Criminal Bankers – Still Getting Away With It……

27 Jun

Barclays Chief Executive – Bob Diamond

It will come as no surprise to anyone erudite with the two tiered system of ‘justice’, which operates with a reciprocal symbiotic affiliation to money, has again shamelessly demonstrated its prevalence.

Barclays has been fined £290 million, by the Financial Standards Authority (FSA), for attempting to manipulate the interest rates banks charge each other for borrowing and lending money within financial institutions.  The London Interbank Offered Rate (Libor) and the Euro Interbank Offered Rate (Euribor), directly affect the rates at which our banks exchange money.  Influencing these rates can have a direct effect on the profits of the trades the banks make.  Even a minute variation of 0.01% can have a profound impact on profits when billions of pounds are being traded.

During the financial crisis beginning in 2007 Barclays staff submitted artificially low figures in order to avoid giving the impression that they were under financial pressure.  The FSA pointed out that traders were quite open in attempting to lobby colleagues who submitted the bank’s estimate of its borrowing cost to the British Banker’s Association.  The FSA expressed particular concern that it appeared to be an ‘accepted culture’ amongst staff.  Evidence of such practices is apparent in emails and instant messaging between employees.

Chief Executive, Bob Diamond who earns £17,000,000, and three other executives have agreed to give up their bonuses this year.  This will still leave them with what most of us would consider a lottery win as their basic salary.  Thus far, there has been no announcement of a Police fraud investigation into the matter, demonstrating my opening points.

With no resignations, Police investigation and any further action likely to take the form of more fines, the banks which we are told are ‘too big to fail’ will continue to take tax payer’s money in order to facilitate the movement of capitol from the poorest members of our society, to the richest.

Yet again, we are clearly, not all in this together…….


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