Bankers fear reviews into interest-rate fixing scandal will be 'witch-hunt'

[AtW]

An initial inquiry into the setting of Libor, the standard rate banks use to lend to each another, will report within weeks and may push for criminal sanctions against anyone who manipulates the rate in the future.

There will also be a second review into the professional standards and qualifications of bankers, currently overseen by the Financial Services Authority (FSA), the City watchdog.

Downing Street is also now taking seriously calls for a full public inquiry into the conduct of Britain’s banks, similar in style to the ongoing probe by Lord Leveson into media standards.

However, senior City figures have this weekend warned of a “witch hunt” against banks that may lead to “knee jerk” regulation that damages an industry vital to Britain’s economic recovery.

The launch of the two reviews comes just days after the FSA fined Barclays £290 million for its role in the Libor-fixing scandal. Other banks under investigation over similar offence include Citigroup, UBS, Royal Bank of Scotland and JPMorgan Chase.

Source: Bankers fear reviews into interest-rate fixing scandal will be 'witch-hunt' - Telegraph

So to sum up - bankers think they are vital to recovery yet they appear to fake key interest rates, missell tulipe currency swaps to small companies that should have never been offered that and after all this bankers fear witch hunt and their main concern is about not damaging prospects of UK recovery

Now here is the real world - SKA Ltd has got merchant account to bill debit/credit cards, the support we get from the bank we pay money to for these services is pathetic - email to account manager bounces from Exchange server saying email too big, upon investigation we find out he left the bank and we did not get notified.

Going to get new bank to process cards next week

[TimberWolf]

Remorse isn't in the bankers dictionary.

[Doggy Styles]

It should be a witch hunt!

If I deliberately mispresent commercial data used across an industry, to benefit myself and/or others, that is fraud. I'd be chased and jailed and quite rightly.

You can never totally trust anyone in finance, but these people have crossed a line. Having them remain in situ and unpunished will lose financial services business for London, which will hold back the UK's economic recovery.

I think a small Aegean Stables job is in order here.

[MarillionFan]

What rates are you paying for your credit card facility?

[Doggy Styles]

What rates are you paying for your credit card facility?

Zero%. Why do you ask?

[doodab]

Anything less than a full enquiry and cleaning of house risks damaging the credibility of the city. If it's that vital to the economy then they should welcome the chance to root out the isolated few and prove their integrity to the world. Resisting smacks of having something to hide.

On second thoughts, perhaps the problems are so endemic that should the truth emerge the city will implode.

[Sysman]

Anything less than a full enquiry and cleaning of house risks damaging the credibility of the city. If it's that vital to the economy then they should welcome the chance to root out the isolated few and prove their integrity to the world. Resisting smacks of having something to hide.

On second thoughts, perhaps the problems are so endemic that should the truth emerge the city will implode.

I hate to say "told you so", but it never did seem a good idea to put all the country's eggs in one basket by putting so much emphasis on financial services and letting other sectors decline.

[doodab]

I hate to say "told you so", but it never did seem a good idea to put all the country's eggs in one basket by putting so much emphasis on financial services and letting other sectors decline.

If you look at the actual numbers financial services are on a par with the motor trade. The idea that Britain will collapse if we weed out the tulipe is patently wrong.

[Sysman]

If you look at the actual numbers financial services are on a par with the motor trade. The idea that Britain will collapse if we weed out the tulipe is patently wrong.

[AtW]

Zero%. Why do you ask?

He was probably asking me.