Breaking - Itallian Police Raid Barclays Over Libor

Breaking - Itallian Police Raid Barclays Over Libor

news.sky.com

talian police have taken documents from a Barclays office in Milan as part of a probe into possible Euribor rate manipulation, according to Reuters.

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uk.reuters.com

I was having a bad day today and this made me smile.

I really hope that this is the start of the end for these criminals, they have managed to get away with the swindling for so long but, i really think people are starting to wake up.

Its strange though, there have been so many bank scandals of late, the conspiracy side of me starts to think is this what they want? It is almost as if they want us to rebel against the banks/system.

news.sky.com

uk.reuters.com...

(visit the link for the full news article)

This is WONDERFUL news ...

I am currently getting abused by Barclays ... So to read something like this in the morning is excellent news.

It's raining outside but in my heart it's all Sunny now

This should hopefully make the rest of them in UK shake in their expensive suits and shoes ...

S & F by fellow ATSer!

I really hope something serious gets done about this Libor scandal. The fact they only seem to be focussing on Barclay's is slightly concerning as all the banks must have been in on this in order to make it work. Just concerned Barclay's will be the fall guys , while the rest get away with it.

reply to post by faryjay


Thanks my friend, i too am constantly getting abused but with me its the RBS.

I couldn't believe the news, im glad it made you smile too, at least i know its not just me who feels this way about the banks, lol.

I did notice that the raid is actually in relation to the Euribor as oppose to the Libor but i think it came about as part of the initial Libor revelation.

I so so hope that they start to look into every aspect of banking now because in my humble opinion the whole thing stinks and no doubt they will find a whole trail of corruption and lies.

My only concern is that 'they', who ever look into it can be trusted to act in the interest of the people and not the corporations.

Thanks for the S&F - i gave you one back because the thought of you smiling makes me smile toooooo, lol

Have a good day my friend.

reply to post by woodwardjnr


I agree, i do think that so far, the majority of the media attention regarding this has been focused on Barclay's. If i remember correctly RBS and HSBC were also fined too.

Im just hoping that here, in the UK it is addressed properly with a criminal investigation as oppose to a governmental enquiry, which will drag on for years, enable a 'committee' to get paid a few million and result in nothing.

If it were me or you, we would be in the land of stripey sunshine quicker than our feet could hit the ground, so why is not the same for these.

We've been talking about this on ATS for about three weeks now, so that means the actual investigation has been ongoing a lot longer than that.

So . . . probably a few months after every slime ball banker in the world was alerted to get the shredders going and the heavy duty magnet placed on all critical hard-drives . . . those responsible for enforcing laws and nabbing the greedy bastards go for a stroll through a bank and expect to find . . .

Really?????

You're kidding me right now . . . .

REALLY????????

Ain't nothin' gonna come of this . . . smoke, mirrors and a whole lotta let's pretend

reply to post by GoalPoster


I do agree mate, in fact i would go further and say that they must have known for years as i am assuming that the initial FSA investigation would have taken sometime too.

However, i live in hope that they will be brought to justice and at the very least, i believe that the mainstream media coverage, although very little, is reaching out to the average joe which in turn is having an effect on public opinion regarding the banks.

On a side note, Its for that reason that i cant help think that all of this is being orchestrated, and part of me suspects that public opinion of the banks is low at the moment because that's what TPTB want it to be.

It does seem a bit obvious, i mean even in the last few months we have had failure after failure and part of me cant help that its a bit more than coincidence.

Like i was saying, every few days now...

Try not to pin too much hope, or faith, or doubt to any single event. Rather, watch the trend try to get 'the big picture' so to speak.

Cheers!

reply to post by HumanPLC


Unfortunately, the 'justice' will be limited to the nose-pickers and fart-catchers at the big end of the pyramid. Those at the pointy part of that heirarchy will always be blowing raspberries and flippin' the bird to anyone who tries to snare them in some sort of trap.

More realistically, the only justice they'll ever see is at the end of the bus ride when, on their way out, there'll be a scant few at their bedside mourning their passing.

Anything anyone can do to hasten that process will be, in the eyes of us proles, wonderbar. Unfortunately, the current kangaroo-type investigation won't do it.

Just sayin'.

Originally posted by GoalPoster
We've been talking about this on ATS for about three weeks now, so that means the actual investigation has been ongoing a lot longer than that.

