‘Lie-bor’ London: Duuuuude, where’s Barclays’ bonus?
Faisal Islam blogs on how Barclays started to try and make money from changing its rates – and why ‘Lie-bor’ London should be afraid.
“The BBA professed to be “shocked” at the report into wrongdoing at Barclays today, but the long history of its involvement in this scandal makes that difficult to believe.”
Faisal Islam blogs on how Barclays started to try and make money from changing its rates – and why ‘Lie-bor’ London should be afraid.
The FSA has issued a remarkable detailed account of a phone call by Tim Geithner, then head of the US Federal Reserve, to the FSA chairman about an embryonic attempt by Barclays to buy pre-bankruptcy Lehman Brothers, writes Faisal Islam.
Lehman’s bankruptcy changed the world. It sent world economy into a precipitous decline that’s matched the Great Depression. It arguably changed the course of the US election. It was a violent economic event that will be debated for decades. Much of the mystery surrounds the events of the weekend of the 13th/ 14th September 2008,…
The biggest surprise today was not the extra £50bn of Mervyn’s magic money to be created for the purposes of fertilising the embryonic green shoots spotted by stock market traders. Forget Barclays’ remarkably strong results, and Lloyds’ further revelation of the devastation wrought upon its balance sheet by the purchase of HBoS.
There’s nothing like a quick visit to America to remind you of the interesting contrasts between our two nations – divided as they are by a common tongue. In the United States President Obama tells bankers to show responsibility and forego bonuses because “there are people who are a lot less well off, who are…