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It is now established that 14 Barclays emoloyees manipulated the LIBOR , the rate at which banks lend to each other overnight. They were systematically dishonest for years. The Financial Services regulator, at the time not knowing about this, wrote to the Barclays Chairman complaining about Barclays "gaming" approach to regulation, following the letter of the regulations rather than the spirit.
HSBC have admitted to the American Senate that for years they moved cash and money for drugs barons, cartels, illegal regimes and so firth. HSBC knew they were acting illegally.
The banks believe they can get away with anything. I suggest these two banks be suspended in the UK and the USA for say ten years. When they re-apply for permission to operate, they will have to show they are clean.
We have to show the banks that countires have the right for their laws to be respected.
Absolutely they should. Also, I believe individuals involved, whoever or how many of them there are, should face prosecution. I'm sick of hearing the likes of Mervin King and the other banking cronies talking about "moving on and putting things right" but not wanting to accept blame. The banking crisis has caused misery for many, many people- not to mention suicides, riots etc. And the people who have caused this mess have amassed personal fortunes; it's sickening.
They will suffer sanctions. They will never suffer prosecutions.
I was reading the other day that there is a possibility that HSBC may be fined up to 1 billion dollars. That would have to be a record fine. To be honest though, Knol, I'm quietly optimistic (maybe naive) that there will be prosecutions. The reason being, in this country at least, we have seen the likes of top executives from the Murdoch press facing pretty serious charges, (perverting the course of justice) and investigated, but not charged yet, for corruption. Just a few short years ago it would have been unthinkable that the Murdoch press could have been touched in this way. Now, a light is being shined, and in a pretty serious way, on the banks and bankers, that would have been unthinkable just a few short years ago, too.
yes, but it is not just the US justice system involved now. The Serious Fraud Squad, or some such title, have agreed to investigate. I don't know how effective they are, or whether it will amount to anything, but this is definitely a first.
HSBC and Barclays are just dispensible scapegoats for the entire system. If they get sanctioned, other banks will step into their shoes because the whole money and banking system is based around debt, and around finding ever more imaginative/dodgy ways to package the debt so that people keep buying into it, so to speak.
You can't make banks honest unless you have an honest financial system.
About LIbor, governments manipulate interests rates every day.
Why is it bad for a corporation to manipulate it for its own gain, while its o.k. for the government to manipulate it for its own gain?
It's not ok for either to manipulate. But at the moment it is the banks that are under the spotlight.
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