to manipulate key bank rates

This is a duplicate of the Blog Entry made on 27th June 2012 16:26.

Barclays bank will pay penalties of £290m ($450m) for trying to rig the key interest rates at which banks lend money to each other. The penalty from...

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[pompeyfaith]

Re: Barclays fined for attempts to manipulate key bank rates

WOW £290M but what impact if any does this have on the consumer because surely if the inter-bank rates were manipulated then it must feed into consumer lending rates?

[transformer999]

Re: Barclays fined for attempts to manipulate key bank rates

Absolutely magnificent....................as Barclays own Blemain Finance.....who are taking me to court for possession proceedings...and this could not have come at a better time

[5corpio]

Re: Barclays fined for attempts to manipulate key bank rates

Barclays: Cameron says bank faces 'serious questions'

Prime Minister David Cameron has said that Barclays Bank management has "serious questions" to answer over how it manipulated banking lending rates. Barclays was fined £290m ($450m) after an investigation into claims that several banks manipulated the Libor rate at which they lend to each other. The Chancellor George Osborne confirmed that HSBC, RBS, Citigroup and UBS are also under investigation....Read more here: BBC News - Barclays: Cameron says bank faces

FSA close to helping firms hit by interest rate swaps

The Financial Services Authority (FSA) is in last minute talks with banks to agree a settlement package for small firms which believe they were wrongly sold interest rate swaps. According to sources, the plan is for an FSA announcement on Friday about the likely scale of alleged mis-selling and how the banks will provide restitution.The FSA is expected to be highly critical of the banks' conduct.....Read more here: BBC News - FSA close to helping firms hit by interest rate swaps

[5corpio]

Re: Barclays fined for attempts to manipulate key bank rates

Barclays boss Bob Diamond says he will not resign

The boss of Barclays has insisted he will not resign after staff rigged the key lending rate between banks. Bob Diamond was speaking at a meeting of analysts at US bank, Morgan Stanley. And in a letter agreeing to give evidence to MPs, Mr Diamond condemned the inappropriate behaviour of a "small number" of employees who had tried to make profits for their own benefit.....Read more here:

'Face the Music Bobby' - otherwise everyone will say 'i didn't get the CC, it was Barclays little People'

[5corpio]

Re: Barclays fined for attempts to manipulate key bank rates

Barclays boss Bob Diamond resigns amid Libor scandal.
Barclays chief executive Bob Diamond has resigned with immediate effect. The move comes less than a week after the bank was fined a record amount for trying to manipulate inter-bank lending rates. Mr Diamond said he was stepping down because the external pressure on the bank risked "damaging the franchise". Chancellor George Osborne welcomed the decision and said he hoped it was the "first step towards a new culture of responsibility in British banking". .....Read more HERE

[SaltnVinegar]

Re: Barclays fined for attempts to manipulate key bank rates

Mr Diamond said he was stepping down because the external pressure on the bank risked "damaging the franchise".

Hmm its a bit late for that now. Many people would argue that the 'franchise' had already been damaged before the LIBOR rigging fiasco, never mind once that had been exposed.

Every employee in the financial sector has to complete, and pass, training in relation to financial regulation and compliance, not just in terms of rules and regulations, but in terms of conduct and personal liability. This training educates employees as to the personal criminal charges they face should their conduct breach these regulations. Mr Diamond would have no excuse to be any different.

Mr Diamond MOST DEFINITELY should face criminal charges (as well as those other involved). If he does not then this will show the whole world that its one law for the banking/financial industry, and one law for the rest of us.

[Flossy]

Re: Barclays fined for attempts to manipulate key bank rates

Originally Posted by SaltnVinegar
Every employee in the financial sector has to complete, and pass, training in relation to financial regulation and compliance, not just in terms of rules and regulations, but in terms of conduct and personal liability. This training educates employees as to the personal criminal charges they face should their conduct breach these regulations. Mr Diamond would have no excuse to be any different

Absolutely S&P. I worked within the Financial Sector and had to do all FPC exams and every new exam that they decided to throw at you which all included Money Laundering, every rule and regulation going...

Your right FP about you having to sit through endless training sessions when you where on the Marketing and design.

There is no excuse. He should have to face charges. I completely agree.

[5corpio]

Re: Barclays fined for attempts to manipulate key bank rates

Saw the news, that another Senior Offical has Resigned........cant get to post Link or info.......at the moment

TO EDIT:
Update:

Chief operating officer Jerry del Missier follows Diamond and Agius through exit door

Read more HERE: Barclays' bloodletting: Another top executive quits as spotlight falls on size of Bob Diamond payoff | This is Money

[5corpio]

Re: Barclays fined for attempts to manipulate key bank rates

Barclays boss Bob Diamond says he will not resign

The boss of Barclays has insisted he will not resign after staff rigged the key lending rate between banks. Bob Diamond was speaking at a meeting of analysts at US bank, Morgan Stanley. And in a letter agreeing to give evidence to MPs, Mr Diamond condemned the inappropriate behaviour of a "small number" of employees who had tried to make profits for their own benefit.....Read more here:

'Face the Music Bobby' - otherwise everyone will say 'i didn't get the CC, it was Barclays little People'

Barclays boss Bob Diamond resigns amid Libor scandal.
Barclays chief executive Bob Diamond has resigned with immediate effect. The move comes less than a week after the bank was fined a record amount for trying to manipulate inter-bank lending rates. Mr Diamond said he was stepping down because the external pressure on the bank risked "damaging the franchise". Chancellor George Osborne welcomed the decision and said he hoped it was the "first step towards a new culture of responsibility in British banking". .....Read more HERE

Read further Latest here: BBC News - Barclays boss Bob Diamond resigns amid Libor scandal

[lookingforward]

Re: Barclays fined for attempts to manipulate key bank rates

This has all gone very quiet, bit like the MP's expenses, big storm with the media attention, some other story grabs the headlines then they all carry on as normal.

[5corpio]

Re: Barclays fined for attempts to manipulate key bank rates

This has all gone very quiet, bit like the MP's expenses, big storm with the media attention, some other story grabs the headlines then they all carry on as normal.

Dashwood: Poor old Bob – now the BBC’s going after him

Bob Diamond, the banking CEO some people love to hate. Just as he’s getting used to a new, quieter life with a teaching gig in America, news comes to Dashwood that the BBC’s Panorama is sniffing around his record at Barclays. It has sent long and pleading emails, seen by Dashwood, to former Barclays executives and staff asking for help with any light they can shine on the blips on the bank’s CV. Of particular interest to the private eyes is the period between 2007 and 2008, when Diamond was head of investment banking, homing in on the Lehmans acquisition and the £11.6bn Qatar and Abu Dhabi fund-raising that saved the bank from a humiliating taxpayer bail-out. The BBC has not yet made its official approach to Barclays to co-operate in the post-Bob rake-through, but one assumes the knock on the door will come sooner rather than later......Source: Dashwood: Poor old Bob s going after him - Telegraph