Thursday, June 28, 2012

Barclays signed a NON PROSECUTION AGREEMENT with the Justice Department

CCC - remember that acronym because, according to the Corporate Crime Reporter website, "Barclays signed a NON PROSECUTION AGREEMENT with the Justice Department" and this'll be why Barclays will not be charged for fraud in the LIBOR case.

Sorry, what?

Wonder if more CCCs or Criminal Corporate Cabals are en masse doing these responsibility-dodging NON PROSECUTION deals with Government Departments around the off-shored world?

I guess I'm trying to say, "Justice has failed You The People."

DAY LATER UPDATE: Bank of England governor Sir Mervyn King says that he WELCOMES a Central European Bank to sort this out(!) and that the UK banks under investigation for derivatives product fraud do not need a "Leveson style" inquiry.

Yeah, we don't want INDEPENDENT INVESTIGATION of where our money's going, on top of all the immense profit these financial houses make on the so-called Free Market, already.

"Watch it, lads, we've been rumbled," unquote-ish.

SIX MONTHS LATER UPDATE: funnnily enough, my hit counter informs me that someone at Barclays did a search for 'barclays non discolsure agreement' yesterday; which would have (surely) been logged by their websense software. No comment left from whomever that was, though, at Barclays.

And here's the first tranche of additional LIBOR fines; this time it's Swiss bank UBS who've just been fined £ 940 million, that's virtually ONE-POINT-FIVE BILLION US DOLLARS. But what's the point of this fine? It's like if you fined British Telecom or British Rail, they'd just put the costs of their prosecution onto You The Punter. You're damned if you prosecute via 'the system', you're damned when justice is done.

Who's next for LIBOR finage? And doesn't this start to look like a CONTROLLED DEMOLITION of the banking system? Either that or a Conspiracy or at least Complicity between all the players of the money game? Something more than a single case, closed.  The whole RISK tabletop. You know?

1 comment:

rsb1 said...

The fines against Banks involved in the LIBOR SWINDLE are equivalent to nothing more than a bitch-slap to a statue. Although the amounts appear to be large, they amount to: less than single-digit percentages of profit - at best an INSULT to those affected (i.e. every consumer on the PLANET); and in a worst case a blatant collusion between prosecutors and their Banker friends. The fines should equal 100% of the amount of gain plus a hefty percentage (50% plus) of fine. Anything less is a farce. Further, those involved at the highest levels at each Bank should be subject to prosecution under the existing laws relating to financial malfeasance and treated as the common criminals they are.