Published on 28 Jun 2012

Hunting the 'dude' and 'big boy' in the Barclays scandal

No names, no precise dates, little detail, and, no wonder.

The Financial Services Authority (FSA) is conducting probes into what the FT numbers as “more than 20 banks”, who are suspected, like Barclays, of lying about their daily interest rate when they file their returns for the overall setting of the Libor interest rate – the rate of lending between banks.

At Barclays alone the FSA is aware of hundreds of names.

Their nearly three year long investigation has turned up tens of thousands of pieces of email traffic which identify not only hundreds of names inside Barclays, but the names of hundreds of traders in other institutions.

Multiply what little the FSA has revealed of its investigation into Barclays by twenty and we could be talking about thousands of names in the most prestigious banking institutions in the City of London.

But we are to be left merely with “Dude”, and “Big Boy”, as we journalists try to piece together what the FSA won’t tell us. Should not the very fact that no one is to face criminal prosecution enable the FSA to name names?

Further, as this fundamental benchmark of banking trust is shot to pieces, is there not a case for suggesting that none of these names should be allowed anywhere near the setting of the Libor ever again?

Has “too big to name, too big to prosecute” now become the epithet by which this vast banking scandal will become known?

Evidence set before the US Congress last week claimed that the very worst of recent US banking scandals – JP Morgan for one – were hatched and executed amid what was termed the “loose” regulatory world of the City of London.

 Last night I tried to explore who is responsible for the lax management of the setting of this critical Libor rate – which can affect every one of our mortgage rates and very much more.

I found that the British Bankers Association (BBA) decides which 16 banks rates will be collected for that day. They in turn outsource the job of retrieving the rates from the banks to Thomson Reuters.

The BBA then assess the mean rate and issues it as that day’s Libor rate. Thomson Reuter told me they had no responsibility whatever for assessing whether the rate filed by a bank was true or not.

So I called the BBA and spoke eventually to Angela Knight its director.

She refused to be interviewed, telling me Barclays were handling it. Barclays weren’t doing interviews either. But she did tell me that there was another committee above the BBA, which had final responsibility for the Libor rate but that it had no spokesperson.

 My research revealed that the whole setting of the rate is dependent upon “old boy” style trust.

The BBA apparently makes no attempt to establish whether banks are telling the truth and has no independent scrutineers roving around the banks to check what’s happening. In short, the setting of this critical Libor rate is completely flawed.

Of course, if anyone from the BBA or Barclays or any of the other 20 banks wants to come on to Channel 4 News tonight to argue this analysis is wrong, they’re most welcome. There, a challenge to all bankers.

 In the Libor rate we see in play the collision between “casino” and retail banking. The “dudes” gamble on the rate we poor old customers are going to be charged by the retail bank that is now fiddling interest rates with the very same casino arm. In the little that the FSA has revealed we see the casino ‘Dude’ persuading the retail “Big Boy” to lie about the true rate he’s been charging that day. This is the cancerous consequence of successive global failures by governments across the world to force the total separation of casino and retail banking. It’s a failure that successive UK governments have been particularly culpable for.

 History suggests that this separation will not be achieved; that the potentially thousands of bank and trading staff involved will go unpunished; and that no one anywhere will ever go to jail for either lying, thievery or, as the FSA puts it, “serious, widespread, and extensive misconduct”.

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54 reader comments

  1. citizn smith says:

    I’ll start this with what i want Jon and others to do….

    Lets have Jon and a coalition of other investigative journalists from wherever you can get them to turn this upside down and get to the bottom. We the public are sick of the corruption and lies within the Political and financial world.

    Only one ‘Lord’ from the HoP was outspoken yesterday. So where is Cameron and rest of the ‘condem’ party.. in particular Vince Cable?

    I’ve lost it with MPs. Whilst Jimmy Carr had done nothing illegal he was given a severe dressing down by everyone. I dont see Leaders from the various parties saying or doing anything. Unbeleivable!

    If i was investing/bailing out the banks i would want assurances about its integrity of staff, processes/practices.

    If LIBOR rates are rigged, which affects borrowers and savers AND most commercial contracts on the globe, then why isnt this a criminal offence?

