Then I awoke to the Barclays news today. For those unaware, Barclays was charged and has now settled (of course neither admitting nor denying wrongdoing right?) with the CFTC that it manipulated and made false reports related to interbank lending rates LIBOR. For those interested in some of the details on these thugs, you can read the CFTC report here.
Here is a couple of snippets from the report:
"Barclays’ Unlawful Conduct to Benefit Derivatives Trading Positions"
"Barclays’ Unlawful Conduct at the Direction of Senior Management"
Really, at the direction of senior management huh? And their punishment?
"Barclays said that Chief Executive Bob Diamond and three other top executives—Chris Lucas, Jerry del Missier and Rich Ricci—will forgo their annual bonuses for 2012."
Give up their bonus, why thats heresay. I can only imagine how that 4th marriage trophy wife will react to that development.
Regarding these thugs and their actions here's what CEO Bob Diamond had to say;
"Nothing is more important to me than having a strong culture at Barclays,"
How lovely. Strong culture huh Bob, if you mean culture of criminality then you're spot on. Check out the Barclay's mission statement from their web site.
Our Framework, code and rules
“Good corporate governance practice is an important
ingredient in creating and sustaining shareholder value, and ensuring
that behaviour is ethical, legal and transparent.”
Barclays Chairman Marcus Agius.
What stands out to me here is I am thoroughly shocked that Marcus Agius doesn't have the title Sir before his name. Hope this episode doesn't affect his ability to secure his place among the nobility. (Marcus make sure your grease check doesn't bounce as that will surely put the kibosh on your knighthood.
As a result of all this, Barclays was fined $160million by the Dept. of Justice $160 million, $200 million by the CFTC, and £59.5 million ($93.08 million) by the FSA. Anyone care to guess what this amount represents in relation to the profits garnered by Barclays from the scheme? What a sad joke this all is. Actually this whole looting and pillaging shtick is getting old and tired. Even the Attila and his Huns must have gotten a little bored of plundering everything they encountered. These entities are criminal syndicates, nothing more, posing far greater threat than any mobster or drug lord. Until there are consequences commensurate with the sins this plot of lawlessness will play out over and over again.