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June 28th, 2012 
FAKE NEWS for the Zionist agenda
By
Alex Brummer
16:41 EST, 27 June 2012
|
18:33 EST, 27 June 2012
Tarnished: Barclays chief executive Bob Diamond will waive his bonus
Another day and another monumental banking scandal is revealed, this time at Barclays, the lender run by Bob Diamond, who took to the airwaves this year claiming he wanted to be a good corporate citizen.
Diamond’s remarks, at a time when the bank was under investigation on both sides of the Atlantic for manipulating interest rates, look to be humbug of the worst kind.
Under pressure from regulators in the City and Washington, Barclays has confessed to reprehensible behaviour and paid a whopping fine of £290million.
Its senior staff, including Diamond, chief operating officer Jerry del Missier and head of investment banking Rich Ricci, have all agreed to give up their annual bonuses for 2012.
The tarnish on the reputations of Barclays’ top brass will not go away and there may be questions as to whether they can survive this latest outrage.
The disclosures come in a bad week for the high street banks. The systems meltdown at the Royal Bank of Scotland has caused untold anguish to millions of ordinary households and businesses.
Meanwhile, the banks – including Barclays – are to be investigated by the City regulator, the Financial Services Authority, for mis-selling complex loans to tens of thousands of businesses up and down the country, sending some firms to the wall when the interest rate on the advances unexpectedly soared.
The Barclays wrongdoing focuses on the British and European wholesale money markets, where banks and large corporations lend to each other.
Deal: Barclays traders rigged the rate at which banks lend to each other
Barclays traders contrived to rig the interest rates in these markets – known as the London Interbank Rate (Libor) and the European Interbank Rate (Euribor) – by making sophisticated bets to make trading gains.
It is understood that between ten and 20 rogue dealers were involved, all of whom are being or have been dismissed.
Barclays may be the first of the banks to acknowledge their culpability in seeking to fix and manipulate interest rates, but it will not be alone.
It is expected other banks including RBS, Credit Suisse and JP Morgan are among a long list of lenders in discussion with the regulator over their roles in seeking to influence the market interest rate.
What is perhaps most damaging to Barclays is the ‘barrow boy’ style language used by the traders at the centre of the trade, with dealers calling each other ‘dude’ and ‘chicken’ and promising bottles of Bollinger for being let in on the scam.
The disclosures, which date back several years, serve only to underline the view that investment banks are no more than casinos gambling other people’s money.
Panic: The rogue trading took place at the height of the financial crisis
The most intriguing aspect of the market manipulation was that which took place at the height of the great financial panic in 2007-08.
Barclays executives were panicked by market and media speculation that the bank was in trouble because it was bidding a higher interest rate than other banks to borrow cash in the money markets.
An instruction went out to lower the bids and make the bank look safer than it might otherwise appear. Paradoxically, this may have led to customers, such as big companies, being able to borrow at cheaper rates than otherwise would have been the case.
The latest disgrace for Barclays and the whole financial system can only increase the deep distrust of the public in the integrity of the City and the bankers.
Many will wonder why nearly five years after the financial crisis there has never been a full Leveson-style judicial inquiry into their behaviour, holding those who brought the economy crashing down responsible for their actions.
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Goodbye Mr Diamond it wasn’t nice knowing you. Oh. Repay all the bonuses and lsat one out call the police.
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anyone who ‘looks after’ someone else’s money is a rogue! That includes financial advisors – they are only in it to cream off bonuses and ‘commission’ from YOUR money. The interesting thing is they all look like they have come out of the same mould. As for financial advisors – when it all goes well they never cease phoning to get you to invest more – when it goes badly you never hear from them (despite big fat commissions paid in the past) anyone who ‘handles’ money to make money is a parasite in my experience!
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And these are the same traders who were flashing their American Gold credit cards at impoverished demonstrators the other year.
Most from a background of wealth and privilege and an Oxbridge education. Let’s sneer at the serfs.
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Your headline is an insult to barrow boys.
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SPIVS, who will no doubt recoup this fine from their account holders.The only way to stop this behaviour is to criminilise it.
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If this was someone fiddling there benefits DM would be up in arms calling them feckless scroungers etc. yet here we have billions being made fraudulently yet DM manages to write a measured article I wonder why?
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As a retired bank manager, I am ashamed to admit my previous employment.
Banking was a Profession, but the so-called “investment bankers” have turned it into a casino industry. Banking is supposed to take deposits from customers and lend a prudent amount to other customers NOT to gamble away customers’ funds in high risks adventures so the likes of the Diamond geezer can take millions.
Are the “profits” made by the “City” really in the best interests of the country or would we be better served it our efforts went into manufacturing?
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As immoral as sanctimonious politicians foxhunting ban and tobacco control.
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This behavior will continue until the law is changed and it becomes a CRIMINAL offense and offenders are gaoled. In the absense of a change in the law the “traders” will be fired and then rehired elsewhere and the manipulation will continue. Honestly, we all know no one in the financial sector is ever punished in the true sense for wrong-doing (this is why they do it!). Either change the law and make it a criminal offense or stop complaining and get used to it.
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I should imagine that barrow boys have more honest principles than this rotten lot.
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