Banks Must Change their Culture

[Angry Cat]

Re: Banks Must Change their Culture

And another news just on (sorry no link on this device).
RBS have paid some direct debits twice, mainly for personal loans from what I understand.

posted here, dogtired:
http://www.legalbeagles.info/forums/...075#post273075

[Angry Cat]

Re: Banks Must Change their Culture

And amid all the mud slinging, the electorate sit watching and listening...

[Crowie]

Re: Banks Must Change their Culture

Haven't sold PPI for over 15 years, back in the day when sales targets were largely non existent. Since then I retrained as a financial adviser. I'm now working as an independent financial adviser (IFA) self employed. Much better life

[EXC]

Re: Banks Must Change their Culture

Diamond Bob.

[Angry Cat]

Re: Banks Must Change their Culture

This comes as no surprise!
Snouts in the trough:
http://www.itv.com/news/update/2012-...rclay-scandal/

[MIKE770]

Re: Banks Must Change their Culture

Diamond Bob.

Definatly not squeeky clean.

[Angry Cat]

Re: Banks Must Change their Culture

The Bankers need to be sent to jail!
And, the bent politicians too:
http://www.dailymail.co.uk/debate/ar...-did-same.html

"...

it’s a question of saving our society from civil unrest. Last summer saw the London riots. There were multifarious causes of those riots of course, but the essential heart of them was the sense – the perfectly correct sense – among the rioters that ours has become an unjust society. Where the rich too often don’t deserve their riches, where their crimes go unpunished.If we want to save this country from more civil unrest, more riots, we need justice. We need bankers in jail. Lots of them and for long, long sentences."

[EXC]

Re: Banks Must Change their Culture

[Angry Cat]

Re: Banks Must Change their Culture

So it would seem!!!

Bob the Robber, is still it the headlines:
http://www.bbc.co.uk/news/business-18718560

[Angry Cat]

Re: Banks Must Change their Culture

We are NOT amused, Nellie!
http://www.dailymail.co.uk/news/arti...efend-dad.html

[enaid]

Re: Banks Must Change their Culture

If it's left to these set of clowns to change the banks culture we are doomed yet again

George Osborne and Ed Balls clash over banking inquiry

Chancellor and his Labour opposite exchange angry accusations during debate over proposed investigations into bank culture

• Press Association
• guardian.co.uk, Thursday 5 July 2012 16.33 BST

Ed Balls called on George Osborne to withdraw the 'false, personal accusations' made over the Libor scandal. Photograph: PA

The chancellor, George Osborne, and his opposite number, Ed Balls, have been involved in angry exchanges as MPs debate proposals for an inquiry into the banking industry.
The pair clashed after Osborne accused the shadow chancellor of being involved in the scandal over the manipulation of the inter-bank lending rate (Libor). Balls denied any involvement and claimed Osborne's "cheap and partisan" conduct demeaned the office he held.
MPs are to vote on whether to back Labour's call for a full, judge-led independent inquiry into the banking culture, or support the government's preferred option of a parliamentary inquiry.
In heated opening exchanges, with the deputy Commons speaker Nigel Evans battling to maintain order, Balls said Osborne's actions illustrated the need for an independent investigation.
Challenged by Tory MP James Morris on his actions while in government, Balls said: "At no point, at any time when I was an adviser or a minister in the City, was any point put to me by the Financial Services Authority, the Treasury, the Bank of England or anyone in this house that there was any reason to doubt the integrity of the Libor market, which only came to light subsequently and has now been properly investigated."
Tory MP Nadhim Zahawi asked him: "Can you confirm that in your time in office, no other minister, either in No 10 or the Treasury, spoke to the Bank of England on Libor that you know about?"
The shadow chancellor replied: "The reason why we advocate an open, public inquiry, judge-led, is to get precisely to the bottom of all these things."
In an interview with the Spectator, Osborne said former prime minister Gordon Brown's inner circle, including Balls, had "questions to answer" over apparent pressure on Barclays bank to post lower Libor rates during the credit crunch.
The bank's former chief executive Bob Diamond told the Treasury select committee on Wednesday he could not shed any light on the identity of "senior Whitehall figures" who suggested the rates were too high.
Balls told Osborne: "The cheap and partisan and desperate way in which you and your aides have conducted yourselves in recent days does you no good, it demeans the office you hold and most important it makes it harder to achieve the lasting consensus we need."
Balls called on the chancellor to withdraw the "false, personal accusations" which were made "purely in the hope of political advantage".
Osborne told him that a report on Libor, commissioned by UBS, was seen by the former Labour minister Lady Vadera, and Diamond had said the senior Whitehall figures involved were ministers.
He called on Balls to "explain what Labour's involvement was, who were the ministers, who had the conversation, who were the senior figures" and said he had to "answer for his time in office".
Balls said Osborne's allegation was "utterly false and untrue" and added: "The sight of a chancellor who says one thing to the press but can't defend himself in parliament is embarrassing to the office."
The chancellor again challenged Balls about the "ministers in Whitehall" who raised concerns with the Bank of England about Barclays' high Libor rate: "Do you know who those ministers are?"
Balls did not answer the question but again denied his own involvement.
Labour's motion calling for a judge-led review was backed by the Scottish National party, Democratic Unionist party, Plaid Cymru, Social Democrat and Labour party, Green MP Caroline Lucas and independent Sylvia Hermon.
Balls said: "The reality is we must all admit that regulation should have been tougher, including those who argued for less regulation."
He said there was "massive public anger" following the disclosure of Barclays' attempts to rig the benchmark Libor rate and the revelation that major banks were involved in mis-selling interest rate swaps to small firms.
"The sense of outrage comes on top of a deep and wide public discontent at the huge price our economy and economies around the world have paid as a result of the gross banking irresponsibility in the runup to the financial crisis," he said.
"A price which is measured in billions of pounds of loans gone and debts written off, but is felt in the everyday lives of citizens in jobs lost, in small businesses gone bankrupt, in living standards undermined."


