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The banks are at it again!

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By (user no longer on site) OP   
over a year ago

Don't they ever learn?

They're in the middle of one crisis so what do they do? Illegally try and manipulate interest rates to make their own trading positions profitable.

There is something seriously wrong with human society if this is the best system we can come up with.

How about each country has just one bank. It would not be permitted to raise or lower interest rates by itself and would need a commission of a dozen people from different spheres of life to set the rates, which would then be published transparently and simultanously across the world so that each national bank knew the rates of another without having to ask for it. If any corruption is found to be taking place then those guilty of it would face a mandatory 10 years in jail. No parole.

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By (user no longer on site)
over a year ago

Where money is concerned people will always try to get more of it.

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By *un_JuiceCouple
over a year ago

Nr Chester

Wishy perhaps watch the secrets of oz on google videos. The UK and US monetary scam is covered in depth there. It's an opinion based on facts and of course not publicised by the main stream for obvious reasons

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By (user no longer on site)
over a year ago

Wasn't this just Barclays?

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By *eavenNhellCouple
over a year ago

carrbrook stalybridge


"Wasn't this just Barclays?"
for now yes

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By *histler21Man
over a year ago

Ipswich

Yes. It's wrong. But when they get fined - who's money gets used for the fine? You guessed it....

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By (user no longer on site) OP   
over a year ago


"Wasn't this just Barclays?"

Four banks are be investigated at the moment and more are expected to follow. Of the four only Barclays have put their hands up so far, but it's a bit difficult to rig interbank interest rates if you're the only one doing it.

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By (user no longer on site)
over a year ago


"Wasn't this just Barclays?for now yes "

But why stop there when there's bigger conclusions one can jump to, I suppose...

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By (user no longer on site)
over a year ago

Banks do it, shops do it, garages do it, everyone does it... so what's new?

This has been going on since money was invited.. and just to that; the LIBOR rigging stopped in 2008/9, so some time ago as they were caught out then ... It's taken the authorities so long just to settle one case, wasting also tax payers money and it's not just UK tax payers, who are footing the bill for these investigations, but US, Canadian, Swiss, German, French, Italian, yeah who am kidding 90% of countries where there are banks...

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By (user no longer on site)
over a year ago


"Wasn't this just Barclays?

Four banks are be investigated at the moment and more are expected to follow. Of the four only Barclays have put their hands up so far, but it's a bit difficult to rig interbank interest rates if you're the only one doing it."

Key there would be "at the moment". Why people feel the need to predict the results of ongiong investigations and court cases I don't think I'll ever know.

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By (user no longer on site)
over a year ago


"Don't they ever learn?

They're in the middle of one crisis so what do they do? Illegally try and manipulate interest rates to make their own trading positions profitable.

There is something seriously wrong with human society if this is the best system we can come up with.

How about each country has just one bank. It would not be permitted to raise or lower interest rates by itself and would need a commission of a dozen people from different spheres of life to set the rates, which would then be published transparently and simultanously across the world so that each national bank knew the rates of another without having to ask for it. If any corruption is found to be taking place then those guilty of it would face a mandatory 10 years in jail. No parole."

Good God, Wishy, are you arguing for a monopoly?!?

And I though I knew your politics............. Although I thoroughly agree with stiff penalties for breaches of the rules. After all, poor people get sent to prison for stealing bread, only the value of the theft changes...........

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By *kmale421Man
over a year ago

wirral


"Don't they ever learn?

They're in the middle of one crisis so what do they do? Illegally try and manipulate interest rates to make their own trading positions profitable.

There is something seriously wrong with human society if this is the best system we can come up with.

How about each country has just one bank. It would not be permitted to raise or lower interest rates by itself and would need a commission of a dozen people from different spheres of life to set the rates, which would then be published transparently and simultanously across the world so that each national bank knew the rates of another without having to ask for it. If any corruption is found to be taking place then those guilty of it would face a mandatory 10 years in jail. No parole.