So . . . probably a few months after every slime ball banker in the world was alerted to get the shredders going and the heavy duty magnet placed on all critical hard-drives . . . those responsible for enforcing laws and nabbing the greedy bastards go for a stroll through a bank and expect to find . . .

Really?????

You're kidding me right now . . . .

REALLY????????

Ain't nothin' gonna come of this . . . smoke, mirrors and a whole lotta let's pretend

I am having a difficult time understanding the purpose behind your negative prediction. Most people understand this to be incredibly good news. For years these guys were above the law, had the regulators on their payrolls and were absolutely untouchable. This is a watershed moment in history and deserves our positive reinforcement and best wishes.

I have come to understand that popular opinion drives reality. Not the other way around. The more of us who come to believe that bankers are not above the law, that they should be held accountable and go to prison when deserved, the faster our paradigm will shift.

IMHO we are witnessing a historic paradigm shift. The days of informed "royalty" feeding off the fat of the masses are coming to an end. Let the bankers take advantage of all the FEMA camps the taxpayers paid for! Don't feed negativity. Project a positive outcome and it shall come to pass!

Amen brother.
I have noticed, as I'm sure everyone has, that it doesn't matter what the news is or how good it is, there will always, always, ALWAYS be 'that guy' usually within the first couple of posts but ALWAYS on the first page who insists on letting us all know that we have no reason to celebrate.

Why, I haven't a clue.

I totally agree with you though.
Popular opinion does create and drive reality.
We have lived so long believing that 'this' is the only way.
There was no need to even think about another way because 'this' was the way it has to be.
I am hopeful that enough people are waking up to the scam that they can first envision a better way
and then have the courage to try it.

Things don't have to be like this but.......they always will be if you refuse to allow yourself to see a better way.

What happened to the last person in a real position of power when they tried to put an end to the banking stupidity almost fifty years ago . . . .

On June 4, 1963, a virtually unknown Presidential decree, Executive Order 11110, was signed with the authority to basically strip the Federal Reserve Bank of its power to loan money to the United States Federal Government at interest. With the stroke of a pen, President Kennedy declared that the privately owned Federal Reserve Bank would soon be out of business.

Source

How'd that end for Johnny?

I'm not telling anyone else not to climb aboard the Financial Victory Parade Float, nor have I ripped on anyone for feeling that way. Hell . . . good for you. I'd like to live in a world of optimism, but what the hell is there to be optimistic about.

I'm 50 friggin' years old and have been taking it up the fiscal fanny since I jumped into the workforce at the ripe old age of 11, worked my way through two university degrees and have never once been out of work. I've saved a bit only to watch it swirl the bowl and stagnate since then. The dull reality is that I'm probably working til I'm 70 and then retiring to a rich old lifestyle of Alpo from a freakin' can!!!!

So, bless my little old heart that I'm simply not buying into it, nor am I buying into the notion that there's going to be some sort of financial collapse anytime soon that'll break us free from the shackles of financial tyranny . . .

We'll be paying $60 for a loaf of bread before that happens and you can guarantee yourself that the people responsible for our financial woes will never ever ever ever feel as much as a fleabite on their arse from it.

If that makes me a neener-neener-ugly-meaner-old-bastard . . . oh well.

Just sayin' what I think.

After a 10 minute jog (first time ever, decided to start running on my damn elliptical i've had for two years.. haha)
Heart rate is up there, time to lose some pounds!

But taking a water break to see this?! I love you OP
This made me smile. This is it i think folks. There have already been 100+ arrests. 400+ resigns. And now barclays got raided?! Awesome.

All the banks are implicated in this LIBOR scandal. all of them. Even here in canada we are getting news about our own banking sector that they were involved.. or denying it.. doesn't mean crap because all banks would have had to be in on this for it to work. Not just barclays.

Now with the audit the fed bill, and this, it will crack the whole scheme wide open. Even the MSM is starting to have news broadcasts about this con. Its amazing to see. I'm just hoping its for the greater good. And i hope the rothschilds and those ilk are outed as well.

reply to post by zarp3333


Well said matey, although i do understand why many people would feel this way.

I believe many people feel like this simply because we are born into a system where we have no power or control, the majority of things happen around us whether we like it or not. Its even evident in our political system, which is meant to be democratic... It truly is soul destroying

I live in hope though and i honestly believe that a change is coming, i just think it will take a bit more before the spark ignites.

