Omega Owners Forum
Chat Area => General Discussion Area => Topic started by: Varche on 28 June 2012, 11:24:08
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Integrity. World banking centre.
What Britain? Just how deep does the scandal, for that is what it is, of bank rate manipulation to make even more profit/bonus. Barclays have been fined but so what. Their execs have foregone their bonuses. Just how high up the command structure was this dishonesty being sanctioned? Will we ever find out? Will anyone be sacked? ( of course not, no one ever is)
Does it matter after all the banks are our lynchpin of the GB economy? I think it does. Everyone has been paying too much for their mortgages, bank loans etc. Will you get a refund? Will hell freeze over?
http://www.bbc.co.uk/news/business-18622264
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It would appear that it may well have been going on,on a global scale. It could be a case of"they were all at it".
At face value,it would seem obvious that Bob Diamond shouls fall on his sword,although if he does the CEO of most of the worlds major banks might have to follow suit,and that might cause global meltdown. :-\
Absolutely disgraceful though.
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People used to be encouraged to put they're money into banks so it would be safe from thieves, looks to me like all the thieves have switched sides and are now working high up in the bank stealing more than ever.
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Once it was uncovered, there should have been an immediate police investigation and the guilty parties prosecuted.
Why are Gbanksters, immune from prosecution for their crimes. The only answer I can come up with is political collusion, where the politicians when they retire from public office don't want to upset them and miss out on their millions as executive directors etc. If this is true then it is a damming incitement of politicians and big business in this country. >:( >:( >:( >:(
On reflection, I guess this is no surprise with senior politicians from the two major parties both queuing up to stick their noses up Rupert Murdock and other key News Corporation's staff behinds. >:( >:( >:( >:(
This latest scandal goes right to the absolute core of the banking system and show the banking system is purely there for the banks to grab as much off the mugs customers for doing as little as possible, where in a modern society it is very difficult to manage without a bank account.
It is time that there was a public inquiry into what has happened in the banking industry, which also encompasses the BOE, FSA and politicians. We cannot fix these failures without clearly understanding the problems.
The collusion continues, where QE provided the banks with very cheap money and in return the big few all put up their mortgage rates, where they are a cartel. That was an exercise in widening margins and boosting profits and bonuses, NOT due to the lies in their PR about it being more expensive for them to borrow money. >:( >:( >:( >:(
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Well said Rods2.
This is actually one of the biggest scandals for years BUT very little will happen as there is too much big business and politicians greed involved. At the end of the day it is only the drones (man in the street) that pay and they are poweless to do anything. Our attention will be drawn away from this by something the man in the street can understand. Murderer on the run, flooding, fuel tax.........
Like I said before, no integrity whatsover. There was a time when being a bank manager was a respected job. That was in Captain Mannerings time of course. Things have moved on since then.
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There is a e-petition call for a public inquiry, which I have signed.
http://epetitions.direct.gov.uk/petitions/35421 (http://epetitions.direct.gov.uk/petitions/35421)
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Signed. Thanks. Took 3 goes at the captcha- what idiot designed those!
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Disgraceful, but then we are talking about banks and bankers.
Bob Diamond should go.......along with the odious Angela Knight who takes no responsibility whatsoever. >:(
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Well said Rods2.
This is actually one of the biggest scandals for years BUT very little will happen as there is too much big business and politicians greed involved. At the end of the day it is only the drones (man in the street) that pay and they are poweless to do anything. Our attention will be drawn away from this by something the man in the street can understand. Murderer on the run, flooding, fuel tax.........
Like I said before, no integrity whatsover. There was a time when being a bank manager was a respected job. That was in Captain Mannerings time of course. Things have moved on since then.
That's Captain Mainwaring. You've been too long overseas boy. ;D
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I agree with much of what has been said on here already. there are two distinct problems. Firstly, and this is endemic in today's society, when probity is in the way of making a buck, probity goes out of the window. It's not the political system, per se, but rather a nation with no moral compass - where success in life is not measured by one's personal qualities so much as how cash and bling you have and display. Wherever you look, those who were once revered as being in fine, upstanding positions have shown to be ruthless and self-serving.
Secondly, we have a problem of crony corporatism where the political class are far too entwined with the rich and powerful.
