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Consequences? Barclays Exec Involved In LIBOR Fixing Becomes Bank's Head Of Asia-Pac
Although it now appears that the logos of several large US banks are set to plead guilty to rigging FX markets, we’re still fairly certain that the post-crisis policy of never sending any actual people to jail for their role in rigging every single market and fixing every single fix on the face of the planet will persist.
As unfortunate as that is, what’s worse is the fact that many of the traders involved in the egregious manipulation of the world’s benchmark rates not only escaped without prison time and with their accumulated fortunes largely intact, but in fact found lucrative employment opportunities at places like BlueCrest Capital Management, where LIBORgate participant Christian Bittar ended up following his dismissal from Deutsche Bank.
Of course rate-rigging derivatives traders need not necessarily flee to the buyside should they find themselves in the unfortunate position of having to take one for the team and admit their complicity in seeking to game the market, because as Bloomberg reported earlier today, not only can you remain employed at the firm from which you operated when you were engaged in illegal collusion, you can in fact get promoted.
Via Bloomberg:
Mark Dearlove, a Barclays Plc executive who was involved in the manipulation of the London interbank offered rate, was named as the U.K. lender’s head of markets for Asia-Pacific.
The banker will relocate to Tokyo from London, replacing Conor Brown, who’s taking a sabbatical, the company said in a memo confirmed by Hong Kong spokesman Allister Fowler.
Dearlove, an almost 20-year veteran of Barclays, will be responsible for the firm’s equities, credit and so-called macro unit, which comprises currencies, commodities and rates in the region. He was most recently head of treasury execution services, the memo said.
The banker accepted that he was involved in manipulating Libor, a U.K. judge said at a court hearing in January 2014, citing Dearlove’s witness statement.
Former Barclays Chief Operating Officer Jerry Del Missier told lawmakers in July 2012 that he instructed Dearlove to submit artificially low rates, after being instructed to do so by former Chief Executive Officer Robert Diamond. Del Missier and Diamond both resigned at the height of the Libor scandal.
Dearlove will begin his transition to the new role on June 1, while Brown is expected to return to the bank in 2016, according to the memo. Dearlove will join Barclays’ Asia Pacific executive committee and markets executive committee with immediate effect.
Here's more on Mark, again via Bloomberg (from January 2014):
Today’s witness statement, which won’t be made public until a trial, isn’t the first time Dearlove’s role in the submission of Libor rates was discussed in court documents in the case.
Dearlove told another executive, Jonathan Stone, he’d received complaints about the bank’s submissions from an employee of JPMorgan Chase & Co., according to a December 2007 transcript released by the court in October.
He told Stone the bank’s submissions were “all wrong” and wanted to escalate the complaint, according to the transcript.
Dearlove was investigated by Barclays over his conduct and received a written warning from the bank in October 2012, Guardian Care Homes said in court documents today.
Dearlove reported his concerns about Libor to compliance officers, the head of the legal department and other senior management, the documents released today show.
Naturally we wanted to hear more about Dearlove's new position at Barclays, expecially given the fact that he'll be overseeing the bank's Asia-Pac rates unit, but unfortunately when we clicked through to the Bloomberg article this is what we found:
Fortunately, WSJ has more:
Mr. Dearlove was one of the Barclays executives involved in the investigation into the bank’s role in the Libor rate-rigging scandal. It was Mr. Dearlove, who was then head of Barclays’ money market desk, who received instructions from bank management to send in a lower, false submission as part of the Libor setting process, according to U.K. parliamentary hearings. Mr. Dearlove could not be reached for comment.
Barclays in July 2012 settled $450 million of penalties with the U.S. and U.K. regulators for “significant failings” related to Libor and its European equivalent Euribor.
The U.K. bank said in a statement Wednesday: “Following the settlements, the issues regarding Mark’s involvement in the Libor matter have been resolved from the Bank’s perspective.”
Well in that case, we suppose everything is fine.
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Gold, bitchez! Wait, sorry, thread not about gold.
Those cimanals don't give a shit
Peterman left. Elaine heading up Barclays. Dearlove given raise.
s'all good.
"We're Number 1 !"
... in fraud, deceit, obesity and looting.
Promote the guilty and crucify the innocent.....
When criminals rule....
...they call their mob "government."
Libwhore.
we should hang banksters.
Maybe he can find a lamp post next to that Chicago mayor, and they can compete for the best Mussolini impression!
