Barclays Bank

yerself · 18-01-2011, 21:43

I wonder how much these shysters are going to pay themselves in bonuses this year?

Investment Research - Zacks.com

Jan 18, 2011. The U.K.'s Financial Services Authority said that it has fined Barclays (NYSE:BCS) 7.7 million pounds for failing to give retail customers suitable advice about investing in two funds the bank sold. The bank will also have to pay up to 60 million pounds in compensation to customers who received the wrong advice. The fine relates to two funds sold by the bank between July 2006 and November 2008.

No doubt a certain, chef, sorry motor mechanic, or is it computer expert will be quick to spring to their defence.

garinda · 18-01-2011, 21:46

Though they didn't get public money, unlike the others who were bailed out by Joe Public.

As I'm sure someone else will confirm.

shillelagh · 18-01-2011, 22:26

as rindy says they werent bailed out by our money .. so why cant they pay whatever they want .. its when its the HSBC etc that should have limits ....

Neil · 18-01-2011, 22:32

The story is not about bonuses but about mis selling products.

garinda · 18-01-2011, 22:32

Quote:

Originally Posted by shillelagh

as rindy says they werent bailed out by our money .. so why cant they pay whatever they want .. its when its the HSBC etc that should have limits ....

I agree.

I couldn't give two hoots what private companies do.

You have the option of not giving them your business, if you don't like them.

Wasting tax payers' money, that gets my gander raised.

entwisi · 19-01-2011, 07:20

So a fund was wrongly "rated" and sold by the Branch Advisors ( who would not have the level of detail to say that the rating was "wrong"). In fact you will find that it was only the crunch that battered the funds temporarily, they have recovered most of their value naturally as shares etc have returned to normal position. Barclays shares themselves went as low as 50p at one stage ( usual trading value at the time was ~ 3quid which they are back to as of about 18 months ago IIRC). Thats the thing with investments, you need to consider value only is relevant at the time you want to cash it in. It was a mistake and Barclays have and did own up to it.

A bit like your house, does it matter if its got a paper "sale" value of 10p or 10 million quid. The only time its of any matter is when you are either trading up(You want prices to be as low as possible keeping cost to change low) or trading down ( You want prices as high as possible to release as much cash as possible). At all other times in your life the numbers mean absolutely diddly squat.

Barclays are as others have already said not owing to the British people in any way so why can't they pay me and all other employees of a successful orgaisation a bonus for all our hard work. If you actually do some research and read statements by people like Bob Diamond you will see that Barclays is lending like billyho (just in a responsible manner). You should also consider things like, the bosss of Vodafone making 2.2M a year yet they are never discussed, how about the 12M a year that Mr Rooney allegedly takes home. yes, even with his bonus the man at control of a massive Global organisation responsible for Billions and Billions of pounds earns less than a lad who kicks a footy around.

Neil · 19-01-2011, 07:31

I agree they can pay employees what they want.
Want was wrong was giving out bad advice, it must have been wrong or they would not have been fined. I suppose its nice to know someone is keeping an eye on these things.