Good God, Wishy, are you arguing for a monopoly?!?

And I though I knew your politics............. Although I thoroughly agree with stiff penalties for breaches of the rules. After all, poor people get sent to prison for stealing bread, only the value of the theft changes..........."

They haven't ruled out criminal proceedings in the Barclays case yet, I have to admit that I hope they throw the whole of the criminal law at this and jail the buggers who have committed this fraud

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By (user no longer on site)
over a year ago


"They haven't ruled out criminal proceedings in the Barclays case yet, I have to admit that I hope they throw the whole of the criminal law at this and jail the buggers who have committed this fraud"
Well, in truth, I think it would be a very tenuous plea to try to convict them ov murder or of getting them an ASBO. Just the fraud conviction would suffice?

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By (user no longer on site)
over a year ago

Sorry, that's just me being a pedantic twat, but I couldn't help myself.........

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By *abioMan
over a year ago

Newcastle and Gateshead


"Don't they ever learn?

They're in the middle of one crisis so what do they do? Illegally try and manipulate interest rates to make their own trading positions profitable.

There is something seriously wrong with human society if this is the best system we can come up with.

How about each country has just one bank. It would not be permitted to raise or lower interest rates by itself and would need a commission of a dozen people from different spheres of life to set the rates, which would then be published transparently and simultanously across the world so that each national bank knew the rates of another without having to ask for it. If any corruption is found to be taking place then those guilty of it would face a mandatory 10 years in jail. No parole."

one bank per country... wishy, wash your mouth out.. that almost communist!!!

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By (user no longer on site) OP   
over a year ago


"Don't they ever learn?

They're in the middle of one crisis so what do they do? Illegally try and manipulate interest rates to make their own trading positions profitable.

There is something seriously wrong with human society if this is the best system we can come up with.

How about each country has just one bank. It would not be permitted to raise or lower interest rates by itself and would need a commission of a dozen people from different spheres of life to set the rates, which would then be published transparently and simultanously across the world so that each national bank knew the rates of another without having to ask for it. If any corruption is found to be taking place then those guilty of it would face a mandatory 10 years in jail. No parole.

Good God, Wishy, are you arguing for a monopoly?!?

And I though I knew your politics............. Although I thoroughly agree with stiff penalties for breaches of the rules. After all, poor people get sent to prison for stealing bread, only the value of the theft changes..........."

I understand what a monopoly is and in a free-trade society it's not good for one organisation to have total control of a specific product or business sector, which is why I added that such a bank - and One Bank if you like - would have an incorruptible committee overseeing it with clearly defined Articles of Governance that prevent the sort of things we've experienced from the banking sector these past few years.

It's clear that the banks need a radical overhaul and regulation so watertight a duck would be envious of it.

Put simply, the banking sector cannot be permitted to carry on as it is as it is obvious to anyone with half a brain cell that it has no intent in regulating itself. The traders operating in banking do not even acknowledge the general public in the consequences of their actions and relate only to what is written on the bottom of their profit and loss account come bonus time. It cannot go on like this. Enough is enough.

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By (user no longer on site) OP   
over a year ago


"Don't they ever learn?

They're in the middle of one crisis so what do they do? Illegally try and manipulate interest rates to make their own trading positions profitable.

There is something seriously wrong with human society if this is the best system we can come up with.

How about each country has just one bank. It would not be permitted to raise or lower interest rates by itself and would need a commission of a dozen people from different spheres of life to set the rates, which would then be published transparently and simultanously across the world so that each national bank knew the rates of another without having to ask for it. If any corruption is found to be taking place then those guilty of it would face a mandatory 10 years in jail. No parole.

one bank per country... wishy, wash your mouth out.. that almost communist!!! "

We only have one currency here in the UK, so why not one bank to put it in.

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By (user no longer on site)
over a year ago

It's the tip of the iceberg. It's basically price fixing, they've been caught fixing LIBOR which is basically the 'cost' of money between banks.

