Another Big British Bank Lands in Deep Trouble

Another Big British Bank Lands in Deep Trouble:

Now, it’s the UK’s second-largest bank Barclays’ turn to face the music. A week ago, it was the UK’s third-largest bank, state-owned Royal Bank of Scotland, that faced one of its biggest scandal yet after whistle-blowers accused the bank of systematically forging customer signatures. RBS also faces the prospect of a multi-billion dollar fine for the way it sold residential mortgage-backed securities during the lead up to the Financial Crisis.

On Monday, the UK’s Serious Fraud Office (SFO) announced that it was charging Barclays for a second time over a deeply suspicious £2.2 billion ($3 billion) loan it issued in 2008 to Qatar. To avoid a government bailout, Barclays took a £12 billion loan from Qatar Holdings, which is owned by the state of Qatar. Under that deal, Barclays loaned £2.3 billion back to Qatar Holdings, which allegedly was then used to buy shares in Barclays. If true, it would amount to “unlawful financial assistance,” the SFO says.

Read moreAnother Big British Bank Lands in Deep Trouble

EU fines JPMorgan, HSBC and Credit Agricole $520 MILLION for rate manipulation

And who is (not) going to jail this time???


JP-Morgan

EU fines JPMorgan, HSBC and Credit Agricole $520mn for rate manipulation:

After a five-year investigation, the European Commission has fined three major banks €485 million for rigging the crucial Euro Interbank Offered Rate (Euribor).

The Commission said on Wednesday they were part of a seven bank cartel that colluded on setting the euro interest rate instead of competing with each other between September 2005 and May 2008.

JPMorgan was fined €337 million and Credit Agricole €114 million for five-month involvement in the conspiracy. HSBC got a €33 million penalty for its one-month participation.

Read moreEU fines JPMorgan, HSBC and Credit Agricole $520 MILLION for rate manipulation

Ex-Barclays Traders Jailed For Over 6 Years Over Libor-Rigging

Ex-Barclays Traders Jailed For Over 6 Years Over Libor-Rigging:

Just days after Hillary Clinton is found to have negligently broken laws but faced no charges, four former Barclays bankers appear to have been scapegoated over their libor-rigging. 45-year-old Jay Merchant was the hardest hit – sentenced to 6 1/2 Years in prison.

Ex-Barclays Traders Jailed For Over 6 Years Over Libor-Rigging

As Bloomberg reports,

Four former Barclays Plc traders were sentenced to as many as 6 1/2 years in prison for manipulating the Libor interest-rate benchmark as U.K. judges continued meting out tough punishments for white-collar crime.

Jay Merchant, 45, was sentenced to 6 1/2 years in prison.

Peter Johnson, 61, and Jonathan Mathew, 35, received four years in prison.

Alex Pabon, 38, will serve two years and nine months in jail.

The convictions are a “major victory” for the UK’s Serious Fraud Office, which conducted the investigation.

Read moreEx-Barclays Traders Jailed For Over 6 Years Over Libor-Rigging

“If You Get Enquiries Just Obfuscate And Stonewall” – How Barclays Rigged The FX Market For Seven Years

“If You Get Enquiries Just Obfuscate And Stonewall” – How Barclays Rigged The FX Market For Seven Years:

Back in May we first introduced our readers to the FX manipulation practice known as “last look.” Wait, what’s that? This is what we said:

The last look practice is a legacy of over-the-phone currency trading, when traders would take a final check of the market before executing an order. It has survived even as foreign-exchange trading moved onto electronic platforms, leaving banks with the option to back out of an order after it was accepted by a client.

Read more“If You Get Enquiries Just Obfuscate And Stonewall” – How Barclays Rigged The FX Market For Seven Years

“Retired” Dallas Fed Chief Joins Barclays As “Senior Advisor”

revolving-door


 

“Retired” Dallas Fed Chief Joins Barclays As “Senior Advisor” (ZeroHedge, June 29, 2015):

Spin revolving door, spin.

Recently “retired” Dallas Fed chief Richard Fisher — who really, really believed that talk of falling oil prices negatively affecting the Texas economy amounted to “bull droppings” until a JP Morgan analyst reminded him that the “only thing dropping in the Texas economy [was] jobs” — is following proudly in the footsteps of Ben Bernanke, Jeremy Stein, and Janet Yellen (if you count unofficial, off-the-record ‘consultations’) by becoming the latest Fed policymaker to ink a lucrative deal ‘advising’ the private sector.

As WSJ reports, Fisher will become a “senior advisor” to Barclays starting on July 1:

Read more“Retired” Dallas Fed Chief Joins Barclays As “Senior Advisor”

Ten Banks, Including JPM, Goldman, Deutsche, Barclays, SocGen And UBS, Probed For Gold Rigging

From the article:

Under scrutiny are Bank of Nova Scotia , Barclays PLC, Credit Suisse Group AG , Deutsche Bank AG , Goldman Sachs Group Inc., J.P. Morgan Chase & Co., Société Générale SA, Standard Bank Group Ltd. and UBS AG , according to one of the people close to the investigation.”


Ten Banks, Including JPM, Goldman, Deutsche, Barclays, SocGen And UBS, Probed For Gold Rigging (ZeroHedge, Feb 23, 2015):

No matter how many times the big banks are caught red-handed manipulating precious metals, some failed former Deutsche Bank prop-trader (you know who you are) will take a vociferous stand based on ad hominem attacks and zero facts that no, what you see in front of you is not precious metal rigging at all but a one-off event that has nothing to do with a criminal banking syndicate hell bent on taking advantage of anyone who is naive and dumb enough to still believe in fair and efficient markets.

Read moreTen Banks, Including JPM, Goldman, Deutsche, Barclays, SocGen And UBS, Probed For Gold Rigging

Deutsche, Interactive Brokers, Barclays Lost Hundreds Of Millions Due To Swiss Franc Volatility

–  Deutsche, Interactive Brokers, Barclays Lost Hundreds Of Millions Due To Swiss Franc Volatility (ZeroHedge, Jan 16, 2015):

Yesterday, in the aftermath of the Swiss shocker, we tweeted what was quite obvious to anyone who realized that speculators were most short the CHF since the summer of 2013:

We have yet to find out just which hedge funds were blown up yesterday, but we already do know that numerous retail FX brokers did get blown up and as reported earlier, the largest retail broker FXCM is trading down 90% in the pre-market.And now, thanks to Dow Jones, we start to learn just how much pain the bank themselves suffered:

Read moreDeutsche, Interactive Brokers, Barclays Lost Hundreds Of Millions Due To Swiss Franc Volatility

Barclays Is Launching Finger Scanner That Scans A Person’s Blood Flow To Access Account

Banksters - Get Out Of Jail Free Card

Barclays is Launching Finger Scanner that Scans a Person’s Blood Flow to Access Account (Liberty Blitzkrieg, Sep 5, 2014):

It’s hard for an article to be simultaneously disturbing and amusing, but this morning’s article in the UK Telegraph about Barclays’ new blood vein finger scanner does just that.

What’s truly incredible about the article is Ashok Vaswani’s (chief executive of Barclays personal and corporate banking) purported obsession with fighting criminality, when in reality there appear to be few bigger criminal enterprises on earth than Barclays itself.

We are told the following about Barclays’ ostensible commitment to the rule of law:

Read moreBarclays Is Launching Finger Scanner That Scans A Person’s Blood Flow To Access Account