All Hell Breaking loose in England, the British turn on their bankers

[Mega]

In the last 24 hours the media & The Prime Minster/Bank of England have attacked the "City" like i NEVER believed possable. Just short of calling for hangings.
http://www.telegraph.co.uk/finance/e...g-culture.html

In Europe last night our PM got his ass kicked, he been "Told" that there WILL be a transaction tax applied to the banks "trading". It WILL be in by Xmas THIS YEAR & i suspect that he is SUDDENLY leading this charge because the World is ready-ing a new banking system & as it stands Britan will be OUT in the Cold.

Mike
Ps Those who have "Pm" me to insult me, please be aware i am busy at the moment & it could be sometime before i get back to you.

[Mega]

Re: All Hell Breaking loose in England, the British turn on their bankers

Its EVERY TV channel, its EVERY news paper...........
http://www.dailymail.co.uk/debate/ar...ills-same.html
Mike

[thriftyandboringinohio]

Re: All Hell Breaking loose in England, the British turn on their bankers

Fascinating, thanks Mike.
Perhaps the US will finally wake up (no sign of that yet where I sit).

[Slimprofits]

Re: All Hell Breaking loose in England, the British turn on their bankers

So Diamond is playing the role of Dimon in the UK?

Hilarious.

[*T*]

Re: All Hell Breaking loose in England, the British turn on their bankers

Irony being the Telegraph (source in OP) is owned by the Barclay bros.

Buy yes, the masses are beginning to stir. On question time last night, there was talk of criminal prosecution.

[gwynedd1]

Re: All Hell Breaking loose in England, the British turn on their bankers

So Diamond is playing the role of Dimon in the UK?

Hilarious.

Neither of them would scratch a mirror.

[globaleconomicollaps]

Re: All Hell Breaking loose in England, the British turn on their bankers

Neither of them would scratch a mirror.

fog one?

[don]

Re: All Hell Breaking loose in England, the British turn on their bankers

for comic relief (hope it brings a joker's smile to your lips, MEGA) . . . .

The attention London receives this summer is sure to include the kind of glossy public relations usually associated with hosts of the Olympic Games. Surely the script is already written. Here is a modern metropolis with deep roots in the past, a city that eagerly embraces all the earth’s diversity, that operates with magical efficiency, that brings to bear the most advanced technologies, that celebrates with all its might the world’s elite athletic competitors.

from today's NY Times

[Thailandnotes]

Re: All Hell Breaking loose in England, the British turn on their bankers

…E-mails between both parties, however, showed Barclays failed to keep its divisions separate. One trader, after receiving a favorable rate from a bank employee, wrote: “I love you.” Another trader called a colleague a “superstar” for altering the rate.

…Diamond put his hands up and conceded that the traders' action had been "wholly inappropriate.” Inappropriate? Inappropriate is wearing a tie to a barbecue. Wholly inappropriate is burping during the wedding vows. Distorting for personal gain a rate that underpins contracts worth $350 trillion worldwide is rather more than "inappropriate".

[don]

Re: All Hell Breaking loose in England, the British turn on their bankers

inappropriate behavior . . .

[Mega]

Re: All Hell Breaking loose in England, the British turn on their bankers

Every Paper, right or left:-
http://www.dailymail.co.uk/news/arti...ce-action.html

&
http://www.guardian.co.uk/business/2...tute-directors

This bit:-
"Vince Cable, the business secretary, said: "This mis-selling scandal is an urgent and immediate problem the government has got to tackle. We are trying to clear up a massive cesspit and we have got to deal with it through tough regulation, through taxation and through this crucially important bit of legislation separating out the casinos, the investment banks, from the ordinary retail banks."

They going for "Glass-Ski-gul"
Mike

[reggie]

Re: All Hell Breaking loose in England, the British turn on their bankers

“What I hope is that everyone now understands that something went very wrong with the UK banking industry and we now need to put it right”

~ Sir Mervyn King

Sir Mervyn's comments at Barclay's fine smacks of Little Alex after he was busted in Clockwork Orange, "Oh, I see this ultra-violence is wrong, TERRIBLY wrong!"

[Mega]

Re: All Hell Breaking loose in England, the British turn on their bankers

http://www.telegraph.co.uk/finance/n...ays-chief.html

Diamonds are NOT forever it seems.........
Mike

[don]

Re: All Hell Breaking loose in England, the British turn on their bankers

a sampling from Jessie's Cafe Americain . . .

