UBS - One Billion

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Hopefully those that chose to defend the corrupt and evil banking industry are now seeing the errors of their considerations. Its not old news this LIBOR rate rigging scandal and now that UBS has been fined one billion pounds for its part played we expect others to follow. Our own RBS is apparently next in line.
But what of those employees that actually had a hand in this gross misconduct, walk away with a smile and fat pension seems remarkably punishment free. Corporate misconduct is one thing we now need to extend this to personal culpability and punishment that fits the crime? Is this reasonable?

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sidicks said:

crankedup said:

Hopefully those that chose to defend the corrupt and evil banking industry are now seeing the errors of their considerations.

Has anyone sought to defend those involved in LIBOR rigging or have they taken a more sensible and informed view that trying to treat a while industry as corrupt due to the actions of a few is childlike / idiotic in the extreme?


I suppose we should view ALL doctors as corrupt based on the actions of Harold Shipman or ALL TV presenters as corrupt based on the alleged actions of Sir Jimmy Saville?

Seriously, the amount of crap that some people write about banking (where they clearly don't understand the first thing about the industry) is becoming really boring.

Do YOU defend the actions of the corrupt and evil banking industry?
I have in the past defended some actions of the banking industry, but not those actions that I state in this thread, big difference.

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sidicks said:

crankedup said:

Do YOU defend the actions of the corrupt and evil banking industry?

I have in the past defended some actions of the banking industry, but not those actions that I state in this thread, big difference.

Some of the activities that have taken place are indefensible - few people would argue against that, and few would try and defend the individuals that carried out those actions.

However, continually talking about the industry being corrupt, rather than a small proportion of the people within the industry, is pure idiotic rhetoric.

Fair enough, but with the continuing trickle of news regarding bad practice within the industry it hardly covers the industry in rose petals. LIBOR when this corruption became public knowledge it was stated by many to be insignificant and just a few banks affected, as stated earlier by another poster,this was wholly wrong and much more serious. Many different aspects of malpractice continue to trickle out including the insurance selling scandal. Root and branch reform would not be required within an industry that would be seen to be anything other than rotten. Of course we all know that many individuals are honest and hard-working, sadly they work within an industry far removed from those persons ethics. The small proportion of people you mention as corrupt appear to be those that were movers and shakers whilst others being sales people. You can't polish a turd.

Edited by crankedup on Wednesday 19th December 16:27

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whoami said:

It's quite interesting to note that the usual suspects are absent from the thread.

Yes indeed, what really peed me off a year or two ago was the fact that if the 'banking industry' was challenged then that poster (me included) would be subject to a tirade of abuse with lines like the example on page one of this thread.

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dodgyviper said:

sidicks said:

They are absent for the very obvious reason that you simply want to cast wild aspersions and have absolutely no interest in listening to explanations to find out exactly what happened, who was at fault and what the impact was etc.

You just want to have an ignorant moan, in the main about stuff you don't understand.

In summary:
Some salesman mis-sold some financial products
Some senior bankers stuffed up that led to the credit crisis
A minimal number of people were involved in fixing libor rates - the net aggregate impact was extremely small and customers would not have been noticeably disadvantages. Indeed, some would have benefited.
The vast majority of those working in banking (rather than sales) are honest, hardworking individuals. Claims about the 'industry' are meaningless and getting very boring.

Sidicks,

Am currently working in a bank so understand your point re the majority etc.

However, when people talk of banking - they talk of the people at the top - and until we see these individuals being sacked in droves (one or two board members doesn't count), then a lot of people will consider the whole lot are corrupt.

Tell me this, how many industries can you name, where the actions of a minimal handful of people have caused the Employer to suffer fines of hundreds of millions of pounds AND THOSE INDIVIDUALS ARE STILL NOT SACKED

The public are seeing rich boys n girls taking the piss with seemingly little or no consequence

100% agree, on top of that as a constant protagonist against the 'Banking Industry' I have lost count of the number of times that I have acknowledged the obvious fact that thousands of bank employees are honest and hard working, in fact I would suggest that nobody in PH would not acknowledge that fact.