Bob Diamond forgoes bonus as Barclays fined for Libor manipulation

[petergriffin]

Because if you are a rich executive you would not want to live North of Regents Park

The first UK bank to succumb to the subprime junk market was Northern Rock actually.

[ZARDOZ]

My understanding is the LIBOR rate is fixed by what is effectively a cartel anyway bearing little resemblance to the BOE rate. So what exactly is the difference here? Some members of the cartel are not playing ball?

[AtW]

So what exactly is the difference here? Some members of the cartel are not playing ball?

Cartel or not but banks ain't stupid to lend each other at too low rates as they try to make profit, hence in theory their lending rates could reflect actual market.

The problem was that some members appears to have chosen to provide false numbers that were not what actually happened.

[ZARDOZ]

Cartel or not but banks ain't stupid to lend each other at too low rates as they try to make profit, hence in theory their lending rates could reflect actual market.

The problem was that some members appears to have chosen to provide false numbers that were not what actually happened.

It's all bollocks the BOE say the rate is 0.5% pa but the banks say it's double that, even when the BOE keep printing money for them to lend. They were the primary cause of the mess we are in and they aren't helping to fix it. Their arses should have been kicked long before now.

[AtW]

It's all bollocks the BOE say the rate is 0.5% pa but the banks say it's double that

BoE rate is indeed bollocks.

But LIBOR is supposed to reflect real world based under assumption that key members are too greedy to lend themselves at non-commercial rates.

Those traders who allegedly did this tulip should really go to jail for fraud.

[Doggy Styles]

BoE rate is indeed bollocks.

But LIBOR is supposed to reflect real world based under assumption that key members are too greedy to lend themselves at non-commercial rates.

Those traders who allegedly did this tulip should really go to jail for fraud.

I find myself agreeing with AtW.

And I've only had two pints!

[AtW]

I find myself agreeing with AtW.

And I've only had two pints!

Did I ever mention that I was once interviewed for a BarCap technical role?

[BrilloPad]

Did I ever mention that I was once interviewed for a BarCap technical role?

You had a lucky escape then.

[BrilloPad]

Latest banking scandal arrests expected to total 0

Mr Diamond also responded to claims by former City minister Lord Myners that it was the most corrosive failure of moral behaviour he had seen in a major UK financial institution in his career. “Really?!” he said “If he thinks this is bad, he should wait until all the other stuff comes out.” “Seriously, it’s going to blow his mind!”

[kmge]

Casino Bob was in charge of BarCrap when all this was happening and yet he says he wasn't aware, it was all perpetrated by minions so he won't fall on his sword.

There seems to be a bit of slippery shoulders going on here. If he was in charge then he's got to be accountable. If he won't admit to any guilt to do with the LIBOR fixing then at the very least he is guilty of incompetence. giving up a couple of quid this year has been more than made up for by the 10 of millions he got while at BarCap.