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Adrian W
Original Poster
8,124 posts
97 months
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trickywoo
3,413 posts
99 months
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Peston - "It's quite hard to think of behaviour by a bank as shocking as this: not telling the truth about what it is costing you to borrow, that then becomes a benchmark for pricing other deals."
Sums it up quite nicely. I really think a 10 year plus prison sentance is justified for behaviour like this and its probably the only deterent as they have almost certainly made more out of the scam than the fines amount to.
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Soovy
31,989 posts
140 months
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I would imagine that prison sentences will be handed out shortly.
Varley will not now be Governor of the Bank of England, I wouldn't have thought.
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10 Pence Short
27,605 posts
86 months
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Unfortunate name of the day #32:
Barclays Chief Executive of Corporate and Investment Banking, Mr. Rich Ricci.
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Use Psychology
9,797 posts
61 months
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they's go to prison if anyone caught them EATING BABIES.
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Digga
10,898 posts
152 months
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Question I was pondering about this manipulation of Libor; suppose 'a big corporation' that signed a Libor-based deal felt it had lost out due to this (fraudulent?) activity, what's the liability Barclays face?
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fido
9,388 posts
124 months
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Soovy said: I would imagine that prison sentences will be handed out shortly.
Varley will not now be Governor of the Bank of England, I wouldn't have thought. Probably just the traders/managers involved. It's a bit of dilemma in the sense that their [submitters] job is to 'fix' the price. Of course the collusion bit is the serious offence. And PR-wise it's a disaster. http://www.zerohedge.com/news/shocking-details-bar...iii. On Monday, 13 March 2006, the following email exchange took place: Trader C: “The big day [has] arrived… My NYK are screaming at me about an unchanged 3m libor. As always, any help wd be greatly appreciated. What do you think you’ll go for 3m?” Submitter: “I am going 90 altho 91 is what I should be posting”. Trader C: “[…] when I retire and write a book about this business your name will be written in golden letters […]”. Submitter: “I would prefer this [to] not be in any book!” 
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Apache
38,246 posts
153 months
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Use Psychology said: they's go to prison if anyone caught them EATING BABIES. eh?
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Use Psychology
9,797 posts
61 months
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sorry, just imagining newspaper headlines in keeping with the current popular opinion of bankers. the debate is hindered by the inability of most people to tell the difference between bankers (people who work for banks, probably quite reasonable, normal and nice people) and banks (f  ked up organisations).
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ukwill
7,249 posts
76 months
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10 Pence Short said: Unfortunate name of the day #32:
Barclays Chief Executive of Corporate and Investment Banking, Mr. Rich Ricci. Saw that and thought the same 
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Adrian W
Original Poster
8,124 posts
97 months
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Use Psychology said: sorry, just imagining newspaper headlines in keeping with the current popular opinion of bankers. the debate is hindered by the inability of most people to tell the difference between bankers (people who work for banks, probably quite reasonable, normal and nice people) and banks (f ked up organisations). I'm having a little trouble with this, people manipulated the rates not organisations, however it does seem that people are immune from any consequences from their direct actions, in any other industry arrests would have been made
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DickHerpes
818 posts
28 months
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ellroy
2,107 posts
94 months
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Adrian W said: I'm having a little trouble with this, people manipulated the rates not organisations, however it does seem that people are immune from any consequences from their direct actions, in any other industry arrests would have been made Not that immune. Most are no longer employed, and those that are, only due to ongoing investigations, are now in the midst of a rather large arse feeling. On top of that I would not be surprised if legal proceedings were to soon follow on an individual basis from the regulators.
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ukwill
7,249 posts
76 months
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DickHerpes said: Rape the Queen. 
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scenario8
2,770 posts
48 months
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ukwill said: DickHerpes said: Rape the Queen. I suspect it was his (DickHerpes') answer to the OP's question.
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Use Psychology
9,797 posts
61 months
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scenario8 said: ukwill said: DickHerpes said: Rape the Queen. I suspect it was his (DickHerpes') answer to the OP's question. aww crap, I was all ready to carry out his instruction.
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ukwill
7,249 posts
76 months
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scenario8 said: I suspect it was his (DickHerpes') answer to the OP's question. Ah! I thought it was tourettes or something.
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VinceFox
14,221 posts
41 months
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Can someone give me a potted down "newsround" version of this?
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johnfm
9,019 posts
119 months
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VinceFox said: Can someone give me a potted down "newsround" version of this? Libor and Euribor are set buy asking a bunch of banks "how much would you pay for an interbank loan at 11am today?" The 'setters' answer this Q. Some of the banks' business (revenues from derivaives, swaps etc) may more profitable depending on Libor. So some traders at Barclays would ask the team of 'setters' to set the quote lower than the real value because it was advantageous for their trades. Basically, artificially setting Libor in collusion (it seems ) with other banks. It is naughty.
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ukwill
7,249 posts
76 months
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VinceFox said: Can someone give me a potted down "newsround" version of this? bank tried to manipulate benchmark reference rate. got found out. heap big fine.
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