    Why didnt the Govt and the FSA tell ALL BANKS yesterday that controls/audits must be put in place NOW & that all people who have transgressed will be sacked on the spot. We cant wait for the rest of the investigations. Clean up now… not in another 4 yrs

    There is no swift action. NOT GOOD ENOUGH!

    1. IAS says:

      Yes, Mr Smith. I agree that their lies an imbalance to what the media wants to SHOUT about, and what it seemingly wants to report… without the loudness!

      The weakest argument for the continuing saga of CEO Bankers acting Fraudulently in the Banks, is that ‘maintaining confidence in the City’ is imperative. If there was this aim to not just sustain, but to Grow the relationships the financial City of London has, then, surely, these CEOs should have been arrested a long time ago, and this action would have Inspired a Change in attitude by CEO Bankers. However, it’s a question of ‘why’ this hasn’t been done. Yes, well there lies the historic relationships – ‘conflict of interest’ – between Politicians and CEO Bankers – one that Politicians DO NOT want to disown. WHY? Political party funding, and the additional interests that does more to Improve Upwards Social Mobility of the elites… umm.

      So, here we are… tollerant of the austerity measures placed on us all, while our politicians have allowed Eric Daniels, Fred Goodwin and Bob Diamond to act Fraudulently… and continue to get away with the extraordinary amount of renumerations achieved as a result… ummmm!!

  2. Anthony Martin says:

    This comes as no surprise whatsoever. Nor does the fact that the system is so manipulated and, a closed shop. It’s what happens when corrupt people collude in a fraudulent orchestration of crony criminality.
    Time and again I’ve posted comments about the whole system of fraud in the UK.
    The FSA is nothing more then a wind-bag set up designed to serve their masters.
    There are people who know darn well how to screw the system that will result in no prosecutions. It’s a Mafia-like clique of inbreds who’s arrogance is only matched by their crony buddies in government, media and law.
    The Libor rate, like the Euribor are meaningless playtools for the manipulators, watched on by toothless regulators and a powerless public while the vermin pop their Bolinger!
    Over the last few decades I’ve seen the CAUSES of inequality, ‘crimes’ and hate. It’s those in privileged positions who have abused their status, via a collusive culture of crony criminality in the vile Gentlemen’s Club, that are the real terrorists of the citizens. Scum who are rarely brought to account because, they have their filthy hands of immorality on levers of power, fiscal spin, law and media.
    Bring back the Guillotine.

  3. Britt_W says:

    “We’re all in this together” has never sounded so hollow and false. Even though the recent revelations are truly shocking, this casino banking doesn’t come as a surprise – but that’s another matter.

    What matters is that these dudes and big boys will face criminal investigation and be punished. Waving a bonus doesn’t quite fit the bill – sorry.
    For someone like myself, who have been struggling with my very small company through the recent harsh economic years (and survived – but only just!), it beggars belief that fiddling at this level will not have any major consequences. If I don’t pay my taxes on time (because I can’t), I get threatened by bailiffs and even prison at the end of it. Where is the fairness in that? It’s definitely one rule for them, another for us.

    Go get’em Jon! We’re all behind you.

  4. Philip Edwards says:

    Jon,

    I told you so.

    One day you mainstream media people might just listen and do your honest duty instead of living in that cozy world of structured news access and “public relations.”

    If even Ed Morrow had the guts to take on McCarthyism and its attendant loonies why can’t C4 News take on the evil of London capitalism, one of the most insidious and hypocritical versions on the planet?

    And lest you miss the point: the Tories, New Labour and the Lib Dems have all gone along with this suited up thievery. None of them have had the courage to openly denounce it as a system that has never worked and never will, that it can never provide a reasonable civilised life and society.

    In the name of common sense and decency – HOW MANY MORE WARNINGS DO YOU NEED?

  5. citizen smith says:

    In response to Cameron’s recent statement today…

    CAMERON IS WRONG…. its not up to Barclays…. it was in the hands of FSA but it has no teeth. IT SHOULD NOW BE WITH THE PM….

    CAMERON must act NOW….
    1. process and audit controls NOW for all banks
    2. minimum ‘10% of profit’ fines
    3. sack all transgressors NOW & in future

    If banks are rigging LIBOR then they r falsifying accounts…illegal?

    ‘Stress testing’ is a farce.

    JFDI.

