Banking Scandal

gynn · 29-06-2012, 04:58

The alleged fixing of the LIBOR rate by Barclays and other banks has the potential to become one of the great scandals of the decade, putting cash for questions, MPs allowances etc into the shade.

The LIBOR rate affects the level of interest everyone pays, including individual mortgage holders and businesses trying to grow.

And in all the years I worked in local government finance, the LIBOR rate was one of the key figures on which all borrowing by local councils was based. If the rate was artificially rigged in favour of the banks, councils will have been paying more than they should to borrow money. To cash strapped councils like Hyndburn, this means that spending on services will have been lower to pay these higher interest rates.

So high profile cuts that have had to be made may not have been necessary.

It is a 'crime' that effectively swindled everybody, and the fact that the ensuing profits were paid as bonuses to a select few only exacerbates the position.

It is the economics of a third world banana republic, and it will be interesting to watch the scandal develop and heads roll.

cashman · 29-06-2012, 07:26

Yeh got more faith than me gynn, Heads should roll!!! But doubt very much if they will, apart from smaller sacrificial lambs.

Those who are really responsible(The Big Guns) will be too hard to nail, unlike soft targets it will be a bit like nailing those who dont charge V.A,T. to ordinary people.... Easy to nail .

Studio25 · 29-06-2012, 08:04

Was speaking to someone yesterday who reckons it's cost him £30,000 of extra interest over the last 2½ years.

Taggy · 30-06-2012, 10:09

Plenty of folk may think it doesn't or hasn't affected them, but it has, all costs end up being passed on to everyone eventually, we are all paying the price constantly for this criminal greed. Unfortunately the well off will always protect the well off, a few scapegoats will get their collars felt, but all will return to normal in their corrupt world again!

Best regards - Taggy

cashman · 30-06-2012, 10:32

Quote:

Originally Posted by Taggy

Plenty of folk may think it doesn't or hasn't affected them, but it has, all costs end up being passed on to everyone eventually, we are all paying the price constantly for this criminal greed. Unfortunately the well off will always protect the well off, a few scapegoats will get their collars felt, but all will return to normal in their corrupt world again!

Best regards - Taggy

In a nutshell Taggy, twas my point.

accyman · 30-06-2012, 14:44

Quote:

Originally Posted by Studio25

Was speaking to someone yesterday who reckons it's cost him £30,000 of extra interest over the last 2½ years.

in america where this has also happened people are sueing the banks and according to some financial solicitor on teh radio yesterday people here are going to also sue the banks.If the banks do get sued i doubt those who get multi million £ bonuses will suffer but it will be the peoples money that gets used to pay back what is owed.Considering how its the peoples money that bailed teh banks out any money they have is the peoples money anyway so in effect the dishonesty isn going to cost the banks a penny just the people.

Margaret Pilkington · 30-06-2012, 14:55

Barclays bank was fined £290million in the last few days what I would like to know is....who gets this money? and where does the money come from?

mab · 01-07-2012, 11:15

Every man woman and child should be reimbursed !!!

accyman · 01-07-2012, 16:53

Quote:

Originally Posted by Margaret Pilkington

Barclays bank was fined £290million in the last few days what I would like to know is....who gets this money? and where does the money come from?

they lost 290 million im pretty sure their interest rates on mortgages and loans will be put up just enough to cover their fines and possibly a bonus as a reward for thinking up how to get the money back

Margaret Pilkington · 01-07-2012, 19:44

No Accyman - they were fined £290 million(they didn't lose it) for rigging interest rates.
Barclays shares dive as boss Bob Diamond faces calls to quit over rate-fix - UK - News - Evening Standard(it is quoted in this article)
But what I want to know is, who gets the money from the fine...and where did this money come from...did it come from trade..or out of profits...or are those who normally gett millions in bonus payments going to fund this fine?

Mancie · 02-07-2012, 20:07

Surely if a company or individual is secretly fixing and fiddling for financial gain it's called fraud, a criminal act, people resigning means sod all, if there is evidence of criminal activity then those involved should be tried in court as is usual.. all seems simple really

Margaret Pilkington · 02-07-2012, 20:10

Well, it is simple...unless of course there was some involvement of the BOE.
I can see this sticky mess getting stickier....for all concerned.

cmonstanley · 02-07-2012, 20:21

all talk from david cameron again, lets have an enquiry he says it will take at least year to start. just enough time for them to try and cover up what else that has been happening.this is fraud on a grand scale but they will get away with it as they are the tories cronies and the real rulers of europe

accyman · 02-07-2012, 20:28

Quote:

Originally Posted by Mancie

Surely if a company or individual is secretly fixing and fiddling for financial gain it's called fraud, a criminal act, people resigning means sod all, if there is evidence of criminal activity then those involved should be tried in court as is usual.. all seems simple really

could have said the same about the vast majority of MP's fiddleing expenses yet i cant recall any of the big names going to prison over it.Seems to be if enough of the people in charge are at it they all get off scott free

tony blair has gone unpunished for providing false documentation that led the country to war

the higher up you are the less the law applies

cashman · 02-07-2012, 21:46

Quote:

Originally Posted by Mancie

Surely if a company or individual is secretly fixing and fiddling for financial gain it's called fraud, a criminal act, people resigning means sod all, if there is evidence of criminal activity then those involved should be tried in court as is usual.. all seems simple really

It is Fraud, n should lead to prosecution, but will not, as far as i'm aware, there is no facility to do so?

But if you or i commit fraud,then we will be prosecuted,fact!! Which tells me, this whole farce as been deliberately set up so the rich look after the rich, These people are not dense, so to omit prosecution from the game,what other reason can there be?