Stop The Press: Banks lie and manipulate to make easy profits!

[Dennis the 'Bloody Peasant']

We all know that the finance industry, in keeping with the capitalist tradition, lie and cheat for profit on a regular basis. But still, it's always interesting to see clear cases come to light where the media and government are forced to condemn them and maybe even, perhaps, give them a dressing down.
Nothing's gonna change as a result of this except a fine and some share price dips but it's still a good example to hold up to non-leftists that private enterprise does not have your interests at heart.

Prime Minister David Cameron has said that Barclays Bank management has "serious questions" to answer over how it manipulated banking lending rates.
Barclays was fined £290m ($450m) after an investigation into claims that several banks manipulated the Libor rate at which they lend to each other.
The Chancellor George Osborne confirmed that HSBSC, RBS, Citigroup and UBS are also under investigation.
The scandal hit Barclays shares, which fell as much as 15% on Thursday.
Other banks shares fell as well.
Midway through the session RBS was down 10%, Lloyds was down almost 5% and HSBC was down 3.5%.
The bank had acknowledged on Wednesday that its actions between 2005 and 2009 had fallen "well short of standards".
Investigators say that Barclays' traders lied to make the bank look more secure during the financial crisis and, sometimes - working with traders at other banks - to make a profit.

(More at http://www.bbc.co.uk/news/business-18622264)

[Arlekino]

We all know that the finance industry, in keeping with the capitalist tradition, lie and cheat for profit on a regular basis. But still, it's always interesting to see clear cases come to light where the media and government are forced to condemn them and maybe even, perhaps, give them a dressing down.
Nothing's gonna change as a result of this except a fine and some share price dips but it's still a good example to hold up to non-leftists that private enterprise does not have your interests at heart.

Prime Minister David Cameron has said that Barclays Bank management has "serious questions" to answer over how it manipulated banking lending rates.
Barclays was fined £290m ($450m) after an investigation into claims that several banks manipulated the Libor rate at which they lend to each other.
The Chancellor George Osborne confirmed that HSBSC, RBS, Citigroup and UBS are also under investigation.
The scandal hit Barclays shares, which fell as much as 15% on Thursday.
Other banks shares fell as well.
Midway through the session RBS was down 10%, Lloyds was down almost 5% and HSBC was down 3.5%.
The bank had acknowledged on Wednesday that its actions between 2005 and 2009 had fallen "well short of standards".
Investigators say that Barclays' traders lied to make the bank look more secure during the financial crisis and, sometimes - working with traders at other banks - to make a profit.

(More at http://www.bbc.co.uk/news/business-18622264)

No idea whom pay fines? Probably soon in the news show to us the numbers are proof banks pay all fines and brain wash entire society and strange majority will believe this shit.

[ckaihatsu]

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Panorama had nothing to say about the broader implications of the Bank of England’s active involvement in criminality that had gone on for years, robbing millions of public institutions and ordinary people all around the world of hundreds of billions, if not trillions, of dollars. It merely pointed out that the involvement of senior people from the Bank of England and Barclays demonstrated that the “little people” were carrying the can for the people at the very top of the ladder, and called into question the jail sentences received by the traders. Indeed, it quoted Diamond supporting jail terms for the Barclays traders on the grounds that they had broken the rules!

The BBC noted that these tapes had only emerged as a result of a private suit brought by a small businessman, Paul Holgate, against Barclays, which had provided him with a loan conditional on an insurance policy, a financial product tied to Libor, which bankrupted him and cost him his home. Barclays agreed to pay him compensation in return for secrecy on the terms of the deal.

Thus, the exposure of criminality at the very top of Britain’s banking and regulatory establishment was the result of a private claim against the bank, and not the actions of the Serious Fraud Office or Financial Conduct Authority. Again, the BBC had nothing to say about the “financial watchdogs”, whose real role is to support and protect the financial institutions.

The financial aristocracy can defraud, steal and plunder with impunity, knowing it will be protected by the thoroughly corrupt political system it controls and uses as its marketing agent around the world. The rampant criminality is not the result of “bad apples.” Illegality and corruption are intrinsic to the system and start from the very top.




http://www.wsws.org/en/articles/2017/04/13/libo-a13.html