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BBC News - 03/07/12

The Crown Office is conducting an investigation into the Scottish banking sector, it has revealed.

It said it had decided to confirm that an investigation had been under way for some time because of "the degree of public concern about recently reported issues in the banking sector".

The Crown Office said the scope of the inquiry would now be extended "as a result of recent developments".

The Serious and Organised Crime Division is leading the investigation.

Article continues ...

Yet another disclosure.

Is there no end to the level of greed and immorality we have witnessed over the last few days?

Will anything short of a full judicial enquiry and investigation by the Serious Fraud Office suffice? I think not.

Aurora wrote:

BBC News - 03/07/12

The Crown Office is conducting an investigation into the Scottish banking sector, it has revealed.

It said it had decided to confirm that an investigation had been under way for some time because of "the degree of public concern about recently reported issues in the banking sector".

The Crown Office said the scope of the inquiry would now be extended "as a result of recent developments".

The Serious and Organised Crime Division is leading the investigation.

Article continues ...

Yet another disclosure.

Is there no end to the level of greed and immorality we have witnessed over the last few days?

Will anything short of a full judicial enquiry and investigation by the Serious Fraud Office suffice? I think not.

Nothing short of blood on the streets will suffice.

The only thing these bastards will ever understand is a wall against their backs.

It looks to me like there is a divide opening up between bankers and politicians. I think we have reached a key moment when the only way each group can save their own skins is by implicating the other group, even though both groups have always known their fates were entwined...

Bob Diamond's submission to the Select Committee tomorrow should be very interesting. It's beginning to look like there was political pressure to keep the rate low

http://www.bbc.co.uk/news/business-18695181

There seem to be two quite separate things:-
1, the pre 2008 crash Libor fixing by traders for personal gain and, possibly, for the bank's gain, and
2, the activity around the time of the 2008 crash when, it may transpire, all sorts of things went on in an emergency to make sure cash still came out of the ATMs and the planet kept orbiting the Sun. That could be used as an arguable excuse.

Biffvernon:" the activity around the time of the 2008 crash when, it may transpire, all sorts of things went on in an emergency to make sure cash still came out of the ATMs and the planet kept orbiting the Sun. That could be used as an arguable excuse."

It would be an arguable excuse if this was followed by a reforming of the system. But to do this and then allow the broken system to continue as BAU is inexcusable. 4 years later and still nothing being done.

Tarrel wrote:Bob Diamond's submission to the Select Committee tomorrow should be very interesting. It's beginning to look like there was political pressure to keep the rate low

http://www.bbc.co.uk/news/business-18695181

Meanwhile, the a Labour attempt to set up a judge-led inquiry into banking was defeated on Tuesday night in the House of Lords.

It looks like they're all in 'damage limitation mode' now.

Slapped wrists all round and a polite request to stop being naughty boys with our money.

How did I know that a comprehensive judicial inquiry was a non starter?

I agree Biff. In fact, they're debating it on Newsnight right now, and Nigel Lawson just more or less made the same point.

Trouble is, we then immediately get into "pots calling kettles". So, manipulating the LIBOR for personal gain is morally repugnant, but doing it to shore up a doomed, creaking system is kind of OK?

The Telegraph - 03/07/12

The Bank of England told us to do it, claims Barclays

The Deputy Governor of the Bank of England encouraged Barclays to try to lower interest rates after coming under pressure from senior members of the last Labour government, documents have disclosed.

Article continues ...

Wish I had the book and movie rights.

Aurora wrote: Wish I had the book and movie rights.

You could bank the royalties?

Talking of movies, great line from the BBC this morning; "Diamonds are NOT forever"!

Mean Mr Mustard wrote:

Aurora wrote: Wish I had the book and movie rights.

You could bank the royalties?

... with the Co-Op.

Interesting article in The Guardian this morning by Seumas Milne:

The Guardian - 03/07/12

Private banks have failed – we need a public solution

The Barclays scandal has underlined the City's unmuzzled power.

But it also offers a chance to take democratic control.

Article continues ...

Tarrel wrote:Talking of movies, great line from the BBC this morning; "Diamonds are NOT forever"!

Yes, Bob's a flawed diamond now.

Snail wrote:Biffvernon:" the activity around the time of the 2008 crash when, it may transpire, all sorts of things went on in an emergency to make sure cash still came out of the ATMs and the planet kept orbiting the Sun. That could be used as an arguable excuse."

It would be an arguable excuse if this was followed by a reforming of the system. But to do this and then allow the broken system to continue as BAU is inexcusable. 4 years later and still nothing being done.

Indeed. And when I say it's an arguable excuse I'm not saying the argument should be won. It would have been better for the system to have crashed ( )

My point is that there is a difference in morality between the two situations. Traders making money for themselves illegally is one thing. Government ministers and central bank officials acting illegally for the greater good is another thing. Intention and motivation has to be taken into account when judging law-breaking.