BMEWS
 
Sarah Palin is the reason compasses point North.

calendar   Thursday - July 05, 2012

Bankers and daughters and I’m all shook up, uh huh,huh

Something of minor interest to Americans. Or maybe not because what the bank(s) did here are sure to be replicated in the USA.

This is all part of another very major scandal happening here.  And since the top guy at Barclay’s bank is an American, you may be getting the news where you are.

Bob Diamond comes from a family of nine kids, his parents coming to America and raising a family. They are of Scots/Irish background. Which is neither here nor there. Just giving you some background.  Mr. Diamond can not be a dummy having worked his way up to becoming the top gun at his bank and lauded by many for his business acumen.  He has been running the show here for 16 years and so quite naturally people are asking, how does a fellow like this who is a millionaire many times over, with stately homes in more then one country, with friends in very high places, how comes it that he didn’t know some wrong things were happening going back a few years.  How is that possible?

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I don’t have any bank loans.  Don’t have a mortgage, and do not carry a balance on a credit card of any significant amount.  It is generally paid in full every month.  So really, I don’t care about this story and I would not have followed it and didn’t at the start but for one thing.
Just to show you how shallow I have become in my dotage.  Or maybe I always have been.

What got me interested in this whole thing was a woman. Wouldn’t ya know it. And why not?  Is there anything else on the planet aside from puppy dogs and cute kittens, as attention grabbing as a pretty girl?  Right. A beautiful car of old vintage.  OK I concede that.
But women are endlessly fascinating.

Now then, with the world dumping on Mr. Diamond, who should come to his defense but his daughter. Who is an analyst at Deutsche Bank, N.Y.
Miss Diamond lost her temper and let fly using some sort of slang I never heard of before but then I haven’t got a Twitter account so far. And that’s where she let go with a tweet that I thought so tame compared to things I have seen and heard on TV, I couldn’t understand what all the fuss was about.  Because what she said was reported in the msm, we all got to know her.  And I must tell you, by far the vast majority of those who were critical of her are nothing more then losers who are most likely envious of her family and her own wealth.  To read some of the things being said about the young (23) woman, you would think that it was immoral and criminal as well, simply to be born into a very wealthy family.  Well rubbish to that.

I haven’t a clue if daddy is telling the truth or not but I am impressed that she immediately came to his defense with guns blazing. Makes a change from all the bad things we read about with regard to families warring. 

OK, just so ya know.  Here what it’s all about.

The London Interbank Offered Rate (or LIBOR) is a daily reference rate based on the interest rates at which banks borrow unsecured funds from other banks in the London wholesale money market (or interbank market).
http://en.wikipedia.org/wiki/Libor

WHAT DID BARCLAYS DO?

Barclays’ traders speculating on movements in interest rates were manipulating Libor in an effort to make huge profits.

Its traders were conspiring with the ‘submitters’ at the bank which lodge their Libor rates every morning. Depending on the way they were betting, traders would urge these submitters to increase the Libor rate or lower it.

Barclays’ traders also conspired with ex-employees working at other banks to try to influence their Libor submissions. During the financial crisis Barclays also fiddled the figures to dupe the market into thinking it was more financially sound than it was.

Libor is often seen as a barometer of how healthy a bank is. Just as customers with bad credit records have to pay higher interest rates, banks which are deemed in poor financial health are charged more to borrow.

Barclays became anxious that its Libor rate was higher than many of its peers and that they were fiddling the figures. It decided to join the party.

Bank of England governor Sir Mervyn King phoned chairman Marcus Agius to say he wanted the American financier out, it was claimed.
It was reported that Mr Diamond decided to resign after assessing the reaction to Mr Agius’ decision to quit.

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But despite his resignation, Mr Diamond, 60, shocked the City by defiantly insisting that he would stay on at the bank despite the rate-fixing scandal.

Mr Diamond was grilled in the Commons by the Treasury Select Committee and the details could be highly embarrassing for regulators with increasing speculation that they were aware of the bank’s practices but failed to act.

Mr Diamond is said to be furious that he and the bank have been blamed for ‘lowballing’ the rates at which Barclays said it could borrow from rivals.
Bankers insist the authorities knew these rates were inaccurate but did not act because they feared the truth would destabilise the markets. It is also claimed that regulators possessed evidence of rate-fixing.

BARCLAYS SPENT £100MILLION ON ITS OWN 3-YEAR LIBOR INVESTIGATION

In the wake of the scandal Barclays reveals it has spent almost £100 million pounds on a three-year internal investigation into how it had submitted inaccurate Libor interest rate prices.
In documents released ahead of Mr Diamond’s appearance in parliament on Wednesday, the bank said:
‘The bank has invested nearly 100 million pounds to ensure that no stone has been left unturned.’

This involved an internal investigation supported by external counsel, which reviewed 22 million documents and more than 75 interviews.
Mr Diamond, who joined the bank 16 years ago, said in his resignation statement: ‘I am deeply disappointed that the impression created by the events announced last week about what Barclays and its people stand for could not be further from the truth.’

‘My motivation has always been to do what I believed to be in the best interests of Barclays. No decision over that period was as hard as the one that I make now to stand down as chief executive.’

He went on: ‘I know that each and every one of the people at Barclays works hard every day to serve our customers and clients. That is how we support economic growth and the communities in which we live and work.’

He added: ‘I leave behind an extraordinarily talented management team that I know is well placed to help the business emerge from this difficult period as one of the leaders in the global banking industry.’

George Osborne said Mr Diamond’s resignation was ‘the right decision for Barclays’ and the ‘right decision for the country’.

The Chancellor added: ‘I think and I hope that it is the first step towards a new culture of responsibility in British banking.’
Mr Osborne acknowledged that the Government had had ‘conversations’ with the bank but denied ministers were responsible for Mr Diamond falling on his sword.

Since January 2011, Barclays has been found guilty of ripping off the elderly, avoiding up to £500million in tax, manipulating interest rates, mis-selling payment protection insurance and systematically exploiting small firms with the sale of complex loans.

Chairman Mr Agius said: ‘Bob Diamond has made an enormous contribution to Barclays over the last 16 years of distinguished service to the group, building Barclays Investment Bank into one of the leading global investment banks in the world. As chief executive he has led the bank superbly.’

Lord Oakeshott, the former Liberal Democrat Treasury spokesman, this morning described the banker’s resignation as great for democracy.

‘Bob Diamond’s departure is a great day for democracy. He is the symbol of the gambling and greed we must root out of our banking system.
‘Now the top priority is to catch the criminals, break off the casinos from the basic banks and make them lend.

‘We must never again let the rich and powerful in the City or the media get their hands round the windpipe of Government.’

read more

Gottcha. Now how about seeing to it that wealthy and influential money grubbing, thieving politicians never again fiddle on their expenses.  Oh yeah, and how about denying people who did dip into the public purse their seats in govt.  Oh right. That’s different.
Hypocritical gas bags. 

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Posted by peiper   United Kingdom  on 07/05/2012 at 03:42 PM   
Filed Under: • Eye-CandyFinance and InvestingUKUSA work and the workplace •  
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