Capitalism! Free markets! Risk taking entrepreneurs! Wealth creators! Randian heroes!
Barclays market manipulation scandal spreads
More global banks are being investigated for the alleged financial market manipulation that led to fines of $US453 million against Barclays Bank, British Treasury chief George Osborne said today, driving financial stocks lower. …
Osborne said Barclays was not the only bank to be involved in market fixing. Beyond the UK, there are also investigations in several countries involving numerous global banking groups. …
“Banks were clearly acting in concert,” said Andrew Tyrie, a British lawmaker who chairs the influential Treasury Committee in the House of Commons. “I fear it’s not going to be the end of the story, that we are going to find that other banks have been involved.”
Market fixing, broke the law, someone’s going to be held accountable, right?
Diamond waived any bonus for this year, as did finance director Chris Lucas, chief operating officer Jerry del Missier and Rich Ricci, the chief executive of corporate and investment banking. Diamond said the decision reflected “our collective responsibility as leaders.”
Waived their bonuses for the year? The WHOLE year? Oh well, that’s all right then. Carry on.