Blogman's Notes: Barclay's Bank has been fined a record $500 million dollars by regulators for what has been dubbed the LIBOR scandal. First of all this is anything but a scandal; it outright fraud! If a bank teller steals $1000 from the bank, criminal charges are immediately laid, but in the case of bank executives, they get away Scot free with their multi-million dollar bonuses and retirement packages. Although a large fine has been imposed, why have criminal charges not been laid? And what happens to the fines that are collected by the regulators? And what about the victims, who are the victims? The victims are all peoples that use banking services, pretty much all over the developed world, and even throughout the world. We all pay the bill for the frauds perpetrated at the highest level of commercial and investment banking. This fraud that probably netted the perpetrators hundreds of billions is addressed by the authorities only when it can no longer be hidden and then all the perpetrators get is a slap on the wrist. This is how the real world operates; the real crooks are protected and rewarded while the little people all over the world are defrauded. This LIBOR fraud and all the other frauds of Wall Sreet, the City of London and other major financial centers of the world take pennies out of the pockets of rickshaw drivers in India, and of the destitute farmers in Africa, and of the slum dwellers in Rio de Janeiro; the poorest of the poor are the real victims whose pennies add up to billions in blood soaked profits for a few elite members of the Global banking fraternity!
__________________________________________________________________________The UK financial watchdog has warned there is more to come in rate fixing scandal. This follows the resignation of the Barclay’s Chairman, the first bank to be caught out.
"I wish I could say this [Barclay’s] was an isolated case… You will hear more on this in due course," the Financial Services Authority acting director of enforcement, Tracey McDermott said.