I dont believe in capital punishment and so i prefer my mental image that i hold which involves all of the bankers, trousers round their ankles and a table of pineapples ready for insertion, lol.

reply to post by AzureSky


lol, my wife has an elliptical trainer and she hasn't used it yet either.. I did have a go on it once, it wasnt pretty, lol.

Yeah, i think the Libor has brought this to an international stage and as i said in a previous post, im sure that when this is looked in to they will find a trail of corruption... The whole banking system stinks to high heaven.

Oh, by the way... I love you too me old sausage

Originally posted by HumanPLC
Its strange though, there have been so many bank scandals of late, the conspiracy side of me starts to think is this what they want? It is almost as if they want us to rebel against the banks/system.

You hit the nail on the head there buddy. None of the real @ssholes at the top are getting taken out and that's the first big clue. Many have said it before and I'll say it again... they're rounding up all the lower level bank execs and using them as a scapegoat for their one world economy bs. All the sheep will follow along. I hate to get biblical but no one will be allowed to sell or buy lest they have the mark. Wait for it, it's coming.

ETA: Besides, these guys aren't idiots, maybe the bank execs but the guys on top knew it wouldn't be long before it all imploded. There's just no way the system could continue to look fair and balanced the way it's been run. That's what happens when universities dictate who is "smart" and who isn't based off some stupid paper. You have these execs at the top who were most likely degree collectors calling the shots not realizing how ridiculously stupid they'd have to be believe their charade would last. Going to university as it stands is for the ultra sheep. Either that or they're incredibly arrogant.

Like someone else said, show me a rothschild being taken out then maybe I'll start thinking the world is going someplace.

reply to post by woodwardjnr


Your avatar made me laugh. Thank you. That was brilliant. I have often thought that the best sign to hold when protesting this corrupt, global system would be "Motherf$ckers". I feel that the latter would pretty much say it all, don't you agree? Peace to you, and All of you out there.

Hmmm i reckon this is just the tip of the iceberg with Barclays. They have had their fingers in Zimbabwe for many many years and I would not be surprised if shady goings on happened there especially with the current regime there. Mugabe is the scum of the Earth as far as I am concerned and he needs to go and allow genuine democracy in the country, but I disgress. However it is under these conditions that corruption and envelopes under the table will occur.

If I was fiddling numbers I would be sacked from my job and quite rightly so. Why should bankers be deemed above the law? It is so morally bankrupt! Pun intended!!

Ive been scouring as many news articles as possible in order to try and get some more information about this, in all honesty there isnt to much coverage; however, i have tried to piece together some interesting/relevant titbits from the stories i have read.

The raid was part of a probe announced on July 20, which came on the heels of accusations from consumer groups Adusbef and Federconsumatori.

The groups called on prosecutors in a number of Italian cities to investigate a slew of foreign banks, starting with Barclays, for manipulating the Euribor interbank interest rate.

records of emails and other documents detailing exchanges of information between Barclays in Milan and London were being looked at.

Adusbef and Federconsumatori demanded a criminal investigation of not only Barclays, but also of the Royal Bank of Scotland, Deutsche Bank, HSBC and Lloyds Banking Group, by prosecutors in Rome, Milan, Trani and other cities. However, no action has yet been taken by prosecutors against the other banks.

Sourc e: Daily Mail

The Italian police investigation follows complaints by consumer groups, which have claimed that more than 2m families in the country could have been affected by the rigging of Euribor, amid estimates that the scandal could have cost about €1,200 (£934) per household.

Barclay's declined to comment.

The investigation increases the pressure on Barclay's after the Serious Fraud Office confirmed on Monday that it had found grounds to pursue criminal prosecutions against bankers involved in Libor manipulation.

Adusbef and Federconsumatori demanded a criminal investigation of not only Barclays, but also of the Royal Bank of Scotland, Deutsche Bank, HSBC and Lloyds Banking Group, by prosecutors in Rome, Milan, Trani and other cities. However, no action has yet been taken by prosecutors against the other banks.

Deutsche Bank yesterday confirmed that some staff had been involved in Libor rigging, after the release of a staff memo from Paul Achleitner, the head of the German lender’s supervisory board.

Mr Achleitner told employees that an internal investigation had found that “a limited number of employees, acting on their own initiative, engaged in conduct that falls short of the bank’s standards”. He added that “action” had been taken.

Source: The Telegraph

I don't know if i am being overly optimistic here but i am honestly starting to believe that their days are numbered.