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Inside Story - Rigged bank rates: Is there more to come?

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posted on Jul, 5 2012 @ 09:20 AM
This video was posted on YouTube yesterday:


In the wake of the bank rate-rigging scandal, Bob Diamond, Barclays chief executive, announced his resignation from the post with immediate effect, on Tuesday.

In a statement, Diamond, who faced mounting calls to step down, said he made the decision as the external pressure on the bank has reached a level that risks "damaging the franchise".

Barclays Bank was fined a record $450m last week, for attempting to manipulate the London interbank offered rate, Libor, during the financial crisis between 2005 and 2009. Libor is a measure of how much banks have to pay to borrow from their rival and is worked out every day from estimates submitted by the major banks of their own interbank lending costs.

The question is; how widespread is this malignancy? How widespread is this financial deception?
edit on 5-7-2012 by chemistry because: extra info

posted on Jul, 5 2012 @ 09:37 AM
reply to post by chemistry

By definition, it has to be widespread. In order to manipulate markets you either need a controlling a stake of the market (like Glencore in the minerals sector) or you need agreement with the other major players. Barclays is one of the worlds bigger banks but it by no means has market control - this means that collusion had to have happened on a massive scale.

The shame is that the ordinary joe's that work on the counters of banks all over the world will be tarred with the same brush as the tiny amount of people actually involved at each financial house. For example, Barclays claim only 14 staff were involved at their end - not the tens of thousands that work for Barclays.

posted on Jul, 5 2012 @ 10:49 AM
reply to post by Flavian

Good comment. Thanks for sharing.

posted on Jul, 15 2012 @ 12:27 PM
This comes from the BBC today:

Senior managers at Barclays have warned staff in an internal memo that the Libor scandal will envelop other banks.

The memo circulated on Friday said that revelations about its rivals would "put in perspective" Barclays' culpability.

Meanwhile Barclays' former chief operating officer Jerry del Missier will answer MPs' questions on Monday.

I always knew that Barclays was only the tip of the iceberg. Criminals the lot of 'em!

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