Originally Posted by notacontrathinker

Barclays

Never, ever, have they made a mistake with my banking.
.

Originally Posted by notacontrathinker

First let me declare my interest. I applied for a job with Barclays and was turned down by them. The only firm to do that in my working history.

I’ve also had a free account with them for 40 years, a mortgage, second mortgage, and an account for my small business with them. Never, ever, have they made a mistake with my banking.

The LIBOR Scandal.

At times all banks run into cash flow problems due to unforeseen circumstances. To insure themselves against this, several LONDON banks got together, deep in the last century, in a sort of self-help group that would lend to each other when they were in short-term trouble. A sort of ‘lend us 50 quid till Friday and I’ll buy you a pint’ arrangement.

The banks arranged amongst themselves the rate they would charge each other - ‘the overnight rate’ hence London InterBank Overnight Rate (LIBOR).

They fixed the rate amongst themselves, no one else, it was not regulated, it had nothing to do with bank rate, and certainly nothing to do with any other countries. They fixed this rate at the fixed time of eleven o’clock every morning, and stupidly published it.

Without a by-your-leave, the Chicago Derivatives Exchange (dubbed a Casino by the press) decided that the LIBOR rate was something great to bet on. So they bet on what the rate the banks in London set the rate. They paid nothing towards it’s maintenance and had nothing material to do with it.

Come the crash, the London banks fixed the fixed rate at a fixed rate that would suit themselves, the very reason the LIBOR mechanism had been set up for.

The Chicago Derivatives Exchange hadn’t thought about that, lost money, and cried “foul” to the American regulator who unbelievably agreed with the casino.

Barclays and others were charged by the Americans, and admitted the charge, knowing the length of time, money and trouble it would take to clear themselves just wasn’t worth it and coughed up 600 million.

Bob Diamond fell on his sword, and spent God knows how long beating off people begging him to join them at multiples of the money Barclays were paying.

The Yanks are still betting on the LIBOR rate.

The Governor of the Bank of England now needs to watch his step when he fixes the Base Rate in favour of the British economy without the say so of Chigago.

Originally Posted by Dick Dasterdly

Diamond fell on his sword?
You having a laugh ?
There's probably a few million folk who wish Diamond literally had fallen on his sword, instead of walking off with the millions of OPs cash he was rewarded with for cock-ups and dismal failure.

Originally Posted by Dick Dasterdly

http://www.dailymail.co.uk/news/arti...-evidence.html

Have a look at this.
Seems things haven't improved much, even since Diamond left.
It may be the Mail but the info. seems genuine enough.
So bad that Tinney shredded the report, hoping the truth wouldn't come to light.

Originally Posted by notacontrathinker

He did not walk off with millions of OPs cash. He was rewarded by shareholders (the owners of the firm) for his brilliant guidance of Barclays through very difficult times. He made tens of billions in profits for Britain and the company, mostly from abroad.

Which OPs ? Which cock-ups ? Which dismal failures ?

Originally Posted by rugbymatt

Long river in Africa that is....