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Barclay's Bank

pinnopinno Posts: 41,582
edited June 2017 in The cake stop
Can someone please explain what that fiasco is all about?
seanoconn - gruagach craic!

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  • Stevo_666Stevo_666 Posts: 45,385
    "I spent most of my money on birds, booze and fast cars: the rest of it I just squandered." [George Best]
  • pinnopinno Posts: 41,582
    So they gave money to Qatar Holdings for them to buy Barclay's shares to keep Barclay's share prices up and included a £330m sweetener.
    Clever but dodgy.
    seanoconn - gruagach craic!
  • slowmartslowmart Posts: 4,087
    ten after the alledged crime they bring charges.

    I wonder how much more bad news is priced into Barclays current share price.
    “Give a man a fish and feed him for a day. Teach a man to fish and feed him for a lifetime. Teach a man to cycle and he will realize fishing is stupid and boring”

    Desmond Tutu
  • rick_chaseyrick_chasey Posts: 54,762 Lives Here
    I don't imagine the timing is coincidental, given May had planned to shut the SFO down.
  • rick_chaseyrick_chasey Posts: 54,762 Lives Here
    Pinno wrote:
    So they gave money to Qatar Holdings for them to buy Barclay's shares to keep Barclay's share prices up and included a £330m sweetener.
    Clever but dodgy.

    So the reasons it's hot stuff is because SFO are accusing the guys of being dishonest, which means it's a criminal charge and a much higher bar of proof to clear.

    Otherwise it would have been a big fine from the FCA.

    Is also unusual to charge a big bank for criminal activity.
  • pinnopinno Posts: 41,582
    As a criminal offence, I presume they can prosecute individuals.
    seanoconn - gruagach craic!
  • rick_chaseyrick_chasey Posts: 54,762 Lives Here
    Yes those 4 have criminal charges against them.
  • surrey_commutersurrey_commuter Posts: 13,609
    Yes those 4 have criminal charges against them.

    and facing lengthy jail time which means they won't want to settle which ties Barclays corporate hands
  • pinnopinno Posts: 41,582
    "Oh! What A Tangled Web We Weave When First We Practice To Deceive"
    seanoconn - gruagach craic!
  • rick_chaseyrick_chasey Posts: 54,762 Lives Here
    Again, my concern would be the timing of this.

    It can't be coincidental that the SFO has been banging the drum loudly the past 2 months because of May's plans to shut them down, so I wonder if the case isn't as watertight as it could have been; perhaps it's been brought to a head sooner than ideal.
  • pinnopinno Posts: 41,582
    What was the reason for wanting to shut the SFO down?! To replace it with something else?
    seanoconn - gruagach craic!
  • rick_chaseyrick_chasey Posts: 54,762 Lives Here
    http://www.telegraph.co.uk/business/201 ... es-attack/

    Efficiency concerns, mainly.

    Oh, and a footnote here: http://www.thisismoney.co.uk/money/mark ... a-May.html
    The Conservatives have received a £50,000 donation from a Syrian-born businessman recently questioned by the Serious Fraud Office.
    Ayman Asfari, 58, chief executive of oil services group Petrofac, made the donation this month. His wife Sawsan donated £50,000 to the Tories at the same time.
    Asfari was quizzed by the SFO as part of a probe of Unaoil, a Monaco-based firm accused of corruptly securing contracts. Petrofac used Unaoil for consultancy work in Kazakhstan between 2002 and 2009.
  • TheBigBeanTheBigBean Posts: 12,572
    Pinno wrote:
    So they gave money to Qatar Holdings for them to buy Barclay's shares to keep Barclay's share prices up and included a £330m sweetener.
    Clever but dodgy.

    So the reasons it's hot stuff is because SFO are accusing the guys of being dishonest, which means it's a criminal charge and a much higher bar of proof to clear.

    Otherwise it would have been a big fine from the FCA.

    Is also unusual to charge a big bank for criminal activity.

    The FCA does bring criminal charges as well. I have been told that it leads all the complicated cases. This is the problem with the SFO - it is stuck between the police and the FCA, so I guess the argument is that it could be split in two.

    That the FCA and SEC have favoured fines rather criminal prosecutions is a great shame. I have been told it is about efficiency, but the complete lack of prosecutions in the last recession is a bit too efficient for me.
  • pinnopinno Posts: 41,582
    From the link. I like this. Did the SFO boys get sidetracked? I wonder if one of them popped out to the corner shop to get some Corn Flakes and 6 litres of water at some point

    "A further embarrassment was the SFO mislaying 32,000 pages of evidence in a 2008 case against BAE Systems, with the documents later being unearthed at a cannabis farm in London."
    seanoconn - gruagach craic!
  • BelgianBeerGeekBelgianBeerGeek Posts: 5,226
    Again, my concern would be the timing of this.

    It can't be coincidental that the SFO has been banging the drum loudly the past 2 months because of May's plans to shut them down, so I wonder if the case isn't as watertight as it could have been; perhaps it's been brought to a head sooner than ideal.
    Or another example of TM's pisspoor timing and lack of judgement?
    Ecrasez l’infame
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