I am Jack's complete lack a surprise.
http://youtu.be/xhtrmebhqfw
If THAT doesn't just say everything... Kind of like dick ass government that breaks all good things to send the fox that broke all things below the glass ceiling to represent all they broke but just as naked kings clothing as a fox guarding the hen house over all they broke and pretend to fix for endless slush fund accounts to spend on all but what it was promised to do in the first place.
What SHIT! Asia is still gonna be hot enough to FUCK out of capitalism!
It's an ... "in your face" attitude.
Relax, their still busy looking into Corzine and Holder's crimes.
They'll get to Mr. Dearlove in about 20 or so years.
Liberty is a demand. Tyranny is submission.
The guillotines are already on the case.
Roll Guillotines! and as always...
...Alcohol, Tobacco, Firearms, and Explosives, should be the name
of a convenience store, not a Govt. Agency.
I can'ts peak for anyone else (Nor would I want to) but what annoys me about these banksters, is the utter lack of accountability.
In my line of work, if I was caught faking results, I would (at best) be sacked and (at worst) arrested for fraud.
No grey areas at all.
But here? Go mad, mate! Just pay a token fine and all is well.
Ri-frigging-diculous!
That's why "loyalty" is paramount to "The Club Members."
"... not only do those involved in rigging, fixing, and otherwise manipulating every benchmark rate and market on the planet not go to prison, they in fact get promoted."
That makes perfect "sense" after you realize that civilization is necessarily controlled by the principles and methods of organized crime. However, since that successful organized crime also controls its publicly significant opposition groups, there is almost nothing but the same old-fashioned false fundamental dichotomies, and related impossible ideals, promoted in the public spaces regarding what the "solutions" to those problems "should be."
Anglo-American-European Banking System is intact, effective, efficient, disciplined, conservative, and full of Integrity as it should be. S/
-
Check the Bank Failures in for Savings & Loan Crisis: 1982 is 34 Total, 1983 is 50 Total, 1984 is 83 Total, 1985 is 139 Total, 1986 is 162 Total, 1987 is 217 Total, 1988 is 232 Total, 1989 is 531 Total. Terrible Scandal. Knock on Wood.
But in the years following nothing like a Financial Crisis ever 'Appeared'.
Failures of all Institutions for the United States and Other Areas, 2013: 22 Number of Institutions (1989 showed 531 total as the FBI, FDIC, and others cleaned up, 2008 is 25 Total, 2009 140 Total, 2010 157 Total, 2011 92 Total, 2012 51 Total, 2013 22 Total), Annual, Not Seasonally Adjusted, BKFTTLA641N, Updated: 2013-09-20
http://research.stlouisfed.org/fred2/series/BKFTTLA641N
The Corporate Bailouts have forever Skewed the Statistics and Skewed the Reputation of US Banks.
Basically the Data is Useless for 2008 - 2013.
how else do you stop him from turning States Evidence and protect the higher ups?
WHere's the ZH AA battery?
Recharging
Systemic corruption from the very top to the very bottom is incapable of fixing itself.
The polls are rigged.
The people have no redress except to make snarky comments about the satanic bastards on ZH.
Pretty much sums up my life, right there.
The gov already 180 on prosecuting UBS too...
7.62x54 gold tipped and dipped in ricin emulsified with sugar.
And for those who say 'I wouldn't waste my goddambed gold on this cocksuck' kindly remember how ricin reacts with gold and the bonus is sugars unlimited uptake potential on the human cellular level.
When my neighbors visit they always comment "Oh I love your arrangement of castor oil plants". Hehehe. I call them Jade Helm plants.
Son,
Show your hand at poker much?
A little trick I learned while trekking from a Ministry of State Security MSS guy. Limited supply of ammo will be a fact of life in the near future. Make it count, Son.
isn't this what the Vatican does? Example: Promote Bernie Law to escape any indictment by moving to Rome
Makes me wonder what sort of immunity from prosecution comes with the new position (ala the globally untouchable BIS board members).
Let's see if this comes about.
http://www.turkishweekly.net/news/185501/vatican-officially-recognizes-palestine-in-treaty.html
Why I have no respect for law and order? NONE.
Can't beat them? Join them!
Crime pays. Big time for big guys.
Initiative is rewarded. To sociopaths, it does not matter if it is legal or not..
Jack Ma would label him as, "ambitious."