Bring criminal charges and let's rid ourselves of these vermin. >:(
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I agree with much of what has been said on here already. there are two distinct problems. Firstly, and this is endemic in today's society, when probity is in the way of making a buck, probity goes out of the window. It's not the political system, per se, but rather a nation with no moral compass - where success in life is not measured by one's personal qualities so much as how cash and bling you have and display. Wherever you look, those who were once revered as being in fine, upstanding positions have shown to be ruthless and self-serving.
Secondly, we have a problem of crony corporatism where the political class are far too entwined with the rich and powerful.
Bring criminal charges and let's rid ourselves of these vermin. >:(
I fully agree with Nick (that's twice since 2008 now ::))
On the other side of the pond these guys would be led away in cuffs, sobbing. Here in Blighty you and I would be led away in cuffs, sobbing. But it appears that these guys are above the law (and they know it) >:( >:(
However there may well be some nasty civil actions winging their way across the Atlantic, as we speak. :y
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I was watching 'This Week' last night and Micheal Portillo made a good point that Pakistani cricketers get sent down for rigging a game, whereas bankers who have rigged interest rates with far reaching consequences will walk free!!! >:( >:( >:(
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Well, if you insist upon – or are ambivalent about - giving people carte blanche, can one ever be surprised if they decide to take full advantage such an opportunity?
The firm underpinnings of a stable, elected government should lie beneath the walls of our parliament at Westminster, instead what we have is an institution resting on foundations of sand and at the mercy of people and other groups out for their own benefit - irrespective of the consequences.
It’s a fitting testament to the irresponsibility, the blatant self-interest, the display of greed and avarice now considered (evidently) to be the accepted way of doing business in this nation and, furthermore, should be an unambiguous message to those more interested the general bill of fare served up by our print and broadcast media that the rot, now pervading every level of our society, will eventually destroy it.
The problems stem from those masquerading as government in Westminster – address those problems and at least we will have a fighting chance of getting this country back on course.
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I think part of the rot is that our Government has all the powers and responsibility of a town council where 80% of UK law is based on EU directives, which pass through Parliament on a nudge and a wink without any proper debate. >:( >:( >:( >:(
We no longer live in a democracy, where our Government has the power to govern the UK. >:( >:( >:( >:( The politicians have given something away to the EU which they had no right to do and the sooner we reclaim those powers, so we are a democratic self governing nation again the better.
The buck for bad Government and Governance will then stop at Westminster's door, rather than them hiding behind the Brussels smokescreen of the EU dictatorship. :y
Vote UKIP.
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An interesting and very readable story where a few junior execs at some banks and brokers in the US took the rap for corruption and big profits on a massive scale. >:( >:( >:( >:(
This corruption want on for over 10 years, with the banks getting compared to the extra profits they must of made, just nominal fines. >:( >:( >:( >:(
http://www.rollingstone.com/politics/news/the-scam-wall-street-learned-from-the-mafia-20120620 (http://www.rollingstone.com/politics/news/the-scam-wall-street-learned-from-the-mafia-20120620)
Once the chain started to move up towards senior bank execs and their links with politicians, the trail went cold. No surprise there then. I'm sure there is much of this also happening in the UK with the Libor scandal is just another branch of endemic bank corruption where they are robbing all of us blind and then laughing all the way to the bank with their massive bonuses. >:( >:( >:( >:(
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Loved the headline in the Sun today regarding Barclays Bob "Sign on you crazy Diamond". ;D ;D ;D
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Loved the headline in the Sun today regarding Barclays Bob "Sign on you crazy Diamond". ;D ;D ;D
Priceless. :D :D :D
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so it would appear that the bloke who shouldn't have resigned but did resign is now un resigned & the bloke who should have resigned but refused to resign has now resigned & those that fiddled the bank lending rates are to be investigated by those that fiddled there expenses claimes. Seems the chap who is favourite to take over from Bob Diamond as chief exec is called Rich
you just couldn't make it up
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so it would appear that the bloke who shouldn't have resigned but did resign is now un resigned & the bloke who should have resigned but refused to resign has now resigned & those that fiddled the bank lending rates are to be investigated by those that fiddled there expenses claimes. Seems the chap who is favourite to take over from Bob Diamond as chief exec is called Rich
you just couldn't make it up
.. and they could both no doubt walk away tomorrow with a big enough pile of cash, share options and "Golden Parachutes" that they needn't work another day in their lives anyway. >:(
Porridge is what they need. If I'd defrauded them that's what I'd get. >:(
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so it would appear that the bloke who shouldn't have resigned but did resign is now un resigned & the bloke who should have resigned but refused to resign has now resigned & those that fiddled the bank lending rates are to be investigated by those that fiddled there expenses claimes. Seems the chap who is favourite to take over from Bob Diamond as chief exec is called Rich
you just couldn't make it up
.. and they could both no doubt walk away tomorrow with a big enough pile of cash, share options and "Golden Parachutes" that they needn't work another day in their lives anyway. >:(
Porridge is what they need. If I'd defrauded them that's what I'd get. >:(
Indeed you would, Kevin.......as would I. But you must remember that bankers are above the law. :)
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If I had my way, we would be sharpening the spikes on tower bridge for this lot >:(
Sadly, as in all walks of life the more money you have to play with, the more greed you get :(
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I would have loved to be party to the board going ons these last 48 hours. Just what has been said, agreed and stashed away in an offshore account.
