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Bank Watch ...
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UndercoverElephant



Joined: 10 Mar 2008
Posts: 8802
Location: south east England

PostPosted: Wed Jul 04, 2012 5:42 pm    Post subject: Reply with quote

RenewableCandy wrote:
It is interesting to note, however, that perceiving gross unfairness triggers the same response in the brain as disgust does.


I don't agree. Gross unfairness makes me angry and makes me want to take revenge. So does janus-faced hypocrisy of the sort I've just watched 3 hours of. What a *anker! "Our bank had a rock solid response to wrongdoing!" Yeah, right, that's why you've been repeatedly caught out breaking every rule in the book.
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UndercoverElephant



Joined: 10 Mar 2008
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Location: south east England

PostPosted: Wed Jul 04, 2012 6:02 pm    Post subject: Reply with quote

Anyway....

It has now been established that the reason for the mysterious phone call from the deputy governer of the BoE was that Barclays was posting its true LIBOR rating but at least 15 other banks were systematically lying in order to hide the true state of the British banking system, and that this was making them stand out as being closest to insolvency when in fact the other 15 banks were relatively less solvent than Barclays. It is completely non-credible to claim that the FSA, the Bank of England and the senior members of the government did not know about this, given that they were right in the middle of the worst banking crisis in any of their lifetimes. Mr Diamond did not provide enough information to implicate any particular organisation or individual, but he made it perfectly clear that there was an industry-wide crisis of great severity which had to be dealt with somehow or other, and that this is why the LIBOR rate was being fiddled.

So we have some major questions that need answering about precisely who knew what, and when, and who was making the big decisions. Where does the buck really stop? Jerry Del Missier has been set up as the fall guy for "misunderstanding" the comment from Paul Tucker, but nobody believes this claim about it not being an instruction. And this account doesn't make sense anyway, because it is being put in the context of an industry-wide crisis that had to be managed. The big decisions were not taken by Paul Tucker and Jerry Del Missier. Somebody higher up must have been co-ordinating the whole strategy, and we already know who that person was. It was Prime Minister James Gordon Brown.
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Little John



Joined: 08 Mar 2008
Posts: 6011
Location: UK

PostPosted: Wed Jul 04, 2012 6:16 pm    Post subject: Reply with quote

UndercoverElephant wrote:
Anyway....

It has now been established that the reason for the mysterious phone call from the deputy governer of the BoE was that Barclays was posting its true LIBOR rating but at least 15 other banks were systematically lying in order to hide the true state of the British banking system, and that this was making them stand out as being closest to insolvency when in fact the other 15 banks were relatively less solvent than Barclays. It is completely non-credible to claim that the FSA, the Bank of England and the senior members of the government did not know about this, given that they were right in the middle of the worst banking crisis in any of their lifetimes. Mr Diamond did not provide enough information to implicate any particular organisation or individual, but he made it perfectly clear that there was an industry-wide crisis of great severity which had to be dealt with somehow or other, and that this is why the LIBOR rate was being fiddled.

So we have some major questions that need answering about precisely who knew what, and when, and who was making the big decisions. Where does the buck really stop? Jerry Del Missier has been set up as the fall guy for "misunderstanding" the comment from Paul Tucker, but nobody believes this claim about it not being an instruction. And this account doesn't make sense anyway, because it is being put in the context of an industry-wide crisis that had to be managed. The big decisions were not taken by Paul Tucker and Jerry Del Missier. Somebody higher up must have been co-ordinating the whole strategy, and we already know who that person was. It was Prime Minister James Gordon Brown.
Yep

Diamond has basically implied that this was done (during the crisis) at the behest of the then labour government. Or, at the very least, the labour exchequer.

However this shit was going on at Barclays long before the crisis. His implied excuse on this was that "they were all up to it".

None of the above was stated overtly, of course. Merely implied.
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Aurora



Joined: 24 Jan 2007
Posts: 8502

PostPosted: Wed Jul 04, 2012 9:43 pm    Post subject: Reply with quote

Quote:
The Independent - 04/07/12

Members of Gordon Brown's government were clearly involved in the scandal of Barclays' manipulation of its Libor rate, Chancellor of the Exchequer George Osborne has claimed.

In an interview for tomorrow's edition of The Spectator, the Chancellor said that Mr Brown's inner circle - including current shadow chancellor Ed Balls - have "questions to answer" about their role in the false posting of inter-bank lending rates during the bank crisis of 2008.

Article continues ...
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Lord Beria3



Joined: 25 Feb 2009
Posts: 4219
Location: Moscow Russia

PostPosted: Wed Jul 04, 2012 9:53 pm    Post subject: Reply with quote

Yup... watching the BBC coverage it seems very little so far has covered the political implications.

I don't know why this is the case but it is self-evidence that the previous Labour goverment was driving his fraud to keep the insolvent banking system going.

