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Will The British Bankers' Association Ban Barclays As It Said It Would?

Tyler Durden's picture





 

In the ongoing reincarnation of Lie-borgate (because as Jon Weil reminds everyone, this is nothing new under the sun, except for a few e-mails, and a bottle of Bollinger), there is just one missing link right about now. From Bloomberg, April 16, 2008:

"It's very important to us that we preserve the integrity of the figures," said Lesley McLeod, a BBA spokeswoman in London. "It's something we have been looking at. If we find that people have been putting in figures which don't reflect accurately their financial figures, the ultimate sanction is to throw them out of the pond.''

And just so there is no confusion, from the NYT, June 6, 2008

The British Bankers Association (BBA) -- which oversees the daily benchmark setting process -- in April announced that it was bringing forward its annual review of the process. It stated that any member found to be deliberately misquoting would be banned.

So: Will the British Bankers' Association now ban Barclays as it said it would? After all, there is all that "integrity" to be preserved.

 


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Fri, 07/06/2012 - 19:29 | Link to Comment veyron
veyron's picture

hypocrisy: only applies to the 99%

Fri, 07/06/2012 - 19:36 | Link to Comment resurger
resurger's picture

T_T

Fri, 07/06/2012 - 19:55 | Link to Comment Troll Magnet
Troll Magnet's picture

They will ban Barclays...as soon as the US DOJ goes after Eric Holder.  They're just waiting for our cue.  I wonder what's taking them so long...maybe too busy working on the Corzine case?  

Fri, 07/06/2012 - 22:44 | Link to Comment Mark Carney
Mark Carney's picture

Best part is is that we know the figure heads that be read ZH. So ass wipes, are you going to put your money were your mouth is?

 

My guess would be..............No

 

Good day.

Sat, 07/07/2012 - 09:02 | Link to Comment Conrad Murray
Conrad Murray's picture

Seems the more appropriate move, then, would be for the mere commoners to start putting their Gemstars where the Banksters' mouths are.

It almost has a ring to it: Gemstars for Banksters, help scalp the scalpers.

Fri, 07/06/2012 - 20:03 | Link to Comment knukles
knukles's picture

Cultural difference.
US LIBOR investigation.  Senate and House hearings, huge pabulum and controversy, major air time, new bills passed, none enforced, humongoliod campaign contributions, nothing changes.  If there even is an investigation.

UK LIBOR Investigation.  Parliamentary inquiry, Frauds Office inquiry, many folks are fired, resign, possibly including some at BoE.  Some real penalties incurred at personal and professional levels.  Some folks out of jobs.  Maybe even a few in jail.  Fines, sanctions and public humiliation.  Severance packages skimpy to nil in some cases.  A few even show public contrition.

Difference.
You do not under any circumstances fuck with the City of London.
It is a law unto itself.
It Is The God Of ALLMoney, Banking and Finance.
The City will go to any length to protect itself, including throwing anyone and anybody to the spectacle of a public drawing and quartering.
Mind you, those who run said City shall neither be seen nor heard.
Drama, behind the scenes, shall be managed by those responsible for settling the Crown, Whitehall and the City's differences.
Solving, Caring for the Queen's Problems as is the olde adage in certain circles.
There shall be people deeply harmed as a warning for the necessity of future civil behavior, for the City, the deep unseen City, the very centre of global rehypothecation of finance and precious metals, the centre of the Anglo-American Banking Cartel shall exit, remain unscathed.
Those so sloppy and undignified to manage the infinite financial Leviathan so poorly, are expendable.
Should never been allowed so close to the Club.

In the US the regulators and law givers are owned by the financial enablers.  All sound and no action.

Fri, 07/06/2012 - 22:29 | Link to Comment anonnn
anonnn's picture

The British Bankers Assoc is just another union, doing what its membership agrees to do.

Ditto the Union of Central Banks.

Ditto the Federal Reserve Banks System.

