Author Topic: NFR....bankers on trial  (Read 2049 times)

Offline jarv

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NFR....bankers on trial
« on: July 17, 2017, 02:14:44 PM »
Finally, 4 senior members of Barclays to go on trial, conspiracy to commit fraud. We can all hope they get their come uppance.  092.gif

Offline GloucesterWhite

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Re: NFR....bankers on trial
« Reply #1 on: July 17, 2017, 02:17:10 PM »
 :046:

This is a football forum.

Offline General

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Re: NFR....bankers on trial
« Reply #2 on: July 17, 2017, 02:43:10 PM »
None of the real perpetrators will be thrown in jail... those who are being so are just scapegoats given free reign and misleading info on what they should do.


Offline Woolly Mammoth

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Re: NFR....bankers on trial
« Reply #3 on: July 17, 2017, 04:05:58 PM »
I thought for a moment that we had a prospective new player called Bankers having a trial.

Offline Logicalman

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Re: NFR....bankers on trial
« Reply #4 on: July 17, 2017, 06:10:03 PM »
Let's be nice about it, eh?

Close season and all that, we let a few NFA posts get on here - and the guy even put it in the title, so if you don't want to read it, why bother to take the time to comment at all, eh?

Lets move on .......

Online Statto

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Re: NFR....bankers on trial
« Reply #5 on: July 17, 2017, 06:54:59 PM »
Deleted my impolite reply, sorry.

OP is misguided IMO. Personally I don't agree with the fundamental idea that the whole banking industry should get some sort of "come uppance" for the financial crisis but that's another debate for another day. Whatever your general views, with regard to this specific case Barclays was one of the banks that didn't have to go cap in hand to the taxpayer and the alleged fraud didn't affect the public here. With all due respect I'm willing to bet hardly any of the people reading this would even understand it (and that's not me saying i'm one of those who do). None of the reports I've seen in that national press have even tried to explain it properly, even the broadsheets.

Also political NFR posts like this cause more trouble than they're worth (IMHO only)
« Last Edit: July 17, 2017, 10:35:17 PM by Statto »


Offline The Equalizer

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Re: NFR....bankers on trial
« Reply #6 on: July 17, 2017, 06:56:59 PM »
I met Tom Kalaris several times when I worked at Barclays Capital. He was a tosser, and I hope he goes down.

Offline bobbo

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Re: NFR....bankers on trial
« Reply #7 on: July 17, 2017, 07:34:53 PM »
Let's be nice about it, eh?

Close season and all that, we let a few NFA posts get on here - and the guy even put it in the title, so if you don't want to read it, why bother to take the time to comment at all, eh?

Lets move on .......
well done my thoughts precisely but it's better coming from a mod.

Offline The Old Count

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Re: NFR....bankers on trial
« Reply #8 on: July 17, 2017, 07:54:20 PM »
There is no difference between robbing a bank and owning one


Offline bog

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Re: NFR....bankers on trial
« Reply #9 on: July 17, 2017, 08:54:35 PM »
Finally, 4 senior members of Barclays to go on trial, conspiracy to commit fraud. We can all hope they get their come uppance.  092.gif

 :plus one:

Offline jarv

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Re: NFR....bankers on trial
« Reply #10 on: July 17, 2017, 09:26:43 PM »
Sorry. I did not mean to start anything. It is summer, I read the news and it made me smile plus the fact that a very good friend of mine lost her house and the 30,000 she put into it. So, I just felt like sharing the news. I will leave my personal thoughts at the door.  Come on Fulham. A good mate of mine supports Norwich, I am getting tense already and if I was loaded would fly in for that one.

Offline SG

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Re: NFR....bankers on trial
« Reply #11 on: July 17, 2017, 10:13:16 PM »
What happened to innocent until proven guilty


Offline Lighthouse

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Re: NFR....bankers on trial
« Reply #12 on: July 17, 2017, 10:29:33 PM »
The real truth is, unlike Iceland who punished their bankers for fraud. We have let them all get away with it. This latest Barclays scandal is really not even close to being that important in the scandal that was and is our financial system.

We only have to look at how the banks have recovered while the public suffer through poor interest rates. Don't believe the lie that low interest rates are good for the economy because they are not. The prices of utilities, insurance etc have gone up so much and so quickly that any loan you decided to take out for mortgages or whatever was probably spent on other expenses. We have been conned. As usual.

Offline MrD1879

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Re: NFR....bankers on trial
« Reply #13 on: July 17, 2017, 10:47:12 PM »
Low interest rates are good for inflation. The savings rates are at an all time low but so are borrowing rates. The funny thing is the Barclays guys are being sent to trial for rigging libor to infact make rates lower for the wholesale market.
So much hysteria and poor journalism by mostly the red tops drives this kind of thread. Laughable really

Offline Lighthouse

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Re: NFR....bankers on trial
« Reply #14 on: July 18, 2017, 12:14:24 AM »
Low interest rates are good for inflation. The savings rates are at an all time low but so are borrowing rates. The funny thing is the Barclays guys are being sent to trial for rigging libor to infact make rates lower for the wholesale market.
So much hysteria and poor journalism by mostly the red tops drives this kind of thread. Laughable really

There is the con. Why do you think they are being done for keeping the interest rates artificially low? If inflation is low. What exactly makes your weekly shop, utility bills, rates, fuel, insurance climb with some adding hundreds onto the bill. It is a con and with interest rates so low. Savings are being spent and guess what happens next? Increase borrowing and more business for the banks after their bad press. Simple con but it worked.


