Barclays.com – Barclays Bank PLC Settlement with Authorities #bank #scandal
In the latest scandal to hit a financial organisation, it turns out that a bank has been rigging prices in a marketplace to gain an advantage!
Well shock horror, this has been going on since time immemorial, it’s just that the tolerance towards this kind of activity has reached breaking point.
Where does it leave Bob Diamond? Without a bonus, without a job? The activity dates back to 2005 so what about bonuses paid during those years? What about John Varley, who was in charge of the lender at the period under investigation.
Mr Varley is currently seen as one of the frontrunners for the governorship of the Bank of England!
Where does it leave shareholders? In a mess. Where does it leave our pension funds? In a bigger mess.
So what good has come out of it? Not sure to be honest but it looks as though we are heading back towards a complete separation of banks’ retail and investment activities. Bank deregulation is history.
Common sense, don’t run a bank without it.
- Can Bob Diamond hang on after Barclays Libor scandal? (guardian.co.uk)
- Barclays to pay $400M-plus to settle LIBOR charges (kansascity.com)
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