Ditto, ditto, ditto.

Some unions are stronger than others.

The best criminals salivate over privileges and freedoms to cause injustice.

Theirs are the most pathological unions and of least benefit to humankind.

Money and ControlPower v. Fairness and Truth.

  

 

Sat, 07/07/2012 - 00:57 | Link to Comment daveeemc2
daveeemc2's picture

BBC made it a point to reference fact that former head of barkleys was american.

So lets see...usa now known as being obese, lazy and now, financial cheats.

No one is gonna want to play monopoly with us anymore, especially if we demand to be the banker.

W/o finance, what we got left to export?

Guns....forgot about the war machine stuff....cant forget about that.

But we doing a bang up job letting our drones and hi tech equipment fall into enemy hands...wont be long now before we play second fiddle to our enemies after they reverse engineer our virus malware and military hardware.

I fully expect blow back real soon in the form of a worm/virus that takes out major parts of our already crumbling infrastructure.

A hit like that + our already bankrupted status might just well tip the scales towards a speedy end game.

Just imagine the seas of sh!t rolling down our rivers when the idiots who set up our treamtent plants leave backdoor access to numerically controlled plc valves and pumps.

That should be an interesting day for an interesting country.

Sat, 07/07/2012 - 13:09 | Link to Comment Not Too Important
Not Too Important's picture

USD BBA LIBOR PANEL

  • Bank of America 
  • Bank of Tokyo-Mitsubishi UFJ Ltd
  • Barclays Bank plc
  • BNP Paribas
  • Citibank NA
  • Credit Agricole CIB
  • Credit Suisse
  • Deutsche Bank AG
  • HSBC
  • JP Morgan Chase
  • Lloyds Banking Group
  • Rabobank
  • Royal Bank of Canada
  • Société Générale
  • Sumitomo Mitsui Banking Corporation
  • The Norinchukin Bank
  • The Royal Bank of Scotland Group
  • UBS AG

STERLING BBA LIBOR PANEL

  • Abbey National plc 
  • Bank of Tokyo-Mitsubishi UFJ Ltd
  • Barclays Bank plc
  • BNP Paribas
  • Citibank NA
  • Credit Agricole CIB
  • Deutsche Bank AG
  • HSBC
  • JP Morgan Chase
  • Lloyds Banking Group
  • Mizuho Corporate Bank
  • Rabobank
  • Royal Bank of Canada
  • The Royal Bank of Scotland Group
  • Société Générale
  • UBS AG

EU BBA LIBOR PANEL

  • Abbey National plc
  • Bank of Tokyo-Mitsubishi UFJ Ltd
  • Barclays Bank plc
  • Citibank NA
  • Credit Suisse
  • Deutsche Bank AG
  • HSBC
  • JP Morgan Chase
  • Lloyds Banking Group
  • Mizuho Corporate Bank
  • Rabobank
  • Royal Bank of Canada
  • Société Générale
  • The Royal Bank of Scotland Group
  • UBS AG

US FED PRIMARY DEALERS

Bank of Nova Scotia, New York Agency
BMO Capital Markets Corp.
BNP Paribas Securities Corp.
Barclays Capital Inc.
Cantor Fitzgerald & Co.
Citigroup Global Markets Inc.
Credit Suisse Securities (USA) LLC
Daiwa Capital Markets America Inc.
Deutsche Bank Securities Inc.
Goldman, Sachs & Co.
HSBC Securities (USA) Inc.
Jefferies & Company, Inc.
J.P. Morgan Securities LLC
Merrill Lynch, Pierce, Fenner & Smith Incorporated
Mizuho Securities USA Inc.
Morgan Stanley & Co. LLC
Nomura Securities International, Inc.
RBC Capital Markets, LLC
RBS Securities Inc.
SG Americas Securities, LLC
UBS Securities LLC.

