£290 mill in fines, what do bankers have to do go to prison?

£290 mill in fines, what do bankers have to do go to prison?

Author
Discussion

Bluebarge

4,519 posts

177 months

Thursday 28th June 2012
quotequote all
voicey said:
I doubt anyone will be going to prison over this. I expect the FSA to prosecute those involved under "Market Abuse" legislation which is a civil offence, thus porridge is off the table.

They could prosecute under "Misleading Statements and Practices" but as it's a criminal offence it is much harder to prove and our beloved regulator loves to take things easy...
It's a little while since I looked at criminal law - but wouldn't the equivalent of "obtaining a pecuniary advantage by deception" do?
It's a basic fraud after all.

anonymous-user

53 months

Thursday 28th June 2012
quotequote all
Bluebarge said:
voicey said:
I doubt anyone will be going to prison over this. I expect the FSA to prosecute those involved under "Market Abuse" legislation which is a civil offence, thus porridge is off the table.

They could prosecute under "Misleading Statements and Practices" but as it's a criminal offence it is much harder to prove and our beloved regulator loves to take things easy...
It's a little while since I looked at criminal law - but wouldn't the equivalent of "obtaining a pecuniary advantage by deception" do?
It's a basic fraud after all.
I would suggest if criminal proceedings are taken forward, they would be handled by the SFO with FSA providing information and evidence.

voicey

2,453 posts

186 months

Thursday 28th June 2012
quotequote all
djstevec said:
Bluebarge said:
voicey said:
I doubt anyone will be going to prison over this. I expect the FSA to prosecute those involved under "Market Abuse" legislation which is a civil offence, thus porridge is off the table.

They could prosecute under "Misleading Statements and Practices" but as it's a criminal offence it is much harder to prove and our beloved regulator loves to take things easy...
It's a little while since I looked at criminal law - but wouldn't the equivalent of "obtaining a pecuniary advantage by deception" do?
It's a basic fraud after all.
I would suggest if criminal proceedings are taken forward, they would be handled by the SFO with FSA providing information and evidence.
We are talking about the FSA here who are largely incompetent. I'm not saying that other offences could be prosecuted but that the easiest option will be taken. Don't forget that civil offences are tried on the balance of probabilities as opposed to beyond all reasonable doubt.

3Dee

3,206 posts

220 months

Thursday 28th June 2012
quotequote all
Easy answer to ALL THIS CRAP:

Disband the FSA and all like organisations
BAN all money trading
BAN all variable interest rates - Fix for ever!
BAN all variable FOREIGN exchange rates - Fix forever!
BAN the Footsie and all other trading centres
RESTAFF all job-centres

...then go home, have a cup of tea and a slice of cake, and watch telly!

johnfm

13,668 posts

249 months

Thursday 28th June 2012
quotequote all
Bluebarge said:
voicey said:
I doubt anyone will be going to prison over this. I expect the FSA to prosecute those involved under "Market Abuse" legislation which is a civil offence, thus porridge is off the table.

They could prosecute under "Misleading Statements and Practices" but as it's a criminal offence it is much harder to prove and our beloved regulator loves to take things easy...
It's a little while since I looked at criminal law - but wouldn't the equivalent of "obtaining a pecuniary advantage by deception" do?
It's a basic fraud after all.
Considering the difficulties juries have in complex fraud trials, there is no way this will ever get to court.

crankedup

25,764 posts

242 months

Thursday 28th June 2012
quotequote all
3Dee said:
Easy answer to ALL THIS CRAP:

Disband the FSA and all like organisations
BAN all money trading
BAN all variable interest rates - Fix for ever!
BAN all variable FOREIGN exchange rates - Fix forever!
BAN the Footsie and all other trading centres
RESTAFF all job-centres

...then go home, have a cup of tea and a slice of cake, and watch telly!
Or introduce some legislation with some proper oversight. Reminds me of the prohibition era, completely different scenario but everyone thought the booze runs couldn't be stopped. One man and his gang thought differently.
Tea and cake sounds splendid! coffee

anonymous-user

53 months

Thursday 28th June 2012
quotequote all
crankedup said:
Or introduce some legislation with some proper oversight. Reminds me of the prohibition era, completely different scenario but everyone thought the booze runs couldn't be stopped. One man and his gang thought differently.
Tea and cake sounds splendid! coffee
The regulation is already there, the failure of Barclays compliance dept when they were told about this is very important. The FSA cannot listen to every phone call, read every instant messege or email in real time.


