Banks Must Change their Culture

[EXC]

Re: Banks Must Change their Culture

Yes I've heard mutterings in the media about the rates going up but I think that's just speculation. I've not read the FSA findings on Barclys in full but I watched all of Bob Diamond's select committee evidence and there wasn't any mention of the rates being fiddled upwards.

TBH I think we need to wait for the FSA's findings on the other banks and the Government inquiry before we know if we've got anything to go on.

[dogtired]

Re: Banks Must Change their Culture

Waiting game again.
We moved just over eight years ago and two years in had problems, got a court order of normal monthly plus £80 which we just about coped with.
Then again a year ago due to me being unemployed this time we managed again as the rates had come down and the repayment (agreed this time with the OC) is due to end at the end of this month then we can return to "normal" monthly payments.
My plan that we continue with the weekly payment which would, according to them make us in credit by the end of the year.
Not contacted them lately to see what the general feeling was as I know its just a "call centre" so they would not necessarily know.
Our company is Kensington I have another question about this but this may not be the right place for this question but if admin could move it?
When we took it out it was with a company called TML and mortgage protection was added, as it turns out they are no longer trading but were part of Kensington but the say they cannot comfirm what sum was added I do have the documents so could scan them in.
If we can form some sort of group re LIBOR I would take part.
Thank you DT

[Angry Cat]

Re: Banks Must Change their Culture

http://shropshire.gov.uk/jsna.nsf/vi...%20Arrears.pdf

[alham]

Re: Banks Must Change their Culture

When upside benefits so outweight downside (millions in the offshore accounts Vs chance of a prosecution and prison) there is nothing anyone will do especially as perpetrators are old school mates of lawmakers, and a holiday on one's yacht and a sizable contribution to re-election funds is SOOO convenient..

[Angry Cat]

Re: Banks Must Change their Culture

Who ate all the pies then?
http://www.bbc.co.uk/news/business-18759479

No doubt there will be some more red faces...the shame of it, being caught with their trousers down!

http://news.sky.com/story/957917/rev...s-libor-emails

We will see how they will attempt a cover up?

[Angry Cat]

Re: Banks Must Change their Culture

http://in.reuters.com/article/2012/0...8I94P220120709

If, members have not previously read the following, they need to:
http://www.dailymail.co.uk/news/arti...ing-rates.html

[TUTTSI]

Re: Banks Must Change their Culture

Just thought I would post up and highlight the bit on repossession as in the daily mail report whic AC posted
Families may have had their homes repossessed because of the bank rate-fixing scandal, Housing Minister Grant Shapps said.
Mr Shapps admitted the fixing of the Libor interest rate, at which banks lend to each other, may have been a 'contributory factor' to the number of repossessions.

Barclays was fined £290 million by UK and US regulators for manipulating the rate.
The Royal Bank of Scotland has admitted similar offences and at least 20 other banks face claims of rigging the markets to bolster their profits.
Barclays chief executive Bob Diamond, who today resigned in the wake of the scandal, argued yesterday that the bank was only fractionally dishonest.
Mr Diamond, 60, said that they only fractionally altered their libor-rate they submit daily to Thomson Reuters by 'typically less than one basis point.'
A basis point is 0.01 per cent - although even such a minor adjustment could have a huge effect on markets and ultimately on customers.
Mr Shapps, answering a question in the Commons from Labour MP Simon Danczuk, accepted there is a connection between the scandal and home repossessions.

More...

• Barclays boss Bob Diamond finally quits in interest rate fixing scandal but will KEEP his £22.9m share package (and who else will he take with him?)
• Bankers to be grilled under oath: Osborne rejects judicial probe in favour of 6-month Parliamentary investigation
• Now Labour is dragged into bank rate scandal as leaked documents show Brown's baroness proposed scheme to drive down rates

He replied yesterday: ‘All the research into homelessness proves that there are a lot of different causes, of which the Libor rate may have (been) a contributory factor, if indeed it transpires that mortgage rates have been adjusted as a result.’