Romney's Top Campaign Contributors

Goldman Sachs $593,080 JPMorgan Chase & Co $467,089 Bank of America $425,100 Morgan Stanley $399,850 Credit Suisse Group $390,360 Citigroup Inc $312,800 Kirkland & Ellis $264,302 Wells Fargo $237,550 Barclays $234,650 PricewaterhouseCoopers $227,250 Deloitte LLP $222,250 HIG Capital $216,995 UBS AG $207,750 Blackstone Group $198,800 Bain Capital $156,500 Elliott Management $146,275 Marriott International $137,827 General Electric $135,450 Bain & Co $130,550 EMC Corp $129,450

 

According to Diamond, "they all did it."

Does anyone see a pattern here?

 

LIBOR Explained - http://bbalibor.com/

FED Primary Dealers List - http://www.newyorkfed.org/markets/pridealers_current.html

Romney's Top Campaign Contributors - http://www.opensecrets.org/pres12/contrib.php?cycle=2012&id=N00000286

 

 

 

Fri, 07/06/2012 - 20:08 | Link to Comment BarreraNorman70
BarreraNorman70's picture

A friend's mother makes $84 hourly on the computer. She has been out of a job for 7 months but last month her pay check was $18729 just working on the computer for a few hours. Read more here www.GoolgepayClick.Com

Fri, 07/06/2012 - 20:53 | Link to Comment Troll Magnet
Troll Magnet's picture

WOW!! you should contact the white house about this! our unemployment problem solved!!!

Fri, 07/06/2012 - 21:49 | Link to Comment uno
uno's picture

yea, but how many donkey shows can she do before your mom starts undercutting her

Sat, 07/07/2012 - 00:18 | Link to Comment jez
jez's picture

Your imaginary friend's imaginary mother is lying to you again. The silly old cow barely knows how to turn on the computer.

 

And she can shove her crummy imaginary job. This is Zerohedge, Norm! Zerohedge readers spit on $84 an hour.

Sat, 07/07/2012 - 05:35 | Link to Comment Zeilschip
Zeilschip's picture

She gets a paycheck once every three years.

Fri, 07/06/2012 - 20:12 | Link to Comment Al Gorerhythm
Al Gorerhythm's picture

The people "in the countryside" who Bart Chilton talks to; http://etfdailynews.com/2012/07/05/cftcs-bart-chilton-a-slick-public-rel... in Barts World, agree with him that a stiff fine and a severe frowning would be an appropriate punishment that befits the"scandalous" behaviour of criminal activity. Rest assured that Bart is fastidiously "probing" the "scandal"but can't say if a prosecution is going to happen because they are still probing to see if any criminal activity has actually occured. Meanwhile, after four years of "probing" the silver manipulation, they have finally agreed to a public meeting to see if they can reach an agreement on what a swap is. Keep looking in the countryside Bart. Check the broom closet too. The evidence will spring out at you.

Bart, I'd like to swap you a a bag of dog shit for a kilo bar of gold (Herarus stamp please, not that new Chinese plated stuff). I'll bet you'd have a definition for that transaction in a heartbeat. Waterboy.

Fri, 07/06/2012 - 22:16 | Link to Comment vast-dom
vast-dom's picture

Diamond could have thrown the entire BBA under the bus this week as they were ALL complicit! These people are insane and deluded and need to believe their own lies as if it were reality! Sick people all of them....

Sat, 07/07/2012 - 09:03 | Link to Comment ghenny
ghenny's picture

No.  Just greedy white collar criminals who should be in jail.  Most of them won't be prosecuted but they will hang out a few to dry just to keep the club safe from sharing with the rest of us as the man said.

Sat, 07/07/2012 - 09:31 | Link to Comment Duke of Con Dao
Fri, 07/06/2012 - 19:30 | Link to Comment permafrost
permafrost's picture

Who is going to ban the Bank of England?

Fri, 07/06/2012 - 19:37 | Link to Comment EscapeKey
EscapeKey's picture

the boe is now the regulator.

