econintersect.com
  • 토토사이트
    • 카지노사이트
    • 도박사이트
    • 룰렛 사이트
    • 라이브카지노
    • 바카라사이트
    • 안전카지노
  • 경제
  • 파이낸스
  • 정치
  • 투자
No Result
View All Result
  • 토토사이트
    • 카지노사이트
    • 도박사이트
    • 룰렛 사이트
    • 라이브카지노
    • 바카라사이트
    • 안전카지노
  • 경제
  • 파이낸스
  • 정치
  • 투자
No Result
View All Result
econintersect.com
No Result
View All Result

Barclays Bank: CTFC Complaint Details

admin by admin
7월 23, 2012
in 미분류
0
0
SHARES
0
VIEWS

Econintersect:  The Commodity and Futures Trading Commission (CFTC), a U.S. government regulatory agency, has resolved a complaint against money-countingSMALLBarclays Bank (NYSE:BCS) related to the LIBOR rate fixing scandal.  On 28 June 2012 the complaint was published; it contained not only the complaint but the agreed financial settlement of the charges which amounted to a total of $200 million.  This compares with the annual profit of the company which has been just short of $30 billion over the last three years (2009-2001).  Put down the calculator, that’s 0.7% of three-year net income penalty for multiple years of fraud.

Editor’s note: Who says crime does not pay?  Barclays, if they were to write this off by amending the previous three years’ income statements, would reduce their net income from $29,876,000,000 all the way down to $29,676,000.

 

Here is the summary of findings from Pro Publica’s reproduction of CFTC Docket No. 12-25:

barclays-complaint-summary-1barclays-complaint-summary-2barclays-complaint-summary-3

Pro Publica provides a graphic image of an excerpt from the Docket which details some of the e-mails between traders that form a centerpiece of the complaint:

 

barclays-complaint-e-mail-examples

Edward Harrison, of Credit Writedowns, has an Op Ed published today by GEI Opinion which gives a disturbing viewpoint about the sociopathic nature of some of the behaviors in finance and banking, using the Barclays situation as an example.  Harrison writes:

This is how our financial system works – people openly discussing rigging the market for all to see and hear as if they were discussing where to buy a carton of milk. That’s how it works, folks. Don’t avert your eyes like it didn’t happen. What you saw was real. It happened and they WERE doing it. And it was WRONG.

And don’t say, “What the f**k is wrong with me?” and drive away. There’s nothing wrong with you. But there’s certainly something wrong with them.

Is anyone going to do anything about it?

John Lounsbury

Sources:

  • ORDER INSTITUTING PROCEEDINGS PURSUAT TO SECTIONS 6(d) OF THE COMMODITY EXCHANGE ACT, AS AMENDED, MAKING FINDINGS AND IMPOSING REMEDIAL SANCTIONS (Pro Publica)
  • Beyond Animal Spirits (Edward Harrison, GEI Opinion, 21 July 2012)
  • GEI News articles about Barclays and the LIBOR scandal
  • GEI Opinion articles about Barclays and the LIBOR Scandal
Previous Post

Beyond Animal Spirits

Next Post

Europe Officially Sinking In Dire Straits

Related Posts

Bitcoin Is Finally Trading Perfectly Like 'Digital Gold'
Economics

Bitcoin Is Finally Trading Perfectly Like ‘Digital Gold’

by admin
Namibia Will Regulate And Not Ban Crypto With New Law
Finance

Namibia Will Regulate And Not Ban Crypto With New Law

by admin
6,746 ETH Valued At $12M Was Just Burned
Economics

6,746 ETH Valued At $12M Was Just Burned

by admin
Bitcoin Is Steady Above $29,000 Awaiting US NFP Figures
Economics

Bitcoin: What Next After Consolidation Ends?

by admin
US Government Offloads Another 8,200 Bitcoin – On-chain Data
Economics

US Government Offloads Another 8,200 Bitcoin – On-chain Data

by admin
Next Post

Europe Officially Sinking In Dire Straits

답글 남기기 응답 취소

이메일 주소는 공개되지 않습니다. 필수 필드는 *로 표시됩니다

Browse by Category

  • Business
  • Econ Intersect News
  • Economics
  • Finance
  • Politics
  • Uncategorized

Browse by Tags

adoption altcoins bank banking banks Binance Bitcoin Bitcoin market blockchain BTC BTC price business China crypto crypto adoption cryptocurrency crypto exchange crypto market crypto regulation decentralized finance DeFi Elon Musk ETH Ethereum Europe Federal Reserve finance FTX inflation investment market analysis Metaverse NFT nonfungible tokens oil market price analysis recession regulation Russia stock market technology Tesla the UK the US Twitter

Categories

  • Business
  • Econ Intersect News
  • Economics
  • Finance
  • Politics
  • Uncategorized

© Copyright 2024 EconIntersect

No Result
View All Result
  • 토토사이트
    • 카지노사이트
    • 도박사이트
    • 룰렛 사이트
    • 라이브카지노
    • 바카라사이트
    • 안전카지노
  • 경제
  • 파이낸스
  • 정치
  • 투자

© Copyright 2024 EconIntersect