Is It only me or is this Banking business out of control?
Discussion
Barclays Bank have been fined £59.5 Million pounds for wrongful trading in the last tear by the FSA. See: http://www.bbc.co.uk/news/business-18612279
The Directors have agreed to forego their bonuses. But will remain in charge of the Bank and therefore receive million pound salaries and continue with their gold plated pensions and remuneration packages.
To my mind this is madness. If a firm is fined for wrongful trading an amount of some £60 Million then the Directors should, at the very least, be prosecuted and banned from being Directors of any UK company.
Clearly the real seriousness of a case producing a £60 Million fine is of no consequence to either the FSA or Barclays. I think this could reflect the reasons why we are staring another Banking crisis in the face.
I think that a judicial review on the FSA decision would force far more serious penalties upon both the Bank and the FSA who is really about as much use as a chocolate teapot.
Do others Agree?
The Directors have agreed to forego their bonuses. But will remain in charge of the Bank and therefore receive million pound salaries and continue with their gold plated pensions and remuneration packages.
To my mind this is madness. If a firm is fined for wrongful trading an amount of some £60 Million then the Directors should, at the very least, be prosecuted and banned from being Directors of any UK company.
Clearly the real seriousness of a case producing a £60 Million fine is of no consequence to either the FSA or Barclays. I think this could reflect the reasons why we are staring another Banking crisis in the face.
I think that a judicial review on the FSA decision would force far more serious penalties upon both the Bank and the FSA who is really about as much use as a chocolate teapot.
Do others Agree?
The FSA fine was £59.5M they were also fined in the states, total in fines £290M.
In the overall stakes £290M isn't that much to Barclays is it?
From what they are being accused of they are getting off relatively lightly, those responsible should (quite rightly) be looking at jail time in my opinion.
In the overall stakes £290M isn't that much to Barclays is it?
From what they are being accused of they are getting off relatively lightly, those responsible should (quite rightly) be looking at jail time in my opinion.
Will it deter others from similar wrong doings? Will it act to sharpen up Management practices? Will it throw shareholders into meltdown? I think not.
It comes across as a little bit of embarrassment for the bank, that's it. No real culpability at all for any single employee or group. But then culpability is currently out of fashion it seems.
It comes across as a little bit of embarrassment for the bank, that's it. No real culpability at all for any single employee or group. But then culpability is currently out of fashion it seems.
crankedup said:
Will it deter others from similar wrong doings?
The fine alone may not, but the further legal ramifications will.crankedup said:
But then culpability is currently out of fashion it seems.
One of the things Nu Labour were keen to dispense with IIRC, war crimes etc. considered.Digga said:
crankedup said:
Will it deter others from similar wrong doings?
The fine alone may not, but the further legal ramifications will.crankedup said:
But then culpability is currently out of fashion it seems.
One of the things Nu Labour were keen to dispense with IIRC, war crimes etc. considered.
I'm surprised you didn't say it wasn't their fault and it was Labours for not regulating them enough.
Digga said:
crankedup said:
Will it deter others from similar wrong doings?
The fine alone may not, but the further legal ramifications will.crankedup said:
But then culpability is currently out of fashion it seems.
One of the things Nu Labour were keen to dispense with IIRC, war crimes etc. considered.Do you agree that Commercial and public service senior management should be held to some form of culpability.?
Bluebarge said:
ringram said:
Maybe the fraud charges are coming soon..
haha..
And the mahoosive class action by anyone whose borrowings are pegged to LIBOR.haha..
Glad I don't own Barclays shares.
Justice would be an Arthur Andersen Enron type erasure of Barclays.
Sadly this will not happen. Though given enough civil claims you never know.
What they did was wrong, and there are legal charges pending, which could well see individuals jailed.
It's possibly worth putting the numbers into context, though. Moving the bank's fix by a basis point, (as the reports suggest was the result of the request) would move the overall fix by one eighth, at most. That's one eighth of one hundredth of one percent for three months, on a rate that moves tens of times that per day.
I'll say again, it's wrong to do this, but don't anyone assume that they were knocking a couple of percent off the fair rate.
It's possibly worth putting the numbers into context, though. Moving the bank's fix by a basis point, (as the reports suggest was the result of the request) would move the overall fix by one eighth, at most. That's one eighth of one hundredth of one percent for three months, on a rate that moves tens of times that per day.
I'll say again, it's wrong to do this, but don't anyone assume that they were knocking a couple of percent off the fair rate.
Jasandjules said:
Ozzie Osmond said:
Mermaid said:
No, they are Bankers - members of the Untouchables group.
^^^^ This ^^^^ This ^^^^ This ^^^^ This^^^^ This ^^^^Write to your MP and demand that these kinds of people face jail for this kind of s**t.
Jasandjules said:
Mermaid said:
You may find they are the same kind of people, with a few exceptions.
True. But the only thing they respond to is public opinion, so if we show that they won't get elected, they might actually do something (I know, not much chance BUT I think we have to try)Apparently there's more to follow - it wasn't just Barclays.
What would be a travesty is if either of the part-tax-payer-owned banks are caught up and get fined. It's all very well for Barclays bosses to not get bonuses and the shareholders to get a mild slap, but if we get into a round of fining the public it will just get too silly!
What would be a travesty is if either of the part-tax-payer-owned banks are caught up and get fined. It's all very well for Barclays bosses to not get bonuses and the shareholders to get a mild slap, but if we get into a round of fining the public it will just get too silly!
NorthernBoy said:
What they did was wrong, and there are legal charges pending, which could well see individuals jailed.
It's possibly worth putting the numbers into context, though. Moving the bank's fix by a basis point, (as the reports suggest was the result of the request) would move the overall fix by one eighth, at most. That's one eighth of one hundredth of one percent for three months, on a rate that moves tens of times that per day.
I'll say again, it's wrong to do this, but don't anyone assume that they were knocking a couple of percent off the fair rate.
What was the point of it then?It's possibly worth putting the numbers into context, though. Moving the bank's fix by a basis point, (as the reports suggest was the result of the request) would move the overall fix by one eighth, at most. That's one eighth of one hundredth of one percent for three months, on a rate that moves tens of times that per day.
I'll say again, it's wrong to do this, but don't anyone assume that they were knocking a couple of percent off the fair rate.
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