Banks Must Change their Culture

[Angry Cat]

http://www.bbc.co.uk/news/business-18642732

[mystery1]

Re: Banks Must Change their Culture

Proceeds of crime act anyone ?

M1

[wales01man]

Re: Banks Must Change their Culture

Re: Banks Must Change their Culture
Fat chance greed rules

[mercury-the-messenger]

Re: Banks Must Change their Culture

Question from an investment banker (for the avoidance of any doubt the investment banker did not work for Barclays) to an accountant

what is 1+1 ?

Answer "what do you want it to equal ?"

link dated 28 Apr 2011

http://www.telegraph.co.uk/finance/n...-the-City.html#


quote from the link

"Technical as it may be, that one small detail is a devastating unmasking of how Barclays was held hostage by 45 of its own investment bankers who were managing its exposure to sub-prime toxic waste
Just two months earlier, Barclays had struck a highly unusual deal to move $12.3bn (£7.4bn) of dodgy credit market assets off its balance sheet and into a new Cayman Islands company, Protium. Although a separate entity, Protium was effectively an arm of Barclays as it was 96.5pc financed with a 10-year, $12.6bn loan from the bank"

[Magrew]

Re: Banks Must Change their Culture

And you wonder how the world got in all this deep doodoo.

It is time that the finance industry once again became a service industry rather than this crazy meglomaniacal monsters that think that they are entitled to the lion's share when they add no susbstantial worth to any company. All they add is virtual value and when folk realise it is virtual it all goes sunny side up.

Put the engineer's in charge!!!!

[Fortinbras]

Re: Banks Must Change their Culture

"We can see we need a real change in the culture of the industry"

Thanks for catching up, Merv.

We, the hoi polloi, have been telling you that for years.

[mercury-the-messenger]

Re: Banks Must Change their Culture : former vice president guilty of embezzlement

TODAYS latest from our former colonies (aka USa) perfect timing for this story to break

"Former CITIGROUP.INC (c) Vice President Gary Foster was sentenced to 97 months in prison for embezzling almost $23 million from the bank, according to federal prosecutors in BROOKLYN , New York."

http://www.bloomberg.com/news/2011-0...on-scheme.html

ME wonders just how many embezzlers we have in the UK ?:beagle:

[Angry Cat]

Re: Banks Must Change their Culture

http://www.bbc.co.uk/news/uk-politics-18640916

"People want action not words!"

[Crispybacon]

Re: Banks Must Change their Culture

I just simply cannot see how the banks can be allowed to get away with this. If any other company or individual acted in a similar manner they would be arrested immediately and sent down for a long time.

Anything less than long prison sentences, arrest of the top brass for fraud, and a real shake up of banking conduct (not just marketing gestures) will be a real miscarriage of justice.

Relationships between banks and consumers had become a battlefield already. This latest scandal shows how much the financial 'lords and masters' hold consumers in contempt.

[mercury-the-messenger]

Re: Banks Must Change their Culture .. does THIS "DIAMOND" have flaws ?

"CARAT" dangled in front of "DIAMOND" Proves irrestable:tinysmile_hmm_t2:


"Barclays: We took a £7bn handout from the ECB"


Saturday 03 March 2012

"Barclays has admitted it had changed tack and borrowed cheap money from the
European Central Bank in this week's huge liquidity boost. It said yesterday it
had taken €8.2bn (£6.9bn) in the long-term refinancing operation, having not
done so in the previous round in September 2011.
The move came as something of a surprise since Barclays likes to claim it
survived the financial crisis without recourse to taxpayer money

2011: "We never failed a stress test, we never put the system at risk:tinysmile_hmm_t2::tinysmile_hmm_t2:. We never took a single penny from any taxpayer around the world.":tinysmile_hmm_t2::tinysmile_hmm_t2:

Today, Barclays is using money provided not by the UK taxpayer but by the
taxpayers of the 17 eurozone countries. It goes into its Spanish and Portuguese
offshoots.

http://www.independent.co.uk/news/bu...b-7499708.html

[EXC]

Re: Banks Must Change their Culture

"We can see we need a real change in the culture of the industry"

Thanks for catching up, Merv.

We, the hoi polloi, have been telling you that for years.

Actually Mervyn King has been telling us for years - presumably you weren't listening although the BBA were and here are 2 historic examples of them complaining about what he said.

http://www.bba.org.uk/media/article/...h-in-Edinburgh

http://www.bba.org.uk/media/article/...-relationships

His Wikipedia entry states that ''King has been scathing about the banking sector since it crashed''

He has been consistently critical of banks including the way they treat their retail customers. It was his speech that put this scandal on the front pages and on the political agenda. He deserves our support and not our criticism.

[Angry Cat]

Re: Banks Must Change their Culture

We, the general consumer, were listening and still are...
Now, we want action and not just words!

[Angry Cat]

Re: Banks Must Change their Culture

http://think-left.org/2012/06/30/les...s-than-labour/

The Banks have ridden roughshod over us all for years!

We need a Regulator with teeth and not governments that are in the pockets of the cesspit Banks...

[EXC]

Re: Banks Must Change their Culture

We, the general consumer, were listening and still are...
Now, we want action and not just words!

What do you expect Mervyn King to do? As the Governor of the Bank of England he's in about as much of a position to take action as you are.

[Angry Cat]

Re: Banks Must Change their Culture

Times running out and there is already much speculation on who will succeed Mervyn King next year?
A cesspit investment Banker?

At the end of the day, it will be the politicians who will have to sort this mess out...

If this country was America the rate riggers would end up breaking rocks!!!