No prison? £20 million pound (declared) to the public severance package.
As usual it all stinks. Will Bob come clean at the enquiry (will there actually be an enquiry) and say yes I knew about it all and sanctioned it?
It just cements what I have been saying for years that the banking sector is rotten and that is in a country where values are supposedly important. Makes you wonder what goes on in other countries.
Osborne on the whole affair. Lets let the banks get on with their job of lending money. Errm yes. Will we have to give them a bonus for doing their job?
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I would have loved to be party to the board going ons these last 48 hours. Just what has been said, agreed and stashed away in an offshore account.
No prison? £20 million pound (declared) to the public severance package.
As usual it all stinks. Will Bob come clean at the enquiry (will there actually be an enquiry) and say yes I knew about it all and sanctioned it?
It just cements what I have been saying for years that the banking sector is rotten and that is in a country where values are supposedly important. Makes you wonder what goes on in other countries.
Osborne on the whole affair. Lets let the banks get on with their job of lending money. Errm yes. Will we have to give them a bonus for doing their job?
Hmm, you may want to include others in that description when the truth comes out. ;)
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I would have loved to be party to the board going ons these last 48 hours. Just what has been said, agreed and stashed away in an offshore account.
No prison? £20 million pound (declared) to the public severance package.
As usual it all stinks. Will Bob come clean at the enquiry (will there actually be an enquiry) and say yes I knew about it all and sanctioned it?
It just cements what I have been saying for years that the banking sector is rotten and that is in a country where values are supposedly important. Makes you wonder what goes on in other countries.
Osborne on the whole affair. Lets let the banks get on with their job of lending money. Errm yes. Will we have to give them a bonus for doing their job?
Hmm, you may want to include others in that description when the truth comes out. ;)
Indeed. I wonder why they are only planning a "political" enquiry rather than a proper public legal investigation? ::)
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Because a full public enquiry would take years to complete.
In the meantime, the banks would resist all change saying that "we should wait until the enquiry as run its course" while all the time shafting the world and lining there pockets for all they can get >:(
This way, we can make changes quicker then maybe go for the full public enquiry further down the line depending on what is dug up ;)
Not forgetting that it gives various members of parlament time to make plans for early retirement
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Because a full public enquiry would take years to complete.
In the meantime, the banks would resist all change saying that "we should wait until the enquiry as run its course" while all the time shafting the world and lining there pockets for all they can get >:(
This way, we can make changes quicker then maybe go for the full public enquiry further down the line depending on what is dug up ;)
Not forgetting that it gives various members of parlament time to make plans for early retirement
Exactly. Nothing too politically embarrassing.
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I have just been reading that apparently Ed Balls went a funny shade of pink and started sweating when the enquiry was announced.
Its just possible that it will reveal that Labour were up to their necks in it - which would be nice.
http://www.dailymail.co.uk/news/article-2167940/Now-Labour-dragged-bank-rate-scandal-leaked-documents-Browns-baroness-proposed-scheme-drive-rates.html
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I think this country will be dropping down the corruption index a fair few places in the next 12 months. ::) ::) ::)
With Sleeze News Corp and now the Gangsters Banksters found out yet again. :o :o :o
In most other countries the corruption is much worse, but politicians are much more open in appointing their friends into positions of power of for the accumulation of money. Think, Eastern Europe where it is a hangover from communism (Ukraine and Russia are very bad), South America, US, Asia and the Middle East as that is how it has always been.