Online Statto

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Re: NFR....bankers on trial
« Reply #15 on: July 18, 2017, 01:03:24 AM »
Firstly this is nothing to do with LIBOR. What Barclays are alleged to have done here is provide "financial assistance" to the Qataris when they bailed Barclays out by taking a stake in the bank in 2008. In other words they used their other shareholders' money to assist the Qataris, which is unlawful because it dilutes the existing shareholders. I don't know the intricacies of it beyond that.

Seocndly LIBOR is not the same as the Bank of England base rate, which the BoE uses to control inflation, quite legitmately, in the best interests of the state and the public. A small amount of inflation is good for the economy, which is why the BoE has targeted 2%. For most of the last few years it's been below that level, i.e., unhealthily low. 

Thirdly when Barclays did manipulate LIBOR it was manipulated in both directions. It was manipulated downward to make the bank's overall financial position seem better. Separately, traders manipulated it both up and down to improve their own positions in products that referenced LIBOR.

Other than that I agree with MrD1879. Hysteria and poor journalism and, evidently from this thread, a lack of understanding generally.
« Last Edit: July 18, 2017, 01:05:30 AM by Statto »

Offline Logicalman

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Re: NFR....bankers on trial
« Reply #16 on: July 18, 2017, 08:26:03 PM »
What happened to innocent until proven guilty

I think it went the same way as one law for some and one law for the rest of us law-abiding citizens!  :005:

Offline love4ffc

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Re: NFR....bankers on trial
« Reply #17 on: July 18, 2017, 08:28:12 PM »
What happened to innocent until proven guilty

I think it went the same way as one law for some and one law for the rest of us law-abiding citizens!  :005:
Actually, I think it went away with today's ever changing always up to date news coverage... fp.gif

Offline Logicalman

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Re: NFR....bankers on trial
« Reply #18 on: July 18, 2017, 08:32:53 PM »
Firstly this is nothing to do with LIBOR. What Barclays are alleged to have done here is provide "financial assistance" to the Qataris when they bailed Barclays out by taking a stake in the bank in 2008. In other words they used their other shareholders' money to assist the Qataris, which is unlawful because it dilutes the existing shareholders. I don't know the intricacies of it beyond that.

Seocndly LIBOR is not the same as the Bank of England base rate, which the BoE uses to control inflation, quite legitmately, in the best interests of the state and the public. A small amount of inflation is good for the economy, which is why the BoE has targeted 2%. For most of the last few years it's been below that level, i.e., unhealthily low. 

Thirdly when Barclays did manipulate LIBOR it was manipulated in both directions. It was manipulated downward to make the bank's overall financial position seem better. Separately, traders manipulated it both up and down to improve their own positions in products that referenced LIBOR.

Other than that I agree with MrD1879. Hysteria and poor journalism and, evidently from this thread, a lack of understanding generally.

I agree with what you've said there, though I seem to recall the issue behind the Qatar was one of receiving payments for the bailout, with a quid-pro-quo loan from the bank back to those who had gifted the bail out money by way of a loan, thus they used the bailout money to make the loan back, which, from what I (admittedly in a very limited manner) understand is considered a fraud within the terms of the law governing such transactions.  This is just the gist of what I understand from reading different articles on the subject, as my personal knowledge of fraud in these circumstances is as limited as the finding of rocking-horse poop on the Queens highway!

Offline peaty

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Re: NFR....bankers on trial
« Reply #19 on: July 19, 2017, 12:33:46 AM »
Firstly this is nothing to do with LIBOR. What Barclays are alleged to have done here is provide "financial assistance" to the Qataris when they bailed Barclays out by taking a stake in the bank in 2008. In other words they used their other shareholders' money to assist the Qataris, which is unlawful because it dilutes the existing shareholders. I don't know the intricacies of it beyond that.

Seocndly LIBOR is not the same as the Bank of England base rate, which the BoE uses to control inflation, quite legitmately, in the best interests of the state and the public. A small amount of inflation is good for the economy, which is why the BoE has targeted 2%. For most of the last few years it's been below that level, i.e., unhealthily low. 

Thirdly when Barclays did manipulate LIBOR it was manipulated in both directions. It was manipulated downward to make the bank's overall financial position seem better. Separately, traders manipulated it both up and down to improve their own positions in products that referenced LIBOR.

Other than that I agree with MrD1879. Hysteria and poor journalism and, evidently from this thread, a lack of understanding generally.

I agree with what you've said there, though I seem to recall the issue behind the Qatar was one of receiving payments for the bailout, with a quid-pro-quo loan from the bank back to those who had gifted the bail out money by way of a loan, thus they used the bailout money to make the loan back, which, from what I (admittedly in a very limited manner) understand is considered a fraud within the terms of the law governing such transactions.  This is just the gist of what I understand from reading different articles on the subject, as my personal knowledge of fraud in these circumstances is as limited as the finding of rocking-horse poop on the Queens highway!

No need for rocking horse poop modesty, Mr Logicalman. Your analysis of the allegation is correct. On the stock market, what Barclays is alleged to have done is very, very naughty.