Taken away: Families may have had their homes repossessed because of the bank rate-fixing scandal

'We are pleased to note, and I am sure you will agree, that the level of repossessions fell last year to the lowest level since 2007 and I know you will welcome that development and low interest rates have been a very important part of that falling repossession number.'
Resignation: Bob Diamond this morning stood down as chief executive of Barclays

The Department for Communities and Local Government said: ‘Clearly the mortgage rates paid by millions of homeowners may have been affected by the actions of these traders as they manipulated the Libor rates up and down depending on their trading position – and this could have put pressure on struggling households.’
As the scandal showed no signs of abating last night, Business Secretary Vince Cable launched another attack on the banking industry tonight claiming senior industry figures 'still don't get it'.

The Lib Dem cabinet minister said it was becoming 'increasingly clear' that the management of Britain's banks 'want to choose the high risk, high reward' path when it was 'vital' for the public they did not.

Mr Cable backed calls for a criminal investigation into bankers involved in manipulating the Libor system.

He said: 'We have done everything we can to get ahead of the curve and deal with macroeconomic risks. But we can't do this alone, and it is increasingly clear that the management of many banks still don't get it.

'They want to choose the high-risk, high-reward path - seeking high returns on shareholder equity - when it is vital for everyone else that they don't.

'And now we are learning that this daredevil behaviour included taking blatant risks, once again to the detriment of the shareholder.'

Urging shareholders to demand safer behaviour from banks, he called for banking to become 'boring' again.



Read more: http://www.dailymail.co.uk/news/arti...#ixzz208K4ypLJ

[Angry Cat]

Re: Banks Must Change their Culture

http://news.bbc.co.uk/democracylive/...00/8167511.stm

[TUTTSI]

Re: Banks Must Change their Culture

I distictly heard Bob Diamond say on the TV when he was before the parlementary committee that he knew nothing about the libor fixing. In fact he denied any knowledge yet his Chairman had admitted knowing about this at the top level, so why would not have Mr Diamond been kept informed about the goings on within the company that he was the CEO. This I find astounding tbvh.

http://news.bbc.co.uk/democracylive/...00/8167511.stm

[dogtired]

Re: Banks Must Change their Culture

I did hear something about e mails which now seem our modern equivalent of "bugs" shades of Watergate perhaps.
The more we find out the more are involved, right to the very top, think it may be some time before we at the bottom get any concrete answers.

[Shadowcat]

Re: Banks Must Change their Culture

I think more and more people are beginning to suspect corruption right to the top, banks ruled and that seems to be what is being discovered. I have been saying to people I work with (and our company is now 'owned' by a bank after a bail out) that they think the corruption involves just the amount of a banker's bonus but in reality it involves far more complex and dirty business practice. The government created a Frankenstein and we all know how that story went.

[Angry Cat]

Re: Banks Must Change their Culture

http://www.marketwatch.com/story/ban...ing-2012-07-06

[MIKE770]

Re: Banks Must Change their Culture

The populas should now all get to-gether and do a class action against Banks - government for squandering countries assets, then harrasing population for more monies for their extravagant life style, and fraud +
in which Banks then loan you your own monies with exorbitant Interest rates. Rant over.

[dogtired]

Re: Banks Must Change their Culture

I tried to phone Kensington but they did not know, the web site is not much help either,

http://www.kmc.co.uk/customer/Existi...mers/faqs.html

[Shadowcat]

Re: Banks Must Change their Culture

I've thought that for a while. There must be a host of health problems associated with what has happened over the past decade as well as mental anguish and if a few of us with individual people that we'd like to bring into the spotlight - e.g. mine would be Swift/Barclays and some Acenden, Kensington, etc - and took our government to a European court for failing in their Duty of Care we might not win, but it would put a lot of dirty business under the spotlight.