  6. Headbelowtheparapet says:

    Well done to C4 for trying to penetrate the wall of obfuscation, instead of helping to shore it up. Keep trying, keep challenging them and keep asking the questions. And make sure that you keep publishing what you are asking, as you go along!

  7. Questions says:

    If the BBA is acting as a trusted advisor to the committee above it, there may exist a Hedley-Byrne relationship which would open the BBA up to liabilities.

  8. e says:

    What we need is to be excited by the fact that the way in which the dots join up is becoming alarmingly obvious. There’s a possibility of real change for the better, real change in the public interest if our media keeps the pressure up – uses these periods of transparency to show how our financial services system has “inadvertently” disconnected itself from the law of the land (a consequence of erroneous economic ideology) and in doing so has become utterly unable to work in the interest of more than a few already very very wealthy individuals.

    Scary consequences on the horizon if the media doesn’t find its independent economic voice…….

  9. Alex says:

    Sorry Jon, I don’t understand your comment: “no one is to face criminal prosecution”. Please explain how the sentencing guidelines for fraud will not be applied.

  10. cittizen smith says:

    To the tune of Country Joe and the Fish at Woodstock in 1969….

    And its 1 2 3 who are we saving for
    Don’t ask me I don’t give a damn
    Next stop another banking scam
    And its 5 6 7 open up the iron grates
    Oh, I got time to wonder why
    Whooopeee we’re all gonna fry!

    make up your won verses….

    http://www.youtube.com/watch?v=-7Y0ekr-3So

  11. Chris Squire says:

    What we want is ‘Jail for fraud’!

  12. Kate says:

    Cameron says Barclays has ” serious questions to answer”, the first being “We’re still on for that lucrative consultancy when I finish- OK?”

  13. Philip says:

    I’m so glad that Cameron is so concerned that he believes serious questions should be asked on Barclay’s management. But evidently not by him.If we can’t legislate for a regulatory system with teeth (i.e. criminal sanctions e.g. £billion fines – e.g. twice or three times the value of the fraudulent transactions – and long gaol sentences, repayment of bonuses and banning from working in financial institutions), we might as well follow the Philip Edwards route as this sort of thing will keep happening if the rewards are vast & the punishments zero or a slap on the wrist. I bet even “Fred the Shred” would rather have his public ignominy & very well padded comfortable retirement than having large sums removed from him (not his knighthood…purleease!) & 5 years in gaol. Do I think Cameron will do anything like this to his chums? Do I **********!!

  14. Y.S. says:
  15. adrian clarke says:

    I think that the above all are correct in their own way,but miss the point.
    The lying involved was not for the benefit of their customers or their banks,but rather for their own individual gain.There appears to be a case for prosecution of many individuals under the theft act ,of obtaining a pecuniary advantage by deception.The Police should be investigating immediately.This is more impoertant than phone hacking or the Leverson enquiry.It is an assault on the very integrity of Capitalism,which despite Philip’s denunciations is the bedrock of modern civilisation and globalisation.
    It is also up to the Politicians to show leadership and insist on a full scale police enquiry.Heads must roll,prosecutions must take place.NOONE is too big to be above the law

    1. Kate says:

      “…miss the point”

      Nobody has missed the point.

  16. Celt Rowlands says:

    Wonderful – the politicains are baying for the blood and heads of bankers. What happened to the blood and heads of those politicians whose widespread and fraudulent expenses claims should also have been pursued to the full extent of the law? Let he who is without sin cast the first stone. Politicians and bankers, what a shower and with them what hope for the UK? Don’t even get me started on elected politicians’ ability to change our institutions without referendum or child minders with A levels. Why not introduce a law banning anyone from entering politics without 10 years of proven busiess experience?

  17. Howie rogers says:

    I truly loved the interviews you’ve conducted regarding the Barclays Scandal. The “no-holds-barred in the face of the public” approach is the only way to report on news that truly works!

  18. Questions says:

    Who funds the BBA – is it the banks?

    Are the actions of the BBA anticompetitive and in any way breaching European or UK legislation?

  19. John Sinclair says:

    Derisory fines and forgoing of bonuses will achieve little. The FSA is effectively impotent and the BBA a cartel. Cameron should act now and not wait for a quasi criminal investigation.

  20. margaret brandreth-jones says:

    This has been getting under yur skin for many years. I just hope that investigation proceeds with care. Share prices down accross all the banks would make loans impossible;then only the giants surviving until it also becomes impossible for them without the surfs..

