Barclays fined record £290 million by FSA

Barclays along with some other banks not yet named have been manipulating the libor rate for a minimum 7 years. They say it was down to traders greed with their million pound plus bonus's being based on the Banks profits increasing.

Bank trading manipulating and being greedy - NO - I just cannot believe it;-)

Barclays shares plummet -wait till we hear about the other banks - and yet again the poor old customers who have had loans have suffered.

I suppose the good point is that it's only taken the FSA 7 years to find out ;-)

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Permalink Reply by Peter jcp on July 5, 2012 at 5:31pm

Lie More rate - nice one Keith - If I was in the mob ( sorry banking groups) - I would hire one of my mates from a lawyers firm and sue the FSA for slander and loss of integrity - based on the facts that if all the banks were fiddling the figures - that made it legal along with some silly legal technicalities such as the rules were not spelt right ;-)

I am sure Goldmans are looking at ways to make money out of this fiasco - probably suing all the other banks if they can prove they were not involved already in some capacity lol

More to come out next week - the plot thickens

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Permalink Reply by Keith Shaw on July 7, 2012 at 10:16am

Inside Story - Rigged Bank Rates: is there more to come ?. [Excellent viewing]

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Permalink Reply by Jim Mathis on July 7, 2012 at 12:05pm

wow max keiser going off about this.

I wonder how far this will go before it gets quashed.

Usually when something like this breaks and consumes the news cycle, if this does, I try to keep my eyes open to what else is going on. Often times big stories used as sort of misdirection.

Very informative video thanks

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Permalink Reply by Peter jcp on July 10, 2012 at 6:50pm

World wide derivatives markets effected by Libor rates are worth $325 trillion ( yes trillion). That means even very small manipulation of the rates can cost billions of dollars.

Next step Barclay's is being sued and I am sure a lot more banks will also be under the "cosh" with big problems ahead.

Result - this could be the end of some of the big banks ?

Bob Diamond has given up over £20 million of his "pay off" -( he still gets over £2mill) to try and look concerned - but still I suppose if hes made over £100 million of them in last 5 yrs he is not exactly to hard up ;-)