Bank of England started Libor rigging? (1 Viewer)

shmmeee

Well-Known Member
The whole industry is a shit show. Where there's that much cash there's bound to be corruption galore.

Replace the lot of them with software.
 

clint van damme

Well-Known Member
Wonder if we'll ever be able to put in PPI style claims for the money over paid? That would cost the banks an absolute fortune.
 

mrtrench

Well-Known Member
Wonder if we'll ever be able to put in PPI style claims for the money over paid? That would cost the banks an absolute fortune.
They were reducing the libor quotes, which made lending cheaper. If there were to be compensation claims it would be for people paying the fixed side of interest rate swaps.
 

mrtrench

Well-Known Member
The whole industry is a shit show. Where there's that much cash there's bound to be corruption galore.

Not my experience, which is why I was so shocked when the libor scandal was revealed. This sort of thing is totally alien to what normally happens in banks. For sure you get the odd rogue trader that isn't caught (but not so likely now) but it's not endemic
 

Liquid Gold

Well-Known Member
Makes me more angry than almost anything that nobody is imprisoned for fraud on such a scale. We should be seizing the assets of those who've profited from this and using that to pay off the fucking deficit.

Shame those who profit are those who fund the party of government.
 

mrtrench

Well-Known Member
Did you read the article? It's coming out that the banks were instructed to do this by Gordon Brown via the BoE.
 

Liquid Gold

Well-Known Member
Did you read the article? It's coming out that the banks were instructed to do this by Gordon Brown via the BoE.
I'm not aiming that at the Tories. No party can get into power without significant financial and media backing from private interests. We live in an oligarchy.
 

shmmeee

Well-Known Member
Not my experience, which is why I was so shocked when the libor scandal was revealed. This sort of thing is totally alien to what normally happens in banks. For sure you get the odd rogue trader that isn't caught (but not so likely now) but it's not endemic

I stand by my view. It's a proven fact that closeness to large amounts of money effects people negatively when it comes to honesty and altruism.

I'd assume that people ripping others off don't go around advertising the fact, so Im not sure anyone's anecdotal evidence is worth much.

Bunch of overpaid Nancy boys who on the whole do no better than chance. The very embodiment of a privileged few using their connection to stay top of the pile.

Fuck the finance industry. Second only to marketing as a hive of shit heads that have negative value added to humanity.

IMHO of course.
 

Users who are viewing this thread

Top