Bob Diamond forgoes bonus as Barclays fined for Libor manipulation

[russell]

At least Bob Diamond is doing interviews and trying to explain....not wait.

[Lockhouse]

"There was a period of remorse and apology for banks, and I think that period needs to be over," Bob Diamond, Jan 2011.

[Doggy Styles]

Bobby Diamond is a good name for a pop star.

[centurian]

There is no insider trading laws for money markets or commodity markets.

Insider trading means having knowledge of what is going to happen and acting upon it. In this case, the information was changed.

So isn't this a case of outright fraud. False information was deliberately presented in order for financial gain - both for the firm - and for the individual, in the form of bonuses.

[russell]

Insider trading means having knowledge of what is going to happen and acting upon it. In this case, the information was changed.

So isn't this a case of outright fraud. False information was deliberately presented in order for financial gain - both for the firm - and for the individual, in the form of bonuses.

Yep, there WILL be criminal charges and people WILL go to prison over this.

[Lockhouse]

Bobby Diamond is a good name for a pop star.

He's already got a brother, Neil.

[Sysman]

What's the point of fining the company? All that happens is the directors fire a load of innocents to try and recover the loss. 290 million? That's easy; sack or outsource 4000 to 5000 people and the fine's paid. Stop this nonsense; if offenses were committed they were committed by individuals doing things probably authorised by other individuals, so those individuals should be prosecuted instead of giving some silly fine that just hits innocent bystanders.

Yep. About a dozen years ago there was a big clampdown at work (in Switzerland) about taking proper rest breaks, not working too many weekends in a row etc.

If found guilty it wasn't just the firm that got fined, but the responsible manager too. 50K for the manager is a figure that sticks in mind.

[AtW]

The Chinese would execute him and rightly so. Imagine how many lives he has ruined, homes re-repossessed and customers driven to suicide

Communists don't like competitors

[gingerjedi]

Unanimity, A CUK first?

Is nobody going to defend Bob?

[CheeseSlice]

Lots of very angry comments on the Torygraph article today. Not many going beyond demanding imprisonment though...

...but then this one:

Lets all calm down for a minute and think about this for a minute.... STONE HIM!