    If there is to be a transition to a cleaner system and there must be .the public shouldn’t be the ones to suffer.

    1. Yorkshire Lass says:

      Not sure what “yur” means but the bankers caused this shit and shouldn’t be let off the hook under any circumstances. They are not lending now so what’s the loss?

    2. margaret brandreth-jones says:

      just clumsy fingers yorkshire lass..not sure that bankers caused “shit” but perhaps we all ought to fix interest rates for our advantage.

      I am not advocating that they are let off, but many countries would revel in western banking implosion.The power war is centred in weakness of finances .

    3. adrian clarke says:

      Wow, i agree with Yorkshire Lass.Because they produced vast amounts of money for the gov’t (of all colours)bankers believe they can do as they wish and gamble carelessly.The thing they forget in their greed is that it is not their money but ours the customers.They should be guardians of such and not treat it as their own.
      Unfortunately money is once again the cause of greed and it appears many bankers from bosses downwards have committed or aided and abetted crime.Those responsible must have their day in court if the Capitalist system is to survive for the good of all.
      If it survives to feed the few,then we might as well revert to the mediocrity of Socialism

  21. Anthony Martin says:

    The affects on society and democracy from the consequences of fraud at the heart of Banking and government, is immeasurable and despicable.
    When people in privileged positions enjoy the seemingly deliberate neutering of Regulators via government cronies and, then manipulate system knowing they’ll not brought to account and prosecuted, they become very smug indeed.
    My previous comment on this blog is ‘awaiting moderation’ and, I understand why. My anger is expressed in words and, words can’t convey strong enough what these people have been causing to society. They are as bad as any terrorists. Just because they’re not doing the deeds in the same way, they are causing the the equivalent damage to millions across the country and, the world. But, they don’t receive the punishment because of their positions and influence.
    I’ve toned this comment down but, my passion against these vile people remains the same. I care about society but, a minority of people have continued to ruin it over the last 4 decades &, they just get worse while misery & inequality grow exponentially for the majority.
    The Police protect these criminals via manipulated law. It will cause a revolution in the end.

  22. Dogsauce says:

    Any chance that the Proceeds of Crime Act will be pointed at a few of the characters that will eventually be judged to have acted illegally here? There’s probably a few nice houses that could be recouped to cover society’s losses.

  23. SteveEvans77 says:

    To clarify they “calculate the mean” – of those 16 bank submissions they remove the top 4 and bottom 4, then take an average of the remaining 8.

    Given that is how it works, and those involved know that is how it works it is not feasible for one bank, acting alone, to affect the rate. If they were to under or over-pitch their rate they would become one of the four whose submissions were dismissed.

    By it’s very nature there HAS to be a conspiracy here involving other banks, the FSA continue to investigate, the US Dept of Justice are investigating, as are the SEC… our own financial regulatory authorities are toothless, personally I’d spend the millions it would cost for a Leveson-style judicial inquiry into banking. It’s huge, complex, and broken.

    There is more of this story to come, of that we can be certain.

    1. Yorkshire Lass says:

      Hear, hear – one submission alone could not have the desired effect on the mean. Unfortunately this suggests that they were ALL in it.

  24. Mudplugger says:

    It was somewhat satisfying to see the Chief Apologist for all-things-banking, Angela Knight, positively squirming for words when you interviewed her.

    Usually the most ebullient defender of the banking indefensible, this time she clearly knew it was beyond the pale. Chances are, she also knows just how far and how deep this blatant fraud runs throughout the banking system and even she is embarrassed by it, a seemingly impossible state before.

    Keep her squirming – it’s good entertainment.

  25. ProfSearle says:

    As an academic studying trust and it’s violation and repair, I am really concerned with the gap in the petceptiobs of values and integrity of not only our business but also our political elites – this does not bode well for our ability to restore trust in either system. Diamond will be judged through the nect few days & weeks in order to assertain whether he was incompetent or immoral neither is good for Barclays & the latter toxic for his future career.
    On one level these are all great case studies, but so many in such a short period! This is starting to look systemic. Prof Searle

    1. margaret brandreth-jones says:

      Prof, when was trust an issue? that is an outmoded sentiment.For as long as I can remember public trust in institutions, private trust in individuals,trust in legal and financial personell and instituions has eroded to an extent that everybody has to write down events for evidence and photocopy their individual documents’then remind themselves of a motive as to why this transaction should be this way or that way..DISTRUST is across the board.

