Exclusive: Barclays Implicates Libor Rivals

[dipsydoodle]

Source: Yahoo / Sky News

Barclays' Libor-rigging transgressions will be "put in perspective" by the fines handed out to other international banks, according to the first direct comments by the UK lender about the scandal's potential impact on the rest of the industry.

In a memo sent to staff yesterday evening and which has been leaked to me, the nine members of the bank's executive committee warned that the Libor crisis should not distract them from the core task of safeguarding Barclays' vast balance sheet.

"The macro-environment remains febrile, especially in Europe. We have to remain vigilant on balance sheet exposures and risk management. In short, our focus must remain on capital, funding and liquidity; improving returns; and driving income growth."

The memo, co-written by Marcus Agius, Barclays' outgoing chairman, apologised for the impact of the rate-fixing episode on the bank's staff, but hinted that its rivals were likely to be hit even harder than the £290m in fines imposed on Barclays.

Read more: http://uk.news.yahoo.com/exclusive-barclays-implicates-libor-rivals-161657191--finance.html

[msongs]

1. no jail time of course nt

[PSPS]

2. Jail time? Their lifeless bodies should be swinging upside down from lamp posts.

[dipsydoodle]

3. Well I suppose if you'r lucky

you'll manage to get on the trial of one them to help ensure that.

Other than the fact that any such trials are by jury I don't know what the jury set up is in the US. Do you get paid per day plus travel expenses ? These will be big complex fraud trials. The record for the length of such a trial in the UK is 2 years before it was finally abandoned when a juror went on strike : http://www.guardian.co.uk/uk/2005/mar/23/transport.constitution.

If you want to get on a Barclays trial you'll need to come to the UK although exactly how you'll get on our electoral register to qualify for jury service I'm not quite sure. http://www.democraticunderground.com/101635287