Just take a minute to look at the products available directly to the public from the banks - saving schemes, mortgages, loans etc. Why does one bank have so similar or basically the same rates as the next?

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By (user no longer on site)
over a year ago


"Don't they ever learn?

They're in the middle of one crisis so what do they do? Illegally try and manipulate interest rates to make their own trading positions profitable.

There is something seriously wrong with human society if this is the best system we can come up with.

How about each country has just one bank. It would not be permitted to raise or lower interest rates by itself and would need a commission of a dozen people from different spheres of life to set the rates, which would then be published transparently and simultanously across the world so that each national bank knew the rates of another without having to ask for it. If any corruption is found to be taking place then those guilty of it would face a mandatory 10 years in jail. No parole.

Good God, Wishy, are you arguing for a monopoly?!?

And I though I knew your politics............. Although I thoroughly agree with stiff penalties for breaches of the rules. After all, poor people get sent to prison for stealing bread, only the value of the theft changes...........

I understand what a monopoly is and in a free-trade society it's not good for one organisation to have total control of a specific product or business sector, which is why I added that such a bank - and One Bank if you like - would have an incorruptible committee overseeing it with clearly defined Articles of Governance that prevent the sort of things we've experienced from the banking sector these past few years.

It's clear that the banks need a radical overhaul and regulation so watertight a duck would be envious of it.

Put simply, the banking sector cannot be permitted to carry on as it is as it is obvious to anyone with half a brain cell that it has no intent in regulating itself. The traders operating in banking do not even acknowledge the general public in the consequences of their actions and relate only to what is written on the bottom of their profit and loss account come bonus time. It cannot go on like this. Enough is enough."

I do agree witht he sentiment Wishy, but there is no such thing as an uncoruptable anything.......... You should know I am a statist, as we as electors have at least some nominnal control over the state..........that, though, is a different argument........

Having listened to (the Right Wing) BBC Wrieth Lectured on Monday and Tuesday, I am kind of coming round to the argument that what is not needed is not more regulation, but better regulation. Not only that, but for white collar criminals to actualy be properly punished for their crimes.

With reference to Barclay's, the traders who kinked the Libor rates should be given heavy sentences, as should the Directors and Executive Board members who instructed them to do it. Bob Diamond is expected to resign over this fiasco.....Good good, but I would be willing to bet you money he will resign with his golden handshake and his full pension and will walk into another City job, lauging all the way to the Bank (quite possibly Barclay's, after all, they are getting more and more profitable these days. Obviously a new scam on the go).

Unfortunately, I fervently believe that nothing will change untill the general poulous wake up and remember that the ultimate power and sovereignty in any society lies in the hands of the masses. Mass defaults and revolution would ruin the banks and topple the rich, but how many people would acualy be poorer if the financial score was reset to zero?

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By *icketysplitsWoman
over a year ago

Way over Yonder, that's where I'm bound

There is brilliant episode of Dave the Barbarian, yes it's a cartoon, explaining borrowing and debt and how to get out of it.

There won't be any criminal prosecutions. We might feel that this is morally fraud but I do not think it will meet the legal definition.

Control was lost around the same time that we lost real building societies in the clamour for all institutions to grow and become banks.

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By (user no longer on site) OP   
over a year ago


"Mass defaults and revolution would ruin the banks and topple the rich, but how many people would acualy be poorer if the financial score was reset to zero?"

Everybody.

Shops would have no produce on their shelves and no HGVs to bring what little produce they can get their hands on. It would be anarchy and dog-eat-dog.

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By (user no longer on site) OP   
over a year ago

* plus.. do we have to do this every 50 years so that those who amass too much can have it legally stripped off them?

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By (user no longer on site)
over a year ago


"Mass defaults and revolution would ruin the banks and topple the rich, but how many people would acualy be poorer if the financial score was reset to zero?

Everybody.

Shops would have no produce on their shelves and no HGVs to bring what little produce they can get their hands on. It would be anarchy and dog-eat-dog."

But not for long......

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