The last government were the worst I've known for this in the UK, with many quangos filled but their totally unsuitable friends on £200k+ a year, with expenses and generous pensions, the head of the Aviation Authority is an example with the ash cloud fiasco and ex-CND leader and now EU Foreign Affairs Commissioner lady totally useless ashton. (All written is lower case, where she isn't worth the effort of pressing the shift key). >:( >:( >:(
Personally, I think corruption is getting worse throughout the world and is partly caused by globalization, and ever increasing global competition. In this country it is getting worse through the current crop of sleaze bag professional politicians (with sadly very few exceptions), with their "What can the country do for me?" attitudes along with their corrupt friends and the corrupting influence from party donations, with companies for the Tories and companies and the unions for Labour, not to mention the mass migration into the UK with vote early, vote often being one of many examples. >:( >:( >:( >:(
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I have just been reading that apparently Ed Balls went a funny shade of pink and started sweating when the enquiry was announced.
Its just possible that it will reveal that Labour were up to their necks in it - which would be nice.
http://www.dailymail.co.uk/news/article-2167940/Now-Labour-dragged-bank-rate-scandal-leaked-documents-Browns-baroness-proposed-scheme-drive-rates.html
The first comment from a pensioner in the DM article is interesting, I didn't realize the RBS technical glitch was still not resolved for Ulster Bank which they own, with no access to accounts since the 19th June and no comment from the bank on when it will be fixed and the accounts unfrozen. It looks like this is causing real hardship. Does the Ulster Bank have a liquidity problem?
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globalization
Now we're getting to the kernel of the problem. :-*
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I have just been reading that apparently Ed Balls went a funny shade of pink and started sweating when the enquiry was announced.
Its just possible that it will reveal that Labour were up to their necks in it - which would be nice.
http://www.dailymail.co.uk/news/article-2167940/Now-Labour-dragged-bank-rate-scandal-leaked-documents-Browns-baroness-proposed-scheme-drive-rates.html
The first comment from a pensioner in the DM article is interesting, I didn't realize the RBS technical glitch was still not resolved for Ulster Bank which they own, with no access to accounts since the 19th June and no comment from the bank on when it will be fixed and the accounts unfrozen. It looks like this is causing real hardship. Does the Ulster Bank have a liquidity problem?
Was speaking to my sister about this last night.Both her and her husbands salaries are paid into Ulster bank.They are in quite a mess,no idea how much is or isnt in their accounts.No idea what DD,s etc. have or havent been paid.Apparently long queues at branches to try to get any info.
Not sure if Ulster Bank has any particuar liquidity problems though tbh.
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Disgraceful, but then we are talking about banks and bankers.
Bob Diamond should go.......along with the odious Angela Knight who takes no responsibility whatsoever. >:(
A nice £30 million pay off deal , he wont be in the queue down the co op for buy one get one free bacon deals ::)
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I have just been reading that apparently Ed Balls went a funny shade of pink and started sweating when the enquiry was announced.
Its just possible that it will reveal that Labour were up to their necks in it - which would be nice.
http://www.dailymail.co.uk/news/article-2167940/Now-Labour-dragged-bank-rate-scandal-leaked-documents-Browns-baroness-proposed-scheme-drive-rates.html
The first comment from a pensioner in the DM article is interesting, I didn't realize the RBS technical glitch was still not resolved for Ulster Bank which they own, with no access to accounts since the 19th June and no comment from the bank on when it will be fixed and the accounts unfrozen. It looks like this is causing real hardship. Does the Ulster Bank have a liquidity problem?
Was speaking to my sister about this last night.Both her and her husbands salaries are paid into Ulster bank.They are in quite a mess,no idea how much is or isnt in their accounts.No idea what DD,s etc. have or havent been paid.Apparently long queues at branches to try to get any info.
Not sure if Ulster Bank has any particuar liquidity problems though tbh.
I'm told by some of the natives over there son that the 'Ulster Bank' is in much deeper trouble than originally thought as a result of this very upsetting and quite unnecessary episode.
(http://i698.photobucket.com/albums/vv345/Catdracula/484017_439437889429613_173179084_n.jpg)
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Dull as ditchwater watching Bob today.
What a load of hogwash. I wonder if he will give his millions back?
Will there be a proper enquiry?
We are all back to square one - as usual.
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He might just as well said: "Under the 5th amendment I can't answer that, Barclays is wonderful and I love the bank".
