Reply to: Bob Diamond forgoes bonus as Barclays fined for Libor manipulation

[BrilloPad]

How can it not be Bank of England's fault? With interest rates so low (aka financial repression) the only way banks can make a profit is by rigging the game. Simples!

The banks can borrow money at very low base rate and pass it on at LIBOR plus a whole lot more. My mortgage rate roughly moved in line with base rate until it was 2% - no further cuts. Then 6 months ago they added .2% from nowhere.

And that is just mortgage rate! What about personal loans/credit cards?

The banks have it way to easy - they just make loads of money to hand out to trader bonuses.

The government needs to setup new banks to pass money directly into the economy.

[petergriffin]

BBC News - What did Bank of England say to Barclays about Libor?

It looks like they are trying to spin this as the BoE's fault.

How can it not be Bank of England's fault? With interest rates so low (aka financial repression) the only way banks can make a profit is by rigging the game. Simples!

[centurian]

Well, they'd better have those instructions in writing!!!

Although if there is any truth to this, I certainly wouldn't be the least bit surprised.

[BrilloPad]

Enquiries are best held right after quick fair trial followed by prompt execution of the guilty.

HTH

"You must spread some Reputation around before giving it to AtW again."

[AtW]

BBC News - What did Bank of England say to Barclays about Libor?

It looks like they are trying to spin this as the BoE's fault.

"In making false submissions about their borrowing costs, managers at Barclays believed they were operating under an instruction from Paul Tucker, deputy governor of the Bank of England, I have learned."



Well, they'd better have those instructions in writing!!!

[doodab]

BBC News - What did Bank of England say to Barclays about Libor?

It looks like they are trying to spin this as the BoE's fault.

[AtW]

Enquiries are best held right after quick fair trial followed by prompt execution of the guilty.

HTH

[TimberWolf]

The enquiry is going to be a charade isn't it, what with MPs and bankers being in bed with each other.

[BrilloPad]

FSA finds banks guilty of 3 cups 1 ball scam

Miliband calls for inquiry that will allow bankers to not recall anything

[AtW]

You had a lucky escape then.

I only understood it some years later.

[kmge]

I understand why people want Bob Diamond's head on a platter, but I'm not too bothered about him - I'd sooner punish those Bollinger-quaffing morons who actually did it. Criminal proceedings against every single one of them. Plus those who benefitted from the fraud.

If Bob Diamond is the only one who resigns or is punished, that's a green light to continue dodgy practices, knowing there's always a patsy at the top to carry the can and retire with many millions in the bank.

I'm not bothered about him either. I'm bothered about responsibility and accountability, or the lack of it.
"Pass the blame and don't blame me, close your eyes and count to three, and I'll be gone and you'll forget..." as the song goes. It just seems that no one is either willing or able to hold these people to account for what they've done in the name of profit and greed.

[DodgyAgent]

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

Tsk! Bloody Northerners eh!

[Doggy Styles]

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.

I understand why people want Bob Diamond's head on a platter, but I'm not too bothered about him - I'd sooner punish those Bollinger-quaffing morons who actually did it. Criminal proceedings against every single one of them. Plus those who benefitted from the fraud.

If Bob Diamond is the only one who resigns or is punished, that's a green light to continue dodgy practices, knowing there's always a patsy at the top to carry the can and retire with many millions in the bank.

[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.

[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!”