More like a class room than parliament

[EXC]

Re: Banks Must Change their Culture

Only a dimwit would send cash through the post by unregistered mail, right? And who would be dimwitted enough to do that with someone else's money? Step forward John Varley, former Chief Executive of Barlcays Bank.

About 5 years ago for a giggle I sent a spoof donation letter to the then CEO of Barclays, John Varley, with 20 quid in cash enclosed (by registered mail) just to see what he'd do with it.

He returned it immediately with a personally signed letter and it was a few days later when it dawned on me that he'd sent my cash back by unregistered mail. Although in response to my subsequent complaint (where I accused him of having a careless disregard for money) he apologized, but I'd bet a cotton chomping dollar that this would be a serious breach of banking procedure and tells me everything I need to know about the culture at Barclays.




To: Mr John Varley
Group Chief Executive
Barclays Bank PLC
1 Churchill Place
London E14 5HP

From: EXC

31/1/07

Dear Mr Varley

I am writing regarding your net profits in recent years which I'm sure you'll agree are very small indeed. It must be enormously disappointing after putting in so much hard work and effort only to be rewarded with a bottom line of a paltry £178 trillion.

It must be sooooo difficult to motivate yourself yet you somehow manage to carry on in the face of adversity with the same passion, dignity and not to mention honesty. I have nothing but the highest admiration and respect for you personally and your bank as a whole. You're a hero.

Is it really true that the entire UK banking industry only managed to coin in £4.6 billion from current account penalty charges last year? Talk about tough times. It baffles me how you manage to keep the ship afloat.

But I want you to know that the whole nation is right behind you and soon every decent citizen throughout the land will be digging deep into their pockets and donating all they possibly can to help you through these desperate times.

Myself and my family have been very busy raising funds already. Although I'm blind, limbless and confined to a hospital bed I've tried to do my bit by washing cars, busking and even selling my kidneys to the highest bidder (the pair fetched a heart-warming £1.72p on e-bay!} as well the 11 quid my 7 year old raised since I put her on the game.

So please find enclosed £20. Not much I know but at least it'll get you a half decent bottle of claret. Also expect a package from my elderly mother who's put together a few tins of soup and a packet of low fat muffins for you. She's terribly worried that your parlous financial state may mean you're not eating properly.

Pip pip!

EXC

ps And who says the banking industry is not noted for it's sense of humor? Your overdraft fees are a joke!

[Angry Cat]

Re: Banks Must Change their Culture

Forget the Bollinger; jail the crooked Bankers and Politicians!

I fear that we are all doomed, after the spectacle the British Public have viewed today...j'accuse!

[Angry Cat]

Re: Banks Must Change their Culture

http://www.bbc.co.uk/news/business-18742140

[Angry Cat]

Re: Banks Must Change their Culture

http://www.telegraph.co.uk/finance/n...r-scandal.html