What can you say? Investment Bankers cheating again.
It has been clear for years that Libor was a bit of a dart throw, but Barclays abuse is quite staggering. But then when bankers are able to con governments in getting them to fund their bonuses under the guise of capital requirements and too big to fail rhetoric, then what is a little bit of libor flexing?
Barclays are in big shit. Everything they have done in the past 10 years has turned to dust.
Barclays are rumoured to have pumped 2 billion into film partnerships, tax schemes being investigated and closed down by the UK's tax authorities. Barclays have also set aside huge sums for PPI mis-selling and it turns out will be setting aside even more for the mis-selling of interest rate swaps. They appear to have only paid 1% in UK tax and were caught with their trousers down when they off loaded a chunk of their balance sheet to some ex staff who ran it as a hedge fund.
Now in most instances the CEO would have sworded himself by now. But not this one. Despite all these things happening on his watch, he has decided to forgo his stock options (which would be worthless anyway) in return for granting himself much better ones next year when hopefully we have all forgotten how arrogant and shocking Barclays have been.
Oh yes and didn't Barclays rape Lehman after it collapsed too?
The worse thing of all is at one time I was interviewed by Bobby Geezer for a job at Barclays Capital ...and I accepted ...and left soon after with a fat guarantee ...time to wash my mouth out with soap meez thinks.
Today's Barclay shorts:
USD450 Fine (reuters)
Film Partnerships (independent)
1% tax on UK profits (mirror)
Bank of America, UBS, Nomura ...(rollingstone)