Fri, 07/06/2012 - 19:33 | Link to Comment LetThemEatRand
LetThemEatRand's picture

The title of this Article -- and the obvious answer -- say it all.

Sat, 07/07/2012 - 16:29 | Link to Comment earleflorida
earleflorida's picture

indeed...KISS

Fri, 07/06/2012 - 19:35 | Link to Comment EscapeKey
EscapeKey's picture

integrity is so hot right now

Fri, 07/06/2012 - 19:38 | Link to Comment gimli
gimli's picture

Yes -- all these girly men bankers will be Banned:

http://www.feelbanfresh.com/Unscented-Roll-on.aspx

Fri, 07/06/2012 - 19:39 | Link to Comment LostWages
LostWages's picture

Just a hand slap this time methinks....honor amongst thieves.

Fri, 07/06/2012 - 19:41 | Link to Comment Bill D. Cat
Bill D. Cat's picture

The ripoff of the year awards are gonna be busy this fall .

Fri, 07/06/2012 - 19:48 | Link to Comment daveeemc2
daveeemc2's picture

BBA is made up of...wait for it....british banks.

We humans have proven time and time again bias and the inability to govern ourselves.

Self moderation, esp when there is blow, money and/or hookers involved, is an immediate nonstarter.

Likewise - that debt committee in states. Watch as congress takes steps to undo manditory cuts.

We are destined to fuk our collective selves into oblivion. Literally.

Fri, 07/06/2012 - 22:03 | Link to Comment illyia
illyia's picture

Workaround.

Sat, 07/07/2012 - 00:49 | Link to Comment strangeglove
strangeglove's picture

reacharound

Fri, 07/06/2012 - 19:53 | Link to Comment Snakeeyes
Snakeeyes's picture

Supoose that LIBOR tracks almost perfectly with the Fed Funds Target. Would you ban The Fed too? Don't answer that!!!

http://confoundedinterest.wordpress.com/2012/07/06/libor-fixing-and-the-...

Fri, 07/06/2012 - 19:54 | Link to Comment LeisureSmith
LeisureSmith's picture

My guess would be NO... they will skate while listening to this. 

http://www.youtube.com/watch?v=3AZohBpDAhk

Fri, 07/06/2012 - 19:58 | Link to Comment Seasmoke
Seasmoke's picture

After all, there is all that "integrity" to be preserved.

Integrity is so pre-2008

Fri, 07/06/2012 - 20:04 | Link to Comment Caviar Emptor
Caviar Emptor's picture

We here at The Banker's Benevolent Association ask you all to put away your class warfare and fear-mongering and consider this: you simply lost the Darwinian struggle and we won. And you're not so squeaky clean yourselves, ok? And you wouldn't even know how to manage wealth, you'd lose it all in a few weeks. Or spend it all on your greasy food and your fat women. 

Fri, 07/06/2012 - 20:09 | Link to Comment knukles
knukles's picture

Question.
Protocol.

Can I rub my greasy food on my women, pretend they're gold and eat them?
It'd make me feel ever so better.

Like the Redshield, or the Queen
Could even do a reality show to entertain the peasantry.
Live from New Versailles, here's Knukles......
 

 

 

(sigh)

Fri, 07/06/2012 - 20:12 | Link to Comment Caviar Emptor
Caviar Emptor's picture

I like the idea: Bankers watching muppet death-matches, making huge bets, throwing burning hot pennies to the motely crowd and laughing. Ah the glory of feudal times! 

Sat, 07/07/2012 - 00:50 | Link to Comment strangeglove
strangeglove's picture

machete

Fri, 07/06/2012 - 20:10 | Link to Comment g3h
g3h's picture

Tell me you just had too much of a drink, right?

Fri, 07/06/2012 - 20:41 | Link to Comment Dr. Engali
Dr. Engali's picture

Integrity? Heh Heh...that's funny coming from a banker. When has a banker ever kept their word?

