Banks, again

[Andrew]

Has he broken the law, has the others broken the law. Are these bankers above the law. It would appear so.

 

From the BBC, true or not, YOU decide

 

Barclays boss Bob Diamond says he will not resign

 

The boss of Barclays has insisted he will not resign after staff rigged the key lending rate between banks.

 

Bob Diamond was speaking at a meeting of analysts at US bank, Morgan Stanley.

 

And in a letter agreeing to give evidence to MPs, Mr Diamond condemned the inappropriate behaviour of a "small number" of employees who had tried to make profits for their own benefit.

 

On Thursday, the prime minister said the bank's management faced "serious questions" after it was fined £290m.

 

Some MPs - including Tories Steve Baker and Nick De Bois - have suggested Mr Diamond should resign and former Liberal Democrat leader Paddy Ashdown told BBC One's Question Time his position was now "untenable".

[crumpercatcher]

Another day and more scandal!

http://www.independent.co.uk/news/business...ng-7898946.html

 

Some of Britain's biggest banks are facing a hefty compensation bill today after the City watchdog said it found “serious failings” in the sale of complex financial products to small businesses.

 

Barclays, HSBC, Lloyds and Royal Bank of Scotland have agreed to compensate customers where the mis-selling of so-called interest rate swap arrangements (IRSAs) has occurred, the Financial Services Authority (FSA) said.

 

IRSAs are complicated derivatives products that may have been sold as protection - or to act as a hedge - against a rise in interest rates without the customer fully grasping the downside risks.

 

Banks sold around 28,000 interest rate protection products to customers since 2001, the FSA added.

 

Martin Wheatley, managing director of the FSA's conduct business unit, said: "For many small businesses this has been a difficult and distressing experience with many people's livelihoods affected."

 

The claims echo the payment protection insurance (PPI) scandal that emerged last year, costing banks billions of pounds, and come in the week Barclays was fined £290 million for manipulating the rates at which banks lend to each other.

 

As well as offering redress directly for those customers that bought the most complex products, the banks have also agreed to stop marketing certain IRSA products to retail customers, the FSA said.

 

The City regulator has spent the last two months reviewing the sale of IRSAs, talking to more than 100 customer who came forward.

 

It found poor sales tactics including failing to provide sufficient information on the hefty exit costs involved, failure to gauge the customers' understanding of risk and found rewards and incentives were a driver of these practices.

 

The FSA added that not all businesses will be owed redress, but for those that are, the exact redress will vary from customer to customer. This exercise will be scrutinised by an independent reviewer at each bank appointed under the FSA's powers.

[robtherake]

If his actions were deliberate (and illegal) he should be out; if he was unaware of what was happening, he is too incompetent to hold such a position and should be out.

 

How can we have any faith in a system which allows his continued employment despite acting illegally? I suspect he is only the first, too.

 

Will there be closure of ranks to protect the guilty? Definitely. Will they all get away with it? More than likely. IT STINKS.

 

Lesser mortals would do jail time for far less.

[chesters1]

i cannot understand the notion some have crime doesn't exist in the higher echelons of society ,the poor may have more but the rich have more lucrative thieves and criminals ,the rich tend to be rich by not giving money away ,the government know this ,encourage this and in the main defend this as they are the same once their feet are under the parliamentary "table"

as a "transparent" lot of criminals they and most rich people are as transparent as a foot thick sheet of lead! as for above the law they are the law and its only a rare thing today they are punished for anything ,punishment tends to be rewarded by a seat in the house of lords for pretending to be caught so it looks like they are not above the law to the masses

 

our government n its wisdom reward failure in the art of gambling by giving the failed gamblers more credit so they can carry on gambling ,the bank of england encourage it as they are just as bad

Edited June 29, 2012 by chesters1

[Andrew]

I liked it when Mr Diamond said he would be happy to sit in front of any inquirey to answer any questions put to him by any MP,

 

In other word, and this is purely my take on it.

 

I will shop the lot of you scheming thieving parasites if you dare to question me.

[chesters1]

I liked it when Mr Diamond said he would be happy to sit in front of any inquirey to answer any questions put to him by any MP,

 

In other word, and this is purely my take on it.

 

I will shop the lot of you scheming thieving parasites if you dare to question me.

 

why should it be mp's i would prefer the serious crime squad with those investigating up to their necks in debt so they are more thorough ,the same for those that determine if its worth going to court and the jury and then the jailors who like to hurt crooks

obviously a jewish name so most probably exempt from real harm

Edited June 29, 2012 by chesters1

[corydoras]

Here is my swift two bits worth. Unlike most of you I am aquainted with Bob Diamond. I used to work at Barclays Capital and Bob's office was right next door to mine.

 

If he knew what was going on he is a knave, if he did not know then he is a fool. Bob Diamond never struck me as anybody's fool.

Edited June 29, 2012 by corydoras

[Andrew]

why should it be mp's i would prefer the serious crime squad with those investigating up to their necks in debt so they are more thorough ,the same for those that determine if its worth going to court and the jury and then the jailors who like to hurt crooks

obviously a jewish name so most probably exempt from real harm

 

 

Spot on Chesters. Pigs to the trough.

 

Not saying the dude is guilty of any crime mind you, but where there is smoke, there is fire. As the saying goes, the " buck " stops with him.

 

Like the phone hacking fiasco, all will come out in the wash, not that it will be any cleaner, but at least millions of taxpayers money will be wasted yet again on an outcome most people will know before its announced.

 

Corruption is rife in big business, end of

[Andrew]

Why David Cameron under pressure to order Leveson-style inquiry into bank scandal So millions yet again can be wasted on an inevitable outcome.