  26. Garry Anderson says:

    Exactly why are fines, which will be passed on to investors and customers, a just response for Barclays wrong-doing?

    You indirectly questioned the integrity of the FSA. I have won an official complaint against the FSA about just this i.e. their lack of integrity. I really could not lose because they are clearly corrupt – it is endemic to keep confidence in the markets. I sent you a pdf of the outcome (news@channel4.com) with more details. If the regulators have not got integrity then what is the point of them?

    The FSA are PR for the finance industry, hiding and dumbing down wrongdoings e.g. endowments and HBOS. They knew about latest Barclays scam in 2009. These are cases for the court and not for fines to be paid by customers and investors.

    In your question to FSA, they were criminal acts on each occasion whether each individual attempt to change bank rates was successful or not. Attempted fraud is still a crime – not that the FSA wanted to tell you that.

  27. Philip says:

    And now Mervyn King joins in the condemnation of bankers. I suppose one should welcome the repentant sinner, but this well-paid arrogant buffoon has presided over this corrupt system for the last decade – knowing full well from public comments in both the UK & the UK – that the LIBOR system was being manipulated, yet unaccountably preferred to do nothing about it, sitting on his well padded chair & well-paid post while his chums swindled money out of the rest of us.
    What I’d really like him & Mr Knight to do is to explain to me how much of what goes on in the City is actually of any use – as opposed to being a vehicle for a small number of people to make money from various forms of gambling and/or cheating?

  28. Questions says:

    On 18 June 2009 there was a petition on the 10 Downing Street web-site calling on Parliament to outlaw the way in which LIBOR was set.

    So, just over 3 years ago, ALL political parties had the opportunity to head off this crisis – they all failed.

  29. evie love says:

    Hey Jon,

    I sigh with relief tonight to hear the truth of the matter reported on the news tonight. Some time ago I started commenting on your blog, you might remember, Evie Murray. I spoke often about culture. I’ve worked with drug addiction for many years and I see addictive behaviour a mile off. In fact this type of behaviour is so wrapped up in consumerism and todays culture, it is hard to spot it. People and their traits, its fascinating to see similarities and differences. Bankers have the same moral/traits of a heroin addicts, politicians also aren’t much different, the only thing that conceals the behaviour between these groups is wealth and acceptance. Politician chase power to the detriment of the people, regardless of its people, bankers horde money, addicts their heroin. It is time to put all things back into balance, the days of instant gratification are over. It is time to draw the boundaries on globalism. Isn’t it interesting how the answer to climate change is also the answer to obesity, to the economic crisis, to our own levels of happiness. Going local with a cuban style food revolt. Driving the multi nationals back out of town, shifting to a new way of being.

  30. Questions says:

    Here’s a bit of supposition; (1)Individuals or organisations manipulate the LIBOR rate. (2) They also estimate the likely impact ofthe manipulated LIBOR rate upon the share or derivatives prices of a few organisations. (3) The people or organisations who do both these things then trade in those same shares or derivatives for maximised profit.

    Does that amount to Insider Trading which I believe is an offence? Time for the SFO and/or Police to be involved?

  31. Dolores Mannion says:

    I reiterate the proposals and thoughts on the Barclays situation, as citizen Smith. Let Channel 4 get legal advice on whether the people involved in this scandal can actually be brought before the British courts. Surely that is the most pressing issue at present? The hubris of Diamond is nauseating: this man must be held accountable.

  32. IAS says:

    ‘A Partnership Made… the City’:

    The historic relationships and teh ‘conflicts of interests’ bewteen politicians and CEO bankers continues. Is this not the reason why the ‘Fraudulent’ actvities of CEO bankers – whether it be Eric Daniels, Fred Goodwin or Bob Diamond, continues to have a question mark against it all… in the eyes and language of many politicians?

    The time has come whereby Politicall funding has to come from the tax-payer – a small amount too!! No large sums for the creation and postering of rhetoric! Now, politicians should ONLY be heard through a microphone on stage, against other political party leaders and confronted by the Public – from all walks of life.

    No more familiarity with the words ‘Integrity and politicians’ should be talked of. Now, they have to earn it!!