What is obvious is that there will be collective amnesia at the BOE and by former Government ministers, while the paper shredding machines are working overtime. >:( >:( >:( >:(
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He spoke for hours and hours and didnt say a thing. A few sighs of relief around Whitehall today I should imagine. ::)
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His entire "defence" seems to be "I didn't know it was going on". Well, for the amount the he was paid to run the bank he should have known what was going on. If he didn't actually encourage it, he is responsible for at least tolerating a culture that enabled it to happen. It all tends to support the view that banks are badly run and do not have the interests of their customers at the core. It's true that businesses have to make money and show a profit for them to survive and grow, but the excesses that the banks obviously make tarnish all businesses. We need some of the great Victorian reformers to make a comeback!
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His entire "defence" seems to be "I didn't know it was going on".....
Why is this tolerated as a defence these days? Same with phone hacking, MPs expenses, etc.
"I "didn't know" I was committing an offence so I'm going to back-pedal a bit, put on a show of humble pie and grovel in public then carry on as normal" >:(
It's your responsibility, end of story. If you're a chief executive who doesn't know what's going on in your organisation you are either lying or doing a cr@p job and spending too much time on the golf course, but it's still your responsibility.
These people are paid a lot of money for the level of responsibility they have, after all.
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His entire "defence" seems to be "I didn't know it was going on". Well, for the amount the he was paid to run the bank he should have known what was going on. If he didn't actually encourage it, he is responsible for at least tolerating a culture that enabled it to happen. It all tends to support the view that banks are badly run and do not have the interests of their customers at the core. It's true that businesses have to make money and show a profit for them to survive and grow, but the excesses that the banks obviously make tarnish all businesses. We need some of the great Victorian reformers to make a comeback!
Quite a number of banking philanthropists way back then. Long gone now. :-\
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His entire "defence" seems to be "I didn't know it was going on".....
Why is this tolerated as a defence these days? Same with phone hacking, MPs expenses, etc.
"I "didn't know" I was committing an offence so I'm going to back-pedal a bit, put on a show of humble pie and grovel in public then carry on as normal" >:(
It's your responsibility, end of story. If you're a chief executive who doesn't know what's going on in your organisation you are either lying or doing a cr@p job and spending too much time on the golf course, but it's still your responsibility.
These people are paid a lot of money for the level of responsibility they have, after all.
Ah but they need to be paid lots of money. These are after all VIPs in charge of money making machines and the very power house of Britain. Lets give the man a break. He can't know what is going on, he is only the head man and not paid that much really. No we need to find a scapegoat elsewhere. Someone off this forum would do nicely.
I wonder what happens next?
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His entire "defence" seems to be "I didn't know it was going on".....
Why is this tolerated as a defence these days? Same with phone hacking, MPs expenses, etc.
"I "didn't know" I was committing an offence so I'm going to back-pedal a bit, put on a show of humble pie and grovel in public then carry on as normal" >:(
It's your responsibility, end of story. If you're a chief executive who doesn't know what's going on in your organisation you are either lying or doing a cr@p job and spending too much time on the golf course, but it's still your responsibility.
These people are paid a lot of money for the level of responsibility they have, after all.
Agreed, Kevin. If Diamond knew then he's culpable........if he didn't he's inept. Either way he'll walk away with millions. :( :(
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I saw him the other day saying how "sickened" he was when he read e-mails regarding this.
If my last depot manager had found out I was doing something potentially illegal but certainly immoral I very much doubt she would have stopped at being sickened by my actions and I would have ended up looking for a new job if not facing criminal proceedings too.
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For those of you who are interested, Jerry del Missier is testifying in front of the parliamentary commitee now. Looks a bit shifty to me ;D
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For those of you who are interested, Jerry del Missier is testifying in front of the parliamentary commitee now. Looks a bit shifty to me ;D
You couldn't make it up......or perhaps you could. :-\
So Tucker tells Diamond to tell Del Missier....... :( :( :(
Personally I don't believe that the BOE was involved at all............but the Diamond tells Del Missier part of the equation sounds about right. :( :(
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I read an article today which said that the U.S. authorities warned Mervyn King that rate rigging was taking place in 2008.
Hopefully,the truth will out eventually. Although Im not holding my breath.
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They are all trying to save their skins and careers at the moment by brick walling and pointing the finger at everybody else. >:(
The BOE work by a twitch of an eyebrow, so they are not accountable when it all hits the fan. >:(
Maybe by the top, they mean McRuin was still trying to abolish boom and bust. ::)
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The Spanish regulator is now investigating Barclays for years of irregular and widespread alledged practices where dividend revenue was temp switched to lower tax paying entities and then back after payment. Great stuff. We will all be dead by the time they finish investigating that. :o