What's this? The banking sector beahving unscrupulously again?

[CHAPPERS]

I don't care how small the sum these thieving bastards have had their hand in my pocket

That's the point here. They shouldn't be doing it all.

 

[Lokki 7]

Jesus. How embarrassing. Would you believe that I have a maths degree? In my defence it was early when I posted that shameful piece of arithmetic. I still want my £1.80 back though.

Can I just point out that the said £1.80 may actually have been in your favour so it may be you that has to pay it back (not that that is possible to back date anyway).

 

[Lokki 7]

I do agree with the sentiment here though as LIBOR has been used and abused pretty much since it's inception and most senior bankers would have had some appreciation of what was going on. Lord B is right in that this was not a 'rogue trader' but a banking culture of self-interest for members of the club.

 

[beorhthelm]

Can I just point out that the said £1.80 may actually have been in your favour so it may be you that has to pay it back (not that that is possible to back date anyway).

you can point this out all day long, no one want to hear that part. Barclays reported artifically lower rates so they looked better.

those looking for any convictions will be disappointed too, as there's been no crime. Its not covered by any regulation apparently. its realy just how the banks themselves chose to arrange a market price for interbank loans.

its all frightfully interesting to learn about, a bit like how managers deploy certain tactics to force the oppostion into long ball. ie, very technical but not really much use. 6 years ago you'd not have heard of this outside the financial section.

 

[Easy 10]

those looking for any convictions will be disappointed too, as there's been no crime. Its not covered by any regulation apparently. its realy just how the banks themselves chose to arrange a market price for interbank loans.

But shirley providing deliberately misleading, manipulated information to the markets through LIBOR is an offence. Its deliberately falsifying information in order to get a preferential rate for trading.

How can that NOT be against regulations ??

 

[beorhthelm]

But shirley providing deliberately misleading, manipulated information to the markets through LIBOR is an offence. Its deliberately falsifying information in order to get a preferential rate for trading.

How can that NOT be against regulations ??

well apparently its not. the market involved is themselves, and its created themselves though their own banking association. the main impact is on other banks, that under/over pay a few basis points on their loans to each other. the thing is they dont have to base anything on the number produced, its just a snapshot of current average lending rates in the market, so reflects what is the market rate. you could borrow/lend based at an interest rate based on the number of goals scored in the 3rd game on the pools coupon.

 

[GreersElbow]

I wonder what Public School Boy has to say on this, he seems to hate benefit fraud.

 

[CHAPPERS]

Apparently the fine means the levy that the Banks pay to the FSA will be lower next year.

Yes, the fine that Barclays pay will mean Barclays will pay less levy next year. You couldn't make it up.

 

[User removed 4]

Apparently the fine means the levy that the Banks pay to the FSA will be lower next year.

Yes, the fine that Barclays pay will mean Barclays will pay less levy next year. You couldn't make it up.

You really are getting vexed over this aren't you ?

 

[CHAPPERS]

You really are getting vexed over this aren't you ?

It's one thing after another at the minute!

 

[User removed 4]

It's one thing after another at the minute!

Come on , chill out, the weathers nice (for once) and we are playing the aussies at cricket tomorrow and for once not the underdogs , have a cold one and enjoy !!