  33. IAS says:

    The former CEO of the Serious Fraud Office has talked about a new Fraud Legislation that came in to effect in 2007, and said that this may not deal with any of the crimes committed by the Barclays scandal. Now, I am alarmed and frustrated by this! Surely, we not saying that their is No law that covers the crimes – Fraudulent crimes that CEO Bankers are ressponsible for that failed the banks, bankrupted the Country and now rigging the Libor rates??

    One has to wonder whether these prevention measures have been purposely manufactured in order to protect these banking elites – given the money that they have been able to get out of the banking system, and their relationships with politicians.

    I am sure if there were any allegation of me committing fraud on any Company, I will be arrested and ptentially service time in Jail for my crimes??

    The recent jailing of Rioters, who were petty criminals, certainly questions Judgement of these crimninal acts and those Humungous Fraudulent activities of CEO Bankers.

    Why is there even a discussion about this? Arrest these CEO Bankers!!!

  34. TheGreeneMan says:

    I would really like to know what other banks or institutions were involved!!
    Sir Mervyn King said it all. To paraphrase ‘We know what needs to be done’. Yet my heart sinks when the govt. starts calling for an enquiry, and does nothing. Another way of kicking it into the ‘long grass’. Decisive action is required now! Also the separation of retail and investment banking urgently needs to be brought forward. Too often it seems the investment side is pulling the strings.
    Query also over bonus’s at Barclays. If ‘good’ performance was due to market rigging then time to consider refunding back to the bank.
    Finally, it’s time Bob ‘Big Bonus’ Diamond to go!

  35. elissa says:

    The banks are just blatently ripping off the consumers, Its disgraceful, I live in Cyprus and Its no better, With Laiki bank now in trouble I have just been informed that a neighbour of mine has been told that her 66,000 euros she has saved is unaccesible and her interest has been stopped, Greedy fat bankers, The world has become a money obsessed sorry state of affairs.

    1. IAS says:

      Hi Elissa,

      No, not the Banks, the Bankers!! In particular, individuals who work as CEO Bankers.

      I get so angry when people refer to the Banks as the problem-makers – as if bricks & mortar of the registration of a ‘private company’ alone can cause so much chaos. NO, it’s inviduals – CEO Bankers whose Fraudulent activities still have not been tackled by Politicians or the Serious Fraud Office.

      This is APPALLING!!

      Is the former CEO of the SFO saying that prior to 2007 there was no legislation or Law that can arrest these CEO Bankers for their Fraudulent activities that failed the banks, and now this scandal?? Surely not!

      It’s amazing!! Place you or I in the position of these bankers, and we’ll be arrested so quickly!! It’s because their lies a historic relationship between Bankers and Politicians that Fairness and Justice has gone amiss… umm.

      Rioters get arrested and jailed for petty crimes. But, CEO Bankers still have not been arrested for even alledged Fraudulent activities that FAILED the banking system and has now placed us in austerity.. umm??!!

      Something is terribly wrong with this picture.

      It’s lacking a Democractic process!!

  36. margaret brandreth-jones says:

    just heard someone on radio 2 say they should all be put in handcuffs and sent to the clink.My take is that there aren’t enough cuffs to go around and we will need to open a new iron foundry first.

    When trying to get justice myself in my home town to the resistance of what I thought was a few, some bright spark said “get justice against us all, no chance” It occured to me that many have been making a profit out of the few hard workers and attainers by putting them down and sharing the spoils of others hard work. Its OK for them , but when the banks do it to them its not ok .

    1. IAS says:

      Hi Margeret,

      Yes, Fairness and Justice is only for the few… it seems. The chosen few.

      Our Democratic system is not active, and lacks a pro-active stance by politicians to change such a failure to achieve FAIRNESS in these times of austerity.

      Politicians are only interested in where their next payment is coming from to uphold the rhetoric party political agenda that we are all use to.

      I say this is a great opportunity for private funding of political parties to end. The tax-payer should fit the bill. However, it will be a small bill.

  37. IAS says:

    Is it only me who is asking the question ‘why is it ONLY NOW that the media and politicians are being outspoken about ‘bankers Fraud’, when there has not yet been any of this same talk or investigation into CEO Bankers ‘Fraudulent’ activities that led to the failure of banks and the banking system in 2008 – creating a recession, the bankruptcy of our Country and the Austerity measures that has seen these same Bankers repossess our homes, stop lending to Small businesses and stagnating growth in our economy – while also hurting those most disadvantaged and vulnerable in our communties??