crankedup

25,764 posts

242 months

Thursday 28th June 2012
quotequote all
djstevec said:
crankedup said:
Or introduce some legislation with some proper oversight. Reminds me of the prohibition era, completely different scenario but everyone thought the booze runs couldn't be stopped. One man and his gang thought differently.
Tea and cake sounds splendid! coffee
The regulation is already there, the failure of Barclays compliance dept when they were told about this is very important. The FSA cannot listen to every phone call, read every instant messege or email in real time.
Thanks, but do these regulations have any teeth when it comes to criminal proceedings or are they simply codes of practice?

anonymous-user

53 months

Thursday 28th June 2012
quotequote all
crankedup said:
djstevec said:
crankedup said:
Or introduce some legislation with some proper oversight. Reminds me of the prohibition era, completely different scenario but everyone thought the booze runs couldn't be stopped. One man and his gang thought differently.
Tea and cake sounds splendid! coffee
The regulation is already there, the failure of Barclays compliance dept when they were told about this is very important. The FSA cannot listen to every phone call, read every instant messege or email in real time.
Thanks, but do these regulations have any teeth when it comes to criminal proceedings or are they simply codes of practice?
The FSA have had the power to bring criminal prosecutions since 2001 and have done. However in this instance I would assume the SFO/CPS would open a case to which the FSA would provide evidence and information.


Adrian W

Original Poster:

13,848 posts

227 months

Thursday 28th June 2012
quotequote all
First it was derivatives then PPI now this, it does seem that the banks can get away with anything and there is absolutely no accountability.

Three years ago I had to put a business into administration because of a bad debt and an impatient bank, the administrators investigated everything and made it absiilutly clear that if in their opinion I had misbehaved in any way whatsoever I would become personally liable and would face criminal charges.

It's about time bankers are held personnally responsible for their actions.

VinceFox

20,566 posts

171 months

Thursday 28th June 2012
quotequote all
I see that glue eared millhouse motherfker is jumping on this now.

heppers75

3,135 posts

216 months

Thursday 28th June 2012
quotequote all
A bit of comic relief...


Apache

39,731 posts

283 months

Friday 29th June 2012
quotequote all
VinceFox said:
I see that glue eared millhouse motherfker is jumping on this now.
hehe I might have to use that sometime

Murph7355

37,649 posts

255 months

Friday 29th June 2012
quotequote all
Apache said:
VinceFox said:
I see that glue eared millhouse motherfker is jumping on this now.
hehe I might have to use that sometime
That is very funny smile

Ayahuasca

27,427 posts

278 months

Friday 29th June 2012
quotequote all
I worked at a bank once where a member of staff went to prison.

He had stolen something like £200 in pound coins over a period of several months.


And someone else in the same bank was fired for putting a McDonald's meal on expenses against regulations.


One rule for the small people...

VinceFox

20,566 posts

171 months

Friday 29th June 2012
quotequote all
Murph7355 said:
Apache said:
VinceFox said:
I see that glue eared millhouse motherfker is jumping on this now.
hehe I might have to use that sometime
That is very funny smile
I note no one had to ask who i was referring to hehe

Motorrad

6,811 posts

186 months

Friday 29th June 2012
quotequote all
Sheer jealousy, everyone wishes they were also milking the tit, but as they can't they need a scapegoat.

The current subject of 'hate week' is bankers.

Basically the entire system is corrupt, if you're happy to be part of it then join the party however you can.

Or alternatively whine about it while carrying on drinking your carling and watching sky tv like a good little ******.

VinceFox

20,566 posts

171 months

Friday 29th June 2012
quotequote all
Motorrad said:
Sheer jealousy, everyone wishes they were also milking the tit, but as they can't they need a scapegoat.

The current subject of 'hate week' is bankers.

Basically the entire system is corrupt, if you're happy to be part of it then join the party however you can.

Or alternatively whine about it while carrying on drinking your carling and watching sky tv like a good little ******.
Give us a kiss.

Motorrad

6,811 posts

186 months

Friday 29th June 2012
quotequote all
VinceFox said:
Give us a kiss.
If you're female, blonde with big tits and of low moral fibre I'm in.

VinceFox

20,566 posts

171 months

Friday 29th June 2012
quotequote all
Motorrad said:
VinceFox said:
Give us a kiss.
If you're female, blonde with big tits and of low moral fibre I'm in.
Three out of four?