03 July 2012

And Bob Diamond Resigns 'Under Pressure'

"And remember, where you have a concentration of power in a few hands, all too frequently men with the mentality of gangsters get control. History has proven that."

John Dalberg Lord Acton

What I hear is that Mr. Bob Diamond's arrogant defiance so outraged Whitehall that the word went down to the Bank of England to show him the door, immediately as an example, in the Old Lady's role of making and breaking the major players in the City.

Mr. Diamond would have been lauded in the States, and offered a settlement and a wristslap, soft pillows and sweet praises by fawning lawmakers and the captive corporate media.

He will still have to appear before the government for questioning on Wednesday. That might be worth watching.

Someone should have cautioned him that the Jamie Dimon model of deriding the regulators and attempting to intimidate the government does not work as well in the UK.

The Tories may not be any more interested in serving the interests of their people, but they do have some measure of pride in their office and self-respect, of decorum, in comparison to Wall Street's bawds in the Congressional corporate campaign contributions bordello.


Coventry Telegraph
Diamond Quits As Barclays Chief
3 July 2012

Barclays chief executive Bob Diamond has resigned with immediate effect in the wake of the rate-rigging scandal.

The American banker, who has faced mounting calls to step down, said: "The external pressure placed on Barclays has reached a level that risks damaging the franchise."

He added: "I am deeply disappointed that the impression created by the events announced last week about what Barclays and its people stand for could not be further from the truth."

The move comes after Barclays was fined £290 million by UK and US regulators for manipulating the Libor, the rate at which banks lend to each other.

Chairman Marcus Agius, who announced his intention to resign over the affair yesterday, will lead the search for a new chief executive immediately, Barclays said. (At Broadmoor Hospital? - Jesse)

"Power corrupts, and absolute power corrupts absolutely."

John Dalberg Lord Acton

Guardian
Bankers and the Neuroscience of Greed
Ian Robertson
2 July 2012


On 11 August 2011, Bob Diamond, chief executive of Barclays, delivered the BBC Today Programme business lecture. In it he declared that "culture" was the critical element in responsible banking, and the best test of it is "how people behave while no one is watching." We now know that banking failed the test and so must ask why, in Sir Mervyn King's words, "excessive compensation", "shoddy treatment of customers", "mis-selling" and "the deceitful manipulation of a key interest rate", flourished in the banking sector. Cognitive neuroscience can point to some answers.

Senior bankers hold enormous power, greater than that of many elected national leaders. Largely unaccountable except to occasional shareholders meetings and often quiescent boards, their power is much less constrained than that of democratically elected leaders. And given that power is one of the most potent brain-changing drugs known to humankind, unconstrained power has enormously distorting effects on behaviour, emotions and thinking.

Holding power changes brains by boosting testosterone, which in turn increases the chemical messenger dopamine in the brain's reward systems. Extraordinary power causes extraordinary brain changes, which in their extreme form manifest themselves in personality distortions, such as those seen in dictators like Muammar Gaddafi.

The "masters of the universe" who have arisen out of a deregulated world financial system were given unprecedented power that inevitably must have caused major changes to their brains. While power in moderate doses can make people smarter, more strategic in their thinking, bolder and less depressed, in too-large doses it can make them egocentric and un-empathic, greedy for rewards – financial, sexual, interpersonal, material – likely to treat others as objects, and with a dulled perception of risk...




AP
Diamond in the rough; Banker Bob falls on sword
By Gregory Katz
Jul. 3, 2012

LONDON (AP) — He was a poster boy for corporate arrogance, telling Parliament last year that the time for bankers to apologize had passed.

Now Bob Diamond is just the latest victim of growing public anger at a British establishment they regard as greedy and ethically challenged. Bankers, politicians and journalists have all felt the full force of the growing disdain at a time of economic troubles.

The hard-driving CEO of Barclays bank resigned Tuesday, buckling under massive media pressure and a few none-too-subtle hints from top politicians that his days at the top should be numbered.

In the few short days since Barclays was fined $453 million for its role in the LIBOR interest rate fixing scandal, Diamond, an American with a stratospheric pay package, came to symbolize everything wrong with international banking...

[Mega]

Re: All Hell Breaking loose in England, the British turn on their bankers

Barclays has DIRT on the Bank of England
http://www.telegraph.co.uk/finance/n...-Barclays.html
Mike