Thursday, 28 June 2012

Barclays - fine or fraud?

It's hard to miss todays news stories around Barclays fixing the inter-bank lending rate (LIBOR) along with lots of other banks, for their benefit, and to our detriment.

What I don't understand is, why do the FSA issue a fine before the SFO or CPS has decided whether a fraud has been committed?  Surely, by announcing the fine and then the CEO and a few senior management folks offering to forego their bonus, they hoped it would all get swept under the carpet and no-one (other than the shareholders who pay the fine) would lose out.

This, once again, seems like the government and the banks working in cahoots to try and get away with ripping you and I off.  How can this be allowed to happen, if the FSA is there to spot it and stop it?  Or is the FSA manned by ex bank executives?

How apt then, this cunning effort found on the web, and clearly what Photoshop was intended for ;-)

Justice, or profit?

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