Bob Diamond forgoes bonus as Barclays fined for Libor manipulation

[AtW]

I simply think that tax should be used to provide better services than can be offered by the private sector.

Have you considered applying for a management job in public sector to make it happen?

[AtW]

I simply think that tax should be used to provide better services than can be offered by the private sector.

You right.

And normally they are better services than private sector can offer to those who can't afford to pay otherwise.

[DodgyAgent]

There you go. the trouble is that this is how people like you regard tax. tax should be regarded as an efficient way of redistributing wealth to benefit those who have little or no money. It is instead regarded as punishment and therefore few care about how it is really spent. I do not think taxes should be cut, I simply think that tax should be used to provide better services than can be offered by the private sector.

Will someone please shut me up? I am boring myself now.

[AtW]

Will someone please shut me up? I am boring myself now.

Put the kettle on, will ya?

[DodgyAgent]

You right.

And normally they are the only services than private sector can offer to those who can't afford to pay otherwise.

FTFY

[Alf W]

The fix to the UK Banking system seems quite simple to me. The banks should immediately sack all Americans working for them.

In the late 90s the implicit threat from the UK banks was that their short term (in retrospect destructive) ways of working made them more profitable than UK institutions so they were going to buy out British banks and convert them to the new model. This led to British banks employing large numbers of US 'top talent' in the pursuit of hungry hippos short termism. Ultimately, they screwed their own banking system and took down most of ours as well (probably the only UK survivor was Coop Bank that never went in for any of this sort of stuff). Look at the guilty parties that will shake out of this LIBOR scandal and I bet you'll find a high proportion of Americans.

So, jail them, confiscate their assets and then deport the lot of them.

[AtW]

The fix to the UK Banking system seems quite simple to me. The banks should immediately sack all Americans working for them.

In 2002 total number of workpermit issues to US citizens was just under 10k.

Source: http://www.ons.gov.uk/ons/rel/lms/la...cal-review.pdf

How many of them are bankers? Don't know but that number can't be significant.

Russia was just under 1000 - I was one of them

[BrilloPad]

Libor – the London Inter Bank Offered Rate – is the primary market rate of interest. The Bank of England sets the official policy rate but Libor is the actual cost to a bank of borrowing unsecured funds from one another overnight. Without that flow of funds the financial system doesn't work.

Record fines for Barclays are just the beginning of the Libor scandal - Telegraph

If it is that important why do they leave it in the hands of a group of young drunken morons?

[AtW]

It seems to me that there will be lawsuits against banks who got caught in doing this tulip to provide compensation - 0.1% difference can be billions somebody had to pay OR did not get if LIBOR was lower than it should have been.

This is Enron style scandal - let's see if anybody goes to jail over it...

[BrilloPad]

It seems to me that there will be lawsuits against banks who got caught in doing this tulip to provide compensation - 0.1% difference can be billions somebody had to pay OR did not get if LIBOR was lower than it should have been.

This is Enron style scandal - let's see if anybody goes to jail over it...

There will be lawsuits. The lawyers are rubbing their hands. Well rubbing their scaly feet.

No-one will be jailed.