British Banks: We Are Crooks. Dont Trust Us.

Wonder what lessons James Crabtree has for British business and political elites! What SEC claims Rajat Gupta did, cost the market less than US$1 mn. What the LIBOR scandal has done has cost global consumers trillions? No one goes to jail?

Banks have told us they cannot be trusted. The character of the State we know | Pugh of dailymail.co.uk on the Barclays bank LIBOR scandal; Friday, Jun 29 2012 | Click for image.

Ba, ba Black Sheep

Wonder what lessons British captains of industry, commerce and business have learned?

By asking the State to take over, they are admitting they are a untrustworthy lot.

As for the British State, you can take the opinion of millions of Indians that the British State can definitely be trusted.

Only as far as you can throw it.

Baby wants more …

That leaves us with the Common Brit.

Stripped of all control and power over his life, the Common Brit whimpers for more of the State. Dependent on the State for food, shelter, education, jobs, medical assistance, the Common Brit no longer knows, whether he is coming or going.

What independent opinion, judgement can you expect from those who are dependent on a Criminal State and Klepto-Elite?

Wonder what lessons British media has for British business? | Cartoonist David Simonds on February 11, 2012; source & courtesy – guardian.co.uk | Click for image.

The British Bankers’ Association has asked the UK government to consider regulating and supervising the setting of the London interbank rate offered rate at the heart of Barclays’ £290m penalty for rates manipulation.

Under a historical quirk, the process of setting Libor has always been considered a private activity run by the banking trade body, although the banks who participate in the rate-setting process are regulated by the Financial Services Authority.

Barclays admitted Wednesday that its submissions to the Libor process were improperly affected by requests from traders to move the rate to the benefit of their derivative positions, as well as by a desire to make the bank look stronger during the financial crisis.

The BBA is currently reviewing the way Libor, which is the basis for $350tn in contracts world wide, is set amid probes that have swept in nearly 20 banks and a dozen regulators on three continents. (via BBA urges government to oversee Libor – FT.com).

What Peter says about Paul, says more about Peter than about Paul.

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Related Articles

• Libor explained: the real cost of money or just a fix? (telegraph.co.uk)
• DealBook: Barclays Said to Pay Big Penalty in Regulatory Deal (dealbook.nytimes.com)
• Barclays: how does Libor affect my mortgage? (telegraph.co.uk)
• Barclays is fined record £290m for fixing Libor (standard.co.uk)
• Barclays fined for attempts to manipulate key bank rates – BBC News (bbc.co.uk)
• A Rate-Setting Mechanism of Far-Reaching Effects (dealbook.nytimes.com)
• Barclays chief Bob Diamond gives up 2012 bonus over £290m fine (guardian.co.uk)