    What’s really going on here???

  38. Splint says:

    All in this together Mr Cameron that’s a laugh, or were you only talking to the so called ruling class whilst as others have said “Popping the Champers” and having a good old laugh at the Working class and Pensioners.

    To get to the bottom of this mess we will need good investigative journalists like Jon Snow and his colleagues, plus any whistleblowers out there with proof of complicity in this gigantic fraud, they must be exposed root and branch and punished, after all any member of the public involved in anything similar would be severely dealt with.
    As the Saying goes
    “It will persist as long as good men do nothing” or something like that

    If the Banks and Politicians want to retreive any credibility with the general public, the FSA and the government must pass it to the CPS to investigate and prosecute everybody and I mean everybody involved, none should be exempt, custodial sentences must be harsh to remind those contemplating anything like this in future they will pay the price of their greed, also the forfeiture of money or bonuses received.

    Afterwards it must be written into our laws so people know they will punished should they contemplate the like in future.

  39. Dolores Mannion says:

    If we do not have criminal investigations; then the whole of our governing class is corrupt.

    Does Jon have the clout to push this one? Let us give it to him.

    Channel 4 could engage Jon and “Dispatches” team to produce something which could get to the heart of the matter. MPS are not doing it.

    1. IAS says:

      I agree, Dolores.

      Somehow, these Politicians feel it is sufficient to have their own people on the select commitee ask these CEO Bankers questions. I saw this event yesterday. Its weakness, left me feeling quite sick!

      This is a Judge led ONLY investigation. How on earth can there be so many questions regarding fraudulent CEO Bankers and the weak policies of Politician, and none answered – even though we are paying the price of a recession.

      The media needs to ask the RIGHT questions. But, somehow, I feel that the media are ‘Johnny come lately’ when it comes to this.

      Why on earth wasn’t these serious questions asked by the news media when CEO Bankers failed the banks, then were allowed to repossess our homes and politician said NOTHING???

  40. truth and the balls to do something says:

    you lot are all on here complaining and yet do absolutely diddly, stay in your bubbles!

    1. Garry Anderson says:

      FSA – then won official complaint against the FSA – SFO – then official complaint against the SFO (which they ignore) – what else do you suggest when everybody in authority are corrupt.

  41. Brian Groves says:

    We have Just had the very best Olympic games ever thanks to all those involved thank you.

    But it’s over now Mr Cameron and for you and the coalition it’s back to the business of the fraud and corruption in the Banking
    world i.e. The Libor Rate fixing that has cost businesses to close, and the Banks to foreclose on peoples mortgages, this
    scandal cannot be swept under the carpet as is normally the case with your old boys network, the people involved are criminals and must be brought to justice and jailed and heavily fined, you have and will still jail petty criminals for minor offences it’s now time to
    deal with the so called “Dude” and “Big boy” with their greed at the top.

    I agree with citizen smith get John Snow and his choice of other Journalists to dig and dig and route out all those involved thats the best solution because the FSA is toothless and quite unsuitable for the Job.

    And Mr Cameron if you do decide to do nothing it will not be forgotten by the public who you and your party will be relying on at the next general election, which could be very soon should the Liberals have the guts to stand up for their believes, but I doubt it.

    So it’s up to you Mr Cameron

  42. IAS says:

    So, it’s soon ‘back to business’ for the Coalition. But, doesn’t this have a chilling resonance of the statements we had used for the Bankers.

    It sends a shiver down my spine knowing that it is ‘back to business’ for the Coalition – that nothing extra or ‘right and proper’ will be done to arrest these CEO Bankers.

    It seems like our Politicians DO NOT have any desire to fix the leaking roof that gushes £millions into the pockets of these Fraudulent CEO Bankers who are responsible for failing the banks, misselling, LIBOR rate fixing and pocketing £millions and £millions…!!

    So, for our Politicians, it’s back to ‘acting as if you are doing something – without actually doing anything!’

    Oh boy, our systems needs to CHANGE!

    I wonder if we can have that… hmmmm, what do you call it… hmmm!!??? Oh yes, a DEMOCRATIC system!!

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