Maybe the establishment are nervious about the prospect of a former PM facing calls for criminal charges? Doesn't stop the French doing it though.
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biffvernon



Joined: 24 Nov 2005
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PostPosted: Wed Jul 04, 2012 9:54 pm    Post subject: Reply with quote

I'm absolutely no fan of Ed Balls but I'm not sure that the Children's Minister would automatically have been involved. What is Osborne on?
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Aurora



Joined: 24 Jan 2007
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PostPosted: Thu Jul 05, 2012 8:02 am    Post subject: Reply with quote

Cartoon courtesy of The Guardian - 05/07/12

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UndercoverElephant



Joined: 10 Mar 2008
Posts: 8802
Location: south east England

PostPosted: Thu Jul 05, 2012 8:24 am    Post subject: Reply with quote

Aurora wrote:
Cartoon courtesy of The Guardian - 05/07/12



Yep, that's just about perfect. Smile

Worst chancellor this country ever had.
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Aurora



Joined: 24 Jan 2007
Posts: 8502

PostPosted: Thu Jul 05, 2012 11:32 am    Post subject: Reply with quote

UndercoverElephant wrote:
Yep, that's just about perfect. Smile

Worst chancellor this country ever had.

Don't forget Thatcher's involvement - the deregulation of the banks. Smile


Last edited by Aurora on Thu Jul 05, 2012 11:35 am; edited 1 time in total
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Aurora



Joined: 24 Jan 2007
Posts: 8502

PostPosted: Thu Jul 05, 2012 11:34 am    Post subject: Reply with quote

Quote:
The Guardian - 05/07/12

Enough of these banking scandals. I'm moving my money

It's time to overcome the fear of being the idiot who did something faddish and look for a more ethical way to save.

Article continues ...
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UndercoverElephant



Joined: 10 Mar 2008
Posts: 8802
Location: south east England

PostPosted: Thu Jul 05, 2012 12:19 pm    Post subject: Reply with quote

Aurora wrote:
UndercoverElephant wrote:
Yep, that's just about perfect. Smile

Worst chancellor this country ever had.

Don't forget Thatcher's involvement - the deregulation of the banks. Smile


"Forget Thatcher"? Not much chance of that happening given that my political memory begins with her election as Tory leader when I was 9.

I think Thatcher is responsible for much more than just deregulating the banks. Her evil went much deeper and wider than that. By comparison, Gordon Brown's politics were OK. He was a socialist. He was trying to achieve some of the right things, at least. I am saying he was the worst chancellor because of the mistakes he made, not because his political ideology was repulsive. He managed to fool himself and almost everybody else that he was an economic genius, but turned out to be completely incompetent. If he had understood what was really going on, he would not have sold half of the country's gold when the price was bottoming. Yet this same person was in charge of the strategy during the crisis of 2008 - a crisis he himself helped to create.
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Little John



Joined: 08 Mar 2008
Posts: 6011
Location: UK

PostPosted: Thu Jul 05, 2012 12:31 pm    Post subject: Reply with quote

UndercoverElephant wrote:
Aurora wrote:
UndercoverElephant wrote:
Yep, that's just about perfect. Smile

Worst chancellor this country ever had.

Don't forget Thatcher's involvement - the deregulation of the banks. Smile


"Forget Thatcher"? Not much chance of that happening given that my political memory begins with her election as Tory leader when I was 9.

I think Thatcher is responsible for much more than just deregulating the banks. Her evil went much deeper and wider than that. By comparison, Gordon Brown's politics were OK. He was a socialist. He was trying to achieve some of the right things, at least. I am saying he was the worst chancellor because of the mistakes he made, not because his political ideology was repulsive. He managed to fool himself and almost everybody else that he was an economic genius, but turned out to be completely incompetent. If he had understood what was really going on, he would not have sold half of the country's gold when the price was bottoming. Yet this same person was in charge of the strategy during the crisis of 2008 - a crisis he himself helped to create.
Yep, the worst kind of incompetent twit. One who thought he was himself genius.

I think, essentially, he is autistic or, asbergic, at least. consequently, he could only think in details. He was unable to work at the bigger picture level. Everything, for him was a series of technical problems. He had no capacity for wide-sweeping vision
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emordnilap



Joined: 05 Sep 2007
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PostPosted: Thu Jul 05, 2012 12:39 pm    Post subject: Reply with quote

Aurora wrote:
Quote:
The Guardian - 05/07/12

Enough of these banking scandals. I'm moving my money

It's time to overcome the fear of being the idiot who did something faddish and look for a more ethical way to save.

Article continues ...


At last. Not the best article on the subject of actually changing where you keep your money, but at least it's there, it's being talked about alongside other more obscure articles.

I fine that one irrational aspect of 'loyalty' is that - in total reality these days - we're only really talking about brands, not people/ethics/products etc. The US has this off to a T, where many companies simply own brands, having no production facilities, no branches, no employees, no machinery, just a name/image.

Anyway, fck banks, the lot of 'em.
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extractorfan



Joined: 24 Nov 2005
Posts: 988
Location: Ricky

PostPosted: Thu Jul 05, 2012 12:43 pm    Post subject: Reply with quote

I know a British guy, not as a friend but know quite well who made a fortune out of not doing anything except letting people pay him to use his brand.

Genius in it's uselessness.
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Aurora



Joined: 24 Jan 2007
Posts: 8502

PostPosted: Thu Jul 05, 2012 1:35 pm    Post subject: Reply with quote

Quote:

Bank of England extends quantitative easing programme by 50bn

Bank warns that a flurry of economic surveys show the UK economic recovery is fragile amid weaking business confidence.

Article continues ...

Rolling Eyes Evil or Very Mad Insanity!
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