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Forum Post: Barclays Bankster Quits #OWS is Correct

Posted 8 years ago on July 3, 2012, 8:32 p.m. EST by Builder (4202)
This content is user submitted and not an official statement

Bob Diamond last night implicated large parts of the Establishment in the rate-fixing scandal.

In a spectacular act of revenge, the fallen financial titan turned on the Bank of England, Whitehall officials and the last Labour government.

His former bank Barclays published documents suggesting the Bank of England leant on him to push down the Libor rate that affects the price of loans and financial products everywhere.

Senior Whitehall figures had expressed concern about the high rates being reported by Barclays and wanted them lowered, according to the memos.

A key email suggested Barclays was alone in reporting high borrowing costs in 2008, while rival banks were underestimating theirs.

Paul Tucker, the Bank of England deputy governor who discussed the issue in a 2008 telephone call with Mr Diamond, and a string of former Labour ministers now face tough questions over what they knew and when.

Mr Diamond, who resigned as Barclays chief executive yesterday following days of pressure, will give further evidence to Parliament today.

Read more: http://www.dailymail.co.uk/news/article-2168449/Bob-Diamond-resignation-Ousted-Barclays-boss-makes-damning-claims-Bank-England-Labour-ministers-involved-rigging-rates.html#ixzz1zY3zjXgo



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[-] 3 points by PeterKropotkin (1050) from Oakland, CA 8 years ago

Some of these guys should be sent to Guantanamo bay for the shit they've done. We'd see these bastards act different then.

[-] -2 points by Builder (4202) 8 years ago

Talk on Radio National (BBC, England) is very much in line with what #ows has been saying all along; reinstate Glass-Steagal, and separate the two branches (investment and gambling) of banking.

The actual statement was " ...it is gambling, and when they lose, the public pays. When they win, the bankers keep their winnings. "

Many small steps, Peter.

[+] -4 points by Builder (4202) 8 years ago

Just heard on BBC nooz, that Mr Diamond can say whatever he wants at the hearing, without fear of prosecution, so there may be something tangible to come from his quitting. Talk is, the Bank of England is going to come under the spotlight, as being fully aware of the lies about LIBOR.

Will keep you posted. Are you hearing about this on the MSM?

[-] 1 points by PeterKropotkin (1050) from Oakland, CA 8 years ago

Yeah keep me updated

[+] -4 points by Builder (4202) 8 years ago

Hopefully, I'm wrong when I assume that Diamond is just the fall guy.

So far, he's not naming names, just saying that what he did, is widespread practice, and the whole system needs more regulation.

[-] 1 points by hchc (3297) from Tampa, FL 8 years ago

JP Morgan donates very large sums of money to every single one of hte politlicans that are on the Senate Banking Committee.

[+] -4 points by HempTwisted (-28) 8 years ago

Why DKAtoday Should Be Permanently Banned From The Occupy Wall Street Forum & OWS Movement:


[-] 3 points by DKAtoday (33802) from Coon Rapids, MN 8 years ago

Eat shit and bark at the moon like the rabid dog you are - Shill.

[-] 0 points by minhaalma (28) 8 years ago

Bob Diamond testimony http://www.parliamentlive.tv/Main/Player.aspx?meetingId=11170


The Libor Scandal Claims Its First CEO

Barclays’s (BCS) $455 million settlement with U.S. and U.K. regulators on June 27 offered the first glimpse of what banks may have to pay to resolve a global investigation of interest rate manipulation. The question now: Who’s next?

U.S. and U.K. regulators found that Barclays “systematically” attempted to rig the London interbank offered rate, Libor, and the euro interbank rate starting in 2005. The two-year probe, which involves regulators on three continents, has touched as many as 18 financial institutions, including Citigroup ©, Deutsche Bank (DB), HSBC Holdings (HBC), JPMorgan Chase (JPM), and Royal Bank of Scotland Group (RBS). A dozen firms have fired or suspended traders in connection with internal probes looking at whether their employees tried to manipulate Libor.

For banking executives, the stakes couldn’t be higher. Barclays Chief Executive Officer Robert Diamond and Chief Operating Officer Jerry del Missier resigned on July 3. The American-born Diamond had been under increasing pressure from U.K. politicians to step down. With Diamond due to appear before lawmakers on July 4, Barclays released notes he made after a 2008 call purporting to show that Paul Tucker, then serving as markets director for the Bank of England, hinted that Barclays could cut its Libor rates.

Banks already are facing lawsuits from investors who say they were harmed by manipulation of the rates. “We expect that the cost of lawsuits related to Libor manipulation will dwarf the fines imposed on Barclays,” Sandy Chen, a bank analyst at Cenkos Securities in London, said on June 28. Shareholders are suffering, too: Barclays stock fell 15 percent in the days after the settlement was announced.

...The bottom line: Barclays’s $455 million settlement in the Libor investigation may be just the beginning of the scandal’s costs to the banking industry.

Read the rest of the article here: http://www.businessweek.com/articles/2012-07-03/the-libor-scandal-claims-its-first-ceo

[+] -4 points by Builder (4202) 8 years ago

Thankyou. Interesting to see the same scenario from a US MSM outlet.

[-] 0 points by PeterKropotkin (1050) from Oakland, CA 8 years ago

Its not possible that this thing will bring the whole deck of cards down will it?

[+] -5 points by Builder (4202) 8 years ago

I think we both know that the fine imposed on Barclays falls in the 0.001% of what they profitted from their illegal dealings, Peter, and Bob Diamond said today on BBC radio that his 30 million separation pay is "up to the directors now", so he probably doesn't care what happens, as he has more than likely enough money to never have to work again.

I would dearly like to see across the board RE-REGULATION, rather than skimpy fines slung around here and there. Leaving the issue up to politicians, who are clearly being bought and paid for by banksters, as well as making personal profit from insider trading (Jamie Dimon ring any bells?) will be only so much whitewashing, so what possible outcome would an inquiry have, short of appeasing a restless public sector?

[-] 1 points by PeterKropotkin (1050) from Oakland, CA 8 years ago

I'd love to hear about them in Rykers island with the bloods and the latin kings