Fri, 07/06/2012 - 20:34 | Link to Comment Yen Cross
Yen Cross's picture

 Who cares if they do?  Barclays has so many (not unlike JPM) outside primary traders, that it would take a millenium to figure it all out!

  if Barclays is aced out in London, Bejing (PBoC) has a giant "Ghost City" waiting to be inhabited!

 Chinas' news later will be a joke as usual! That's I why I watch the Flash figures!

Fri, 07/06/2012 - 21:06 | Link to Comment ziggy59
ziggy59's picture

It wasn't intentional misquoting. It was purely accidental.

When you control the dictionary you control the outcome.

Sat, 07/07/2012 - 01:46 | Link to Comment jez
jez's picture

When you control the dictionary you control the outcome.

 

I like that so much, I'm going to steal it. (This is a banking thread, after all.)

Fri, 07/06/2012 - 21:35 | Link to Comment twocents
twocents's picture

or will it 'ban' the govercunt of the day...?

Fri, 07/06/2012 - 22:05 | Link to Comment El Tuco
El Tuco's picture

Off with their heads should be the cries in the streets....

Fri, 07/06/2012 - 22:44 | Link to Comment ebworthen
ebworthen's picture

Ban Banker manipulation and legerdemain?

Whose wet dream is this?

Hasn't happened yet; why would the Kleptoligarchy start restoring the rule of law and common sense all of a sudden?

Nothing but a headline to make the sheeple believe "something" is being done, which translates to "nothing" in every language.

Fri, 07/06/2012 - 23:24 | Link to Comment Yen Cross
Yen Cross's picture

 A man with " Vernacular"!    I suggest that you imbibe, " patience".   Yes it took every usable amount of restraint!

Fri, 07/06/2012 - 22:49 | Link to Comment mick68
mick68's picture

Yes, ban the bankers cause it should be done, but toss out the entire banking system while you're at it, as it's rotten to the core. Doing this will solve nothing but would give us a fresh start, likely to be hijacked instantly by opportunists, who likely are waiting in the wings with their plan ready to spring.

Bankers aren't the problem, politicians aren't the problem, criminals aren't the problem, and zionists aren't the problem.

 

SIN IS THE PROBLEM! The same problem you and I deal with every day that makes us do stuff we regret and pay for down the line. These are simply people with access to greater money and power, and therefore can sin to much greater levels. Same $@#* but bigger pile.

Fri, 07/06/2012 - 22:49 | Link to Comment mick68
mick68's picture

Yes, ban the bankers cause it should be done, but toss out the entire banking system while you're at it, as it's rotten to the core. Doing this will solve nothing but would give us a fresh start, likely to be hijacked instantly by opportunists, who likely are waiting in the wings with their plan ready to spring.

Bankers aren't the problem, politicians aren't the problem, criminals aren't the problem, and zionists aren't the problem.

 

SIN IS THE PROBLEM! The same problem you and I deal with every day that makes us do stuff we regret and pay for down the line. These are simply people with access to greater money and power, and therefore can sin to much greater levels. Same $@#* but bigger pile.

Fri, 07/06/2012 - 22:50 | Link to Comment Irwin Fletcher
Irwin Fletcher's picture

Their integrity will be directed toward stimulating the economy. That's the most important thing. People still have their jobs, surely Barclays won't do it again, and everybody wins. Those fines are as good as money flowing from the 1% to the 99%. No way that money will be recycled back to Barclays or any other misbehaving bank. Problem solved. A few bad eggs. Now proceed with the fraud-as-a-business-model plan of the day.

Fri, 07/06/2012 - 23:19 | Link to Comment Yen Cross
Yen Cross's picture

  Long live Fletch!

Fri, 07/06/2012 - 22:58 | Link to Comment blueridgeviews
blueridgeviews's picture

Barclays will be banned just a quick as Corzine will be prosecuted. NEVER.

By the way, does anyone think this market and it's large participants haven't done far worse than this? The corruption is rampant.

Fri, 07/06/2012 - 23:10 | Link to Comment HardlyZero
HardlyZero's picture

Diamond's a Bank's best friend.

He took the fall so the banks don't have to.

Torches and pitchforks don't have good optics on the telly...trying to avoid any more riots.

Olympics coming up in a few weeks...would look bad.

We have to make sacrifices from time to time. /SARC

Fri, 07/06/2012 - 23:53 | Link to Comment dunce
dunce's picture

The procedure as they themselves describe it sounds exactly like price fixing and collusion with a trust us as a check on corruption.

Sat, 07/07/2012 - 00:46 | Link to Comment strangeglove
strangeglove's picture

Hey F tart you think my moneies under my matress? Nope boating accident here!

Sat, 07/07/2012 - 04:09 | Link to Comment torak
torak's picture

"Will The British Bankers' Association Ban Barclays As It Said It Would?"

Emphatically -- No!

Sat, 07/07/2012 - 04:56 | Link to Comment crowd
crowd's picture

No. The system works. 

Sat, 07/07/2012 - 05:50 | Link to Comment Excursionist
Excursionist's picture

If only Barclays were guilty of manipulating daily submissions, then perhaps the BBA would actually follow through with its expulsion threat of yesteryear.  If most or all of the 16 - 20 banks are guilty, then the likelihood is exactly zero.

No BBA members, no LIBOR.  And even if the BBA were open to the concept of self-immolation, larger and more powerful vested interests wouldn't allow the LIBOR peg to die.  Too many securities and too much of the global 'real' economy depends on LIBOR.  What a fuckin' farce.

Sat, 07/07/2012 - 07:19 | Link to Comment Fist full of CDOs
Fist full of CDOs's picture

Will The British Bankers' Association Ban Barclays As It Said It Would?

Er, no. Thats not how we roll over here. Steal a bottle of water during the riots however - 6 months. 

Sat, 07/07/2012 - 07:29 | Link to Comment midgetrannyporn
midgetrannyporn's picture

Don't trust any number from a banker. Problem solved.

Sat, 07/07/2012 - 09:25 | Link to Comment Bansters-in-my-...
Bansters-in-my- feces's picture

Will the Pope shit in the woods ?

Is the bear catholic ?

Sat, 07/07/2012 - 09:25 | Link to Comment shovelhead
shovelhead's picture

Time magazine might take Bob Diamond off it's 'Man of the Year' list.

Sat, 07/07/2012 - 09:40 | Link to Comment Disenchanted
Disenchanted's picture

 

 

 

Mitt crossed Diamond off his donor's list

 

Diamond Dropping Fundraising Role for Romney in London

 

The July 27 Romney fundraising dinner, scheduled for a day when Romney is in town for the Olympics, will proceed without Diamond. The financial sector has been one of Romney’s top sources of campaign contributions. Romney is a former Massachusetts governor and co-founder of Bain Capital LLC, a private-equity firm based in Boston.

 

Sat, 07/07/2012 - 12:26 | Link to Comment Not Too Important
Not Too Important's picture

Aren't there laws in the US prohibiting foreign contributions to US politicians? Oh, never mind . . .

Sat, 07/07/2012 - 11:03 | Link to Comment Whiner
Whiner's picture

You know how they do it, Duke. Feign incompetence to avoid prosecution; tout your complicity for bonus when no fear of prosecution. This is fear. Somebody's gotta walk the plank or system implodes.

Sun, 07/08/2012 - 06:28 | Link to Comment terryfuckwit
terryfuckwit's picture

Bank and integrity in the same sentance you is avin a larf

Sun, 07/08/2012 - 06:28 | Link to Comment terryfuckwit
terryfuckwit's picture

Bank and integrity in the same sentance you is avin a larf

Do NOT follow this link or you will be banned from the site!