[guide.chat] bank greed
- From: vanessa <qwerty1234567a@xxxxxxxxx>
- To: "GUIDE CHAT" <guide.chat@xxxxxxxxxxxxx>
- Date: Thu, 28 Jun 2012 23:47:01 +0100
Bank greed is the real scandal of our times
By DAILY MAIL COMMENT
PUBLISHED: 23:07, 28 June 2012 | UPDATED: 23:07, 28 June 2012
Almost four years have passed since the rapacious greed of the bankers,
pursuing profit at any cost, left the Western world?s financial system
trembling on the brink.
Yet, scandalously, in Britain no public inquiry has ever been held into an
economic meltdown which required a desperate £1trillion bailout for the banks
and triggered a vicious recession which, according to the Governor of the Bank
of England, will be with us for years.
Contrast this with America, where a merciless inquiry commission forensically
examined their banking debacle, exposing the guilty men.
Scandal: Why has there been no investigation into the actions of Barclays and
other UK banks?
In Britain, the authorities have barely scratched the surface in exposing the
amoral, reckless and corrupt behaviour in which our banks were engaged.
Why, for example, are we only this week discovering ? largely courtesy of the
US authorities ? details of how Barclays systematically and illegally
manipulated key interest rates which lie at the heart of the financial system
from 2005 onwards?
Truly, it?s impossible to overstate how serious this scandal is.
Pressure: Barclay's CEO Bob Diamond must be held to account
Barclays colluded in artificially increasing or lowering the interest charged
by banks when they lend money to one another ? a rate which determines the cost
of millions of financial products, including mortgages and the loans made to
small businesses.
They were lying to and cheating the public on a monumental scale in order to
make money, in the first instance, and then to trick the authorities into
thinking the bank was in a healthier state than was actually the case.
The senior staff involved have many disturbing questions to answer. But it is
the bank?s chief executive Bob Diamond, in charge of the section responsible,
who must be truly held to account.
Mr Diamond?s decision to forego part of his bonus, in light of the £290million
fine levied on Barclays on Wednesday by regulators, looks a pathetic gesture,
given the riches he amassed during the years when his bank was behaving so
recklessly.
It?s barely believable that, in November last year, he had the front to deliver
a BBC lecture in which he promised bankers would be ?good citizens?, while
knowing Barclays was on the verge of being exposed for having rigged the
financial markets for five years!
What is abundantly clear, though, is that Barclays was only one of many guilty
banks ? with up to 20 institutions, spread over three continents, including
Lloyds, RBS and HSBC, now being dragged into an ever deepening mess.
By the time the probe is completed, hundreds of bankers are likely to have been
implicated.
More...
Ed Miliband demands CRIMINAL probe into Barclays interest rate rigging scandal
as £3.2bn is wiped off bank in share plunge
How many other banks will be drawn into the market-rigging scandal? FSA and US
criminal probe could see quaking institutions pay out billions in damages
RIGHTMINDS: There is an overwhelming case for a public inquiry into the
behaviour of British banks, says JAMES CHAPMAN
RIGHTMINDS: Barclays' rogue traders are no better than barrow boys with the
morals of the casino, says ALEX BRUMMER
The evidence must be rigorously pursued by the police and the Serious Fraud
Office and, if evidence of criminal behaviour exists, the law must be allowed
to take its course.
Most important of all, however, is the need for the Prime Minister to order ?
at long last ? a judge-led public inquiry into every detail of the financial
crash.
While the Leveson inquiry (set up by Mr Cameron) into media ethics grinds on,
the country remains in the dark over the real scandal of recent years, which
continues to inflict misery and hardship on millions of ordinary people.
Model: The banking sector should be subject to the same scrutiny to which the
media have been subjected by the Leveson inquiry
The feeble investigations carried out by MPs ? who lack the power to obtain key
documents ? and the Financial Services Authority have failed to identify the
guilty men properly.
And who knows what other criminally irresponsible acts remain hidden from
public view?
Until they are exposed, lessons cannot be learned. And public mistrust will
continue to eat away at the banking system like a cancer.
from
Vanessa The Google Girl.
my skype name is rainbowstar123
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