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Tuesday, February 5, 2013

Barclays hit with more fines after LIBOR for MIS-SELLING (otherwise known as Criminal fraud!)

Editors' Note: Isn't it amazing how the big bosses at Too Big to Fail banks and corporations are never charged with any criminal activity for defrauding their customers and the citizenry at large of billions through illegal activities. Their criminal acts are termed MIS-SELLING and SCANDALS by the Mainstream media rather than CRIMES and TREASONS that they are in fact. The CEO can steal billions and it's called a SCANDAL but if a lowly Teller at the same institution steals a thousand, she is immediately charged with criminal activity and the media reports it as THEFT not a SCANDAL. Reuters should be charged as accessories to the crimes of the bankers for covering up their frauds, thefts, treasons, and crimes against humanity with such innocuous sounding words and terms as SCANDALS and MIS-SELLING! What the heck is MIS-SELLING anyway? Someone accidentally sells a billion dollars worth of securities knowing full well they are worth only 200 million, and a buyer just accidentally buys them? See how the media makes fools out of their readers by using such asinine terms as MIS-SELLING to confuse the issue? But given the fact that the same bankers that commit these crimes own the Media (and the Government), such an outcome as the criminals actually getting charged with crimes is well nigh impossible!

A logo of Barclays bank is seen outside a branch in Altrincham, northern England April 26, 2012. REUTERS/Phil Noble(Reuters) - Barclays bosses ducked questions on Tuesday over funding for its rescue by Qatar four years ago, as another big charge for mis-selling showed how past problems continue to dog the British bank.

UK authorities have been investigating the bank's fundraising from Qatar at the height of the 2008 financial crisis since July. The Financial Times reported last week that they were looking into whether Barclays had lent Qatar money to buy shares in the bank itself.
Asked by UK lawmakers if there was anything linked to the Qatar fundraising that could cause embarrassment in the future, Barclays Chairman David Walker told a parliamentary inquiry that he could not comment due to the investigation.
Earlier, the bank said it had set aside a further 1 billion pounds ($1.6 billion), including an extra 600 million to compensate customers for payment protection insurance. PPI mis-selling alone has now cost UK banks over 12 billion and could end up more than double that, industry sources estimate.

Unlike RBS and Lloyds, which had to take government bailouts during the crisis, Barclays avoided a rescue funded by British taxpayers after Qatar bought its stake.
However, the wider banking industry has come under fire for a series of scandals including the mis-selling of financial products to clients who did not need or could not use them, and over the rigging of a major interest rate. This, along with public anger at big bonus payments, has put the spotlight on the culture of bankers before, during and since the crisis.

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Barclays ducks Qatar